What effect does a growing number of altcoins have on Bitcoin

[lixer]

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?

No you can’t just stop other coins simply because of Bitcoin. This is a free market and the sky is wide enough for every birds to fly. So you can’t stop other cryptocurrencies to be in the market, they are just there for their own business. It is up to people to make the decisions on what they are going to invest or not. And I don’t think that having many of these altcoins has any effect on Bitcoin at all, it doesn’t stop Bitcoin from growing.

Bitcoin has the largest market cap overall, that’s some huge difference, and that has not changed since the start. And the good thing about having altcoins is that it leaves people with lots of options to choose from and not just only one cryptocurrency.

[Silberman]

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?

While you are not wrong and most of the time this is the only use of altcoins, the few altcoins that are actually trying to develop something can become a testing ground for bitcoin, for example if a developer has a good idea and implements such idea on his altcoin and then the bitcoin developers see that this is something that could benefit bitcoin then they could later add that functionality to bitcoin without risking the bitcoin network in the process.

[Gatorelf]

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?

a lot have come and gone its a lot like the stock market, there will always be other places to invest and other companies with a new mouse trap. Whether the BTC value is $60k per coin or $500 per coin its still going to perform the same function.

[Lordhermes]

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.

This can be related to Binance listing policy, normally, Binance lists the most trending coin and others follow, no coin listed on Binance is not ever to be called shitcoin because the listing team investigates and do thorough research before approving altcoin to be listed, the purpose of altcoin is to support Bitcoin as well.

[acener]

I think theres no long term effect on Bitcoin at all,
Most of them couldn't be seen as competitors because most of them would just end up dead or worthless.
There are already tons of alt-coins I think the only effect it has is they bring new investors in crypto somehow.

[Dread Pirate Roberts]

Nothing . otherwise it will increase more user to knowing what crypto is which good to increase more community and new crypto user and investor. i dont really into random altcoin only on top 20 could trust money with it . i had worst experience investing in random altcoin .

[imstillthebest]

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

they can help break Bitcoins like what is happening now . more altcoins will divert people attention to invest in them and not in the Bitcoin . We don't need new coins anymore

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

They can but only a little of them but many exchanges are biased and can be easily negotiated by money to list coins that have no real purpose other than for pump and dump . We don't need new exchanges anymore

[taufik123]

More and more new altcoins have sprung up, making investors increasingly spread to several altcoins. However, some of the altcoin procles that have been developed are only made to enrich themselves. but there are some new projects that do have good potential and innovation and can be useful for cryptocurrency.
Some scammers also take advantage of this opportunity to create scam projects that will trap many investors, therefore they must be careful and always do research to follow new projects.

The safest altcoin investment is investing in altcoins that are in the top 20 of CMC.

[tippytoes]

More and more new altcoins have sprung up, making investors increasingly spread to several altcoins. However, some of the altcoin procles that have been developed are only made to enrich themselves. but there are some new projects that do have good potential and innovation and can be useful for cryptocurrency.
Some scammers also take advantage of this opportunity to create scam projects that will trap many investors, therefore they must be careful and always do research to follow new projects.

The safest altcoin investment is investing in altcoins that are in the top 20 of CMC.

Not all, I believe. Just like doge, which is already in top 10. Do you think you can consider doge as safe alt investment? Though it is an old alt, but the increase of its price is highly dependent on Elon Musk, which is not a very sustainable one. Other than bitcoin, better invest in alts that have solid use case in the market like ETH. This will give them reason to maintain their market as well as users that will actually use their network. Without users, basically, the platform will go dead.
And these alts, will only show the true value of bitcoin. Because once the alt is abandoned by their respective devs, they will just go back to bitcoin again.

[yazher]

Honestly, those coins that have less support from the investors because when they create new coins, it means new opportunity and new options. the result would be the investors will skip those coins that have less support or less popular. that's why people always recommend investing in the top altcoins since they are not likely buried when some promising project will emerge out of nowhere with great support. When you see some coins that have legit supporters, consider it hard to die because no matter what happened it always gathers more support to keep it going even though the market is not looking good right now.

[Xinarae*]

Currencies are more likely to be lost for random investment. When the price of Bitcoin is affected new companies join the market and try to pump their projects many companies scam when the amount of investment is high so it is better to stay away from these new companies. Depending on the price of bitcoin the price of other altcoins tends to increase altcoin won't have much of an impact on bitcoin although the price of this currency decreases the amount of investment remains high. Traders know that its price will rise again and reliable currency.

[AniviaBtc]

This can be the option for those people who rely on shitcoins because they found it profitable.

There will become more opportunity for them to buy and sell in a short period of time depending on their preferences.

By this, it will also make people leave bitcoin for the mean time and rely on those altcoins first because there are coins who are profitable during bearish market.

[pooya87]

More and more new altcoins have sprung up, making investors increasingly spread to several altcoins. However, some of the altcoin procles that have been developed are only made to enrich themselves. but there are some new projects that do have good potential and innovation and can be useful for cryptocurrency.
Some scammers also take advantage of this opportunity to create scam projects that will trap many investors, therefore they must be careful and always do research to follow new projects.

The safest altcoin investment is investing in altcoins that are in the top 20 of CMC.

Not all, I believe. Just like doge, which is already in top 10. Do you think you can consider doge as safe alt investment? Though it is an old alt, but the increase of its price is highly dependent on Elon Musk, which is not a very sustainable one. Other than bitcoin, better invest in alts that have solid use case in the market like ETH. This will give them reason to maintain their market as well as users that will actually use their network. Without users, basically, the platform will go dead.
And these alts, will only show the true value of bitcoin. Because once the alt is abandoned by their respective devs, they will just go back to bitcoin again.

You started good but you ruined it.
ETH is just as useless as DOGE. The only difference is that DOGE is transparent about its uselessness and is known as a joke/meme coin while ETH never admitted it and in fact it fooled people into thinking otherwise. In reality ETH depends only on pump and dumps that partly happen by the ethereum foundation and partly by the scam trends through smart contracts on ethereum platform called ICO, IEO, STO, DEFI,... If the scams stopped today, ETH price drops down to less than a dollar.

[maye5104]

I don't think altcoins can really harm Bitcoin. 90% of new altcoins will likely die.

[xSkylarx]

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

Only altcoins with the real use-case will last in the crypto space. I don't think it will break bitcoin because they have different goals in improving the use of blockchain technology. If their development is continuous and has a real impact on a lot of people then that is good for the long term.

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

Exchanges will really play a major role, if shitcoins continue to get listed on popular exchanges then this is a shame for real projects who are working hard to develop their coins. This won't be good for long term because most people only buy what coin is trending which is most often a shitcoin. The developers of this coin don't have a solid background in blockchain so investing on this for long term is very risky, if they stop developing it then investors could lose a lot of money.

[Shenzou]

It is true that there are a lot of alt coin out there that have been released that are are shit and they are just copy cats and money grabing scams, but you can't deny the fact that there are some few out there that are actualy trying to bring somthing new and have some good ideas, not to mention the fact that the more coins to exchnage there the more poeple would be trading them with bitcoin since its is the main one that they pair it with, and that is what is actually making the cryptocurrency market move and in my opinion i think it is making bitcoin more valuable.

[Ruvi2000sew]

On the cryptocurrency market, there are currently over 10,000 cryptocurrencies. They take money from the total amount of money invested in the market, which will inevitably lead to a fall in bitcoin's price supremacy. This does not strike me as a bad omen. Bitcoin's evolution is excessively conservative, and this affects altcoins as well.

[Oceat]

I don't think altcoins can really harm Bitcoin. 90% of new altcoins will likely die.

Yes, they die when the devs started dumping their tokens and leave the investors hanging while holding a bag of shitcoin which will never gonna pump since the devs left. Although there are successful altcoins out there that I can see is worth it, I guess not every coins got lucky for having an investors and a dev who continue to support their own creation.

I wonder what another type of ICO, IDO or some kind of hype will they be using next time like how they used DeFi nowadays?
I hope they would bring an innovative technology that would help the community just like how we use Ethereum and other altcoins.

[dongyi17]

I think there is no effect of growing altcoin to bitcoin, there are many potential altcoins and they wanted it to grow and reach peak to that of bitcoin but still at ease up to now or stays the same unless they really work hard on it and focus their attention to make it grow. But if not nothing change still bitcoin is different from altcoin

[ARTURVHt]

I think the so-called altcoins will continue to develop. In the end: 1. Bitcoin will not be the only virtual currency that has a monopoly. More mature virtual currencies that are not vulnerable to 51% attacks are recognized by everyone. 2. For a particular virtual currency, the people who recognize its value and the total computing power participating in the coin mining jointly determine its credibility. 3. Between different virtual currencies, there will be "exchange rates", and everything that happens on physical currencies will also occur on virtual currencies. 4. Due to the initial 51% attack problem, there will not be many virtual currencies that survive.