What effect does a growing number of altcoins have on Bitcoin

[Woodie]

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

[TangentC]

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

More market pairs, means bitcoin value increases , as more bitcoins spread over an ever growing range of alts.
Same for the other major market pair such as DOGE.

Any coin that achieves Major Market pairing such as BTC & Doge get a bump due to their increased usage, of all new altcoins or tokens that are opposite them.  

Depends on do you consider Ethereum a shitcoin,
if you don't you are rational,
if you do , then you are a proud bitcoiner cultist nutjob.  

Only Bitcoiners think any coin not bitcoin is a shitcoin, even thru these so called shitcoins far exceed anything that bitcoin will ever offer.
Everyone else recognizes the smart contracts, faster transactions, lower fees, energy efficiently that altcoins offer that bitcoin never will.

[kaggie]

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

Alt-coins slow the growth of bitcoin.

People invest in alt coins, hoping that they will moon. They will for early adopters in very solid projects, but that is almost impossible to predict and very, very rarely the case. Most of the time they will rise factors faster than bitcoin, and then fall factors faster than bitcoin. Many of them start with higher percentages of the initial investors having stake, who will invariably cash out, crashing their projects. Other will have what seemed like solid principles that turned out to not be solid at all. Most of these will crash, causing those who needed "their moon" but were too leveraged from crashing as well. The access to these is often through bitcoin, which pumps bitcoin's price initially, and then drops it as they move to other currencies. The funds that would have been invested in bitcoin are then lost to a different system.

Will alt-coins break bitcoin?

No. How can they? Cryptocurrencies rely on market recognition initially. Bitcoin simply has more recognition, and that only increases with time. Bitcoin can crash in price, but markets run on belief. Bitcoin has that. Ethereum is getting recognition, but it runs into many of the same problems in limited transactions, and a small group of enriched investors (from what I understand). A major reason why bitcoin cannot crash as low as alt-coins is because previous investors -- over the past decade+ -- are a potentially a large group with high reserves to buy at low prices. The opposers of bitcoin often refer to the "greater fool theory", not realizing that a greater fool can be a single individual/group who can operate at both high and low prices.

Decentralization improves robustness

Shitcoins also prevent bitcoin from being singly attacked in whatever form by providing additional forms of decentralization. Philosophical attacks have to deal with someone defending with "but <shitcoin> has feature <X> that fixes <Y>". In that sense, shitcoins defend the bitcoin network. Eventually someone will come up with a decent shitcoin that will compete with bitcoin. Ethereum is likely to go through its troubles when it looks to surpass bitcoin.

Shitcoins are the future

Bitcoin is the future. But shitcoins are too. They will follow behind bitcoin, becoming a new form of stock in a company or providing additional services. Bitcoin will remain king as the primary financial mechanism has to remain "pure" of these "developments" and prove robustness instead of utility. Utilities come and go with new generational technologies, but underlying finances last a lot longer. In that sense, shitcoins matter, but not nearly as much, not unless someone can come up with a much more pure use-case.

[verita1]

I have wondered why the new projects have not created solutions in order to improve bitcoin.
Really, I wish that was the case and that the new developments were focused on meeting the demands of bitcoin users. But the opposite is happening as OP mentions.
The new coins or the altcoins are totally detached from the functionalities of bitcoin so I agree as some of you say that they want to be superior to bitcoin and that is their purpose.
Although I think they will not make it, bitcoin has faced battles from which it has remained undefeated.

[Hamphser]

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

You can always look on the market dominance on how alts is significant into this market but lets not really avoid the fact that bitcoin is always the best coins out there or simply here on crypto.

They might able to add up some liquidity but doesnt mean that they would be the market maker or only basis on where it would be going. Altcoins are always correlated with bitcoins price
or market trend and whenever bitcoin is on bearish mode then expect that altcoins would follow.

Day by day,new coins are being added into the market but i dont see to have an effect directly with Bitcoin.

[aoluain]

There wont be any long term effects of having more altcoins on the market.
There are already over 8000 altcoins and many dont have any volume.

We could argue that its really only the top 100 that are actively creating
any interest from Lambo hunters and traders.

There are over 50 pages of nonsense and almost all coins slip down
the list and into that abyss.

There will always be new shiny coins to replace old tarnished coins which
were once new and shiny. Funds will flow from Bitcoin into $hit projects
and flood back into Bitcoin when it starts to rise.

[Botnake]

There's no effect if altcoins do not have potential, actually, we have a lot of altcoins created in the space but that did not make the market congested because most of them, at least a huge percent of them do not have the potential and some are just scams.

Bitcoin will remain dominant and will remain as the number coin in the market, if altcoins will grow then well and good but bitcoin will not be left behind.

Consider bitcoin as the digital gold, it will always stay at the top.

[SFR10]

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

None and if there's any, it'll be quite insignificant; In reality, it's the other way around if you check how the market reacts to BTCitcoin ^{[look at the top 10 on CMC, almost similar behavior]}.

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

They could but only some of them do it on a large scale...
^{- I do know that there's no way one could completely succeed in achieving that, but a large portion of them aren't even trying.}

[Ozero]

There are already more than ten thousand cryptocurrencies on the cryptocurrency market. They draw on themselves capital from the total investment in this market and therefore inevitably this will affect the decrease in the price dominance of bitcoin. I don't think this is a bad sign. Bitcoin is too conservative in development and this affects altcoins as well. Therefore, let everything go as it is already happening. I think that the market will deal with these problems on its own. However, I expect bitcoin's price dominance to decline over time.

[bakasabo]

I think all these alts barely make any effect on Bitcoin. They just exist only for their fans. They are like soft drinks. Store shelves are full of them, but most people still buy Coca-Cola and Pepsi. Even the price increase on Coca-Cola and Pepsi does not make people to switch on other soft drinks. Bitcoin is like Coca-Cola among soft drink.

[pooya87]

Having lots of shitcoins could potentially decrease the validity of cryptocurrencies as a whole specially when we have shitcoins that succeed at reaching top ranks such as the centralized ones like ETH, XRP, BCH, USDT,... This is even worse when the shitcoins are somewhat scammy too!
But I don't think such effects are going to be long term because as bitcoin grows it increases the distance between itself and other shitcoins. For example the biggest shitcoin right now is worth 0.069BTC and that is down from nearly 0.15BTC.

Having altcoins that are real projects, are secure and decentralized is a good thing but we have not seen any yet even though the altcoin market is about 10 years old. It could improve the technology and bring new innovations to the scene.
This won't happen as long as everyone (including altcoin devs) are focused 100% on making maximum profit.

[ARTURVHt]

At present, only LTC has a relatively large influence, and other altcoins are things for making money. As for whether it affects Bitcoin or replaces Bitcoin, it depends on the development of altcoins, because altcoins are now vulnerable to 51% attacks, and Bitcoin has quietly accumulated a large amount of computing power in the early stages of development, according to the current situation. Seeing that the cost of reaching a 51% attack is very huge.

[CryptopreneurBrainboss]

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

They have a major role to play but they won't do that because when you look at it, the shitcoin are the ones giving them more profit than Bitcoin. How many people still sees Bitcoin as a source of been financially stable, not many but the likes of memes coins are bringing in countless numbers of speculators and that's what the exchanges are after which is why you see them listing anything meme every now and then.

This practice isn't just for meme project but any trending topics like Defi, NFT etc. Whenever there's a new trend in the space, exchange compete to get the best out of the new market by convincing new enthusiast to use their exchange instead of their competitors.

And guess what, the exchanges don't care as there isn't laws to punish them for actions they take without putting the welfare of their customers first.

[slaman29]

I have wondered why the new projects have not created solutions in order to improve bitcoin.
Really, I wish that was the case and that the new developments were focused on meeting the demands of bitcoin users. But the opposite is happening as OP mentions.
The new coins or the altcoins are totally detached from the functionalities of bitcoin so I agree as some of you say that they want to be superior to bitcoin and that is their purpose.
Although I think they will not make it, bitcoin has faced battles from which it has remained undefeated.

But listen, almost all the alt projects set out to do this, improve Bitcoin.

But only very few improved some things. Most only solved what seemed to be a problem but ended up only providing band aid solutions. Bitcoin Cash is the biggest example of this. They thought okay, so btc is so small the blocks, let's just make blocks bigger and we solve the tps issue. But as they found out, that only creates bigger blockchains, not solving problem permanently.

[samsul1234]

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

hello sir, I understand what you mean, in my opinion this altcoin is only a price rotation in a lower market, so in my opinion altcoins will not be able to destroy bitcoins, because these altcoins have no basic basis, otherwise these altcoins will depend on bitcoin, so the conclusion is bitcoin will not be affected by new altcoins at this time, bitcoin may rise to the top of the month or into the deepest abyss depending on the people who are in the current sales market, we take for example elon musk, so back to traders, altcoins only bridge to enrich us with a small wave, bitcoin will not be affected by the existence of altcoins that have sprung up at this time

[Nivia1st]

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

There is no immediate impact on bitcoin, but overall it will have an impact on the market. If all the altcoins that will be released in the future are shitcoins, it will affect the market in a negative direction. trust in crypto will slowly decline.

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

no, because now the exchange is all about profit. they are more interested in the money they will receive from a new project. so they don't care that the coin is shitcoin. if in the future they find out, they'll just be delisted, and act like nothing happened.

[Kakmakr]

Ok, what happens with most of the Alt coins are this. The Coin is launched and loads of people will quickly buy a bunch of it, because they know that there will be a small window for a "profit" before people start to dump it again. So after they profited .. they will buy back into Bitcoin (BTC) or they will convert it to Fiat.

We know the real long-term proven Store of Value is in Bitcoin and not in a Pump n Dump shitcoin, so we profit from the short-term coins and then move on to the next one... 

This is just how trading and Alt coins work... some of the coins like ETH /XRP / LTC are actually used and they stay around a lot longer, so some of those profits are dumped into them, to diversify the Crypto portfolio. 

[masterrex]

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

Agree with this, that was also my opinion base on the present market situation because most of the projects that were added in the space are just copycats no real impact on the situation because its already in existence that's why it is useless to add new projects anymore with the same concept and function I guess it was intentionally created just to enrich themselves (team) and become a pump and dump project and eventually died in the process and abandon for me it has no significant effect on the Bitcoin no matter how many new altcoins was created because most of them are come and go purpose only the investors will suffer specially the noobs.

[kryptqnick]

I don't think altcoins are slowing the grows of BTC price. They just go along with it sometimes, getting some attention from investors, but I'm not sure that if there were fewer altcoins, people would invest in Bitcoin more. Perhaps there would be less attention to the crypto industry in general. I agree that the vast majority of altcoins are useless, but it doesn't mean that they're dragging Bitcoin down. Perhaps only in rare cases like when people send their BTC to burn addresses to get some altcoins, but it's not widespread enough to cause big damage.
As for exchanges, they care about profits, so if people are willing to trade altcoins, they'll be listed.

[michellee]

I think the new coin is enriching the developer and the team and enriching people who use that new coins to trade and make money. That is the basic thing that all coins will try to reach before the project be used for our life.

Bitcoin is not disturbed by that new coins because the bitcoin position because bitcoin will increase and leave that coins at the highest price.

The long-term effect of having more altcoins on the market will be more competition from each altcoin, and that will be our chance to make more profit from many coins. The exchanges can play a major role in helping the new coin grow because the exchange has many traders that can use that new coin to trade.