What effect does a growing number of altcoins have on Bitcoin

[Barry Mantle]

Most of these altcoins are upgraded on the basis of Bitcoin. The foundation is from Bitcoin, so I think it is difficult for other altcoins to surpass Bitcoin unless their founders have something new, from history. Look, almost every time Bitcoin rises, many altcoins also rise, but when Bitcoin falls sharply, no altcoin is immune, so they cannot affect Bitcoin, but Bitcoin The currency is guiding and influencing them.

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[Roy Asher]

I think altcoins will affect Bitcoin. Bitcoin's program code is public, so someone keeps modifying the program to create a new digital currency, which is what we call altcoins. With the passage of time and practice, the shortcomings of Bitcoin will gradually emerge, and many altcoins will consciously make some improvements and innovations in these areas. When altcoins become more and more perfect, of course, more people choose altcoins instead of Bitcoin, which will directly affect Bitcoin.

[davis196]

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?

My opinion is that the quantity of altcoins doesn't matter,since most of them are shitcoins anyway.
What's the difference between having 100 or 1000 shitcoins listed on cryptocurrency exchange paltforms?
Having more shitcoins doesn't add any value.It doesn't improve competition.It doesn't improve blockchain technology as well.
Having lots of pump&dump shitcoins simply damages the reputation of the cryptocurrency markets,because a lot of newbie traders will fall into pump&dump schemes and lose their money.
Maybe some day,one altcoin will dethrone Bitcoin,but I just don't see any serious competition against BTC in the short term.

[Jenny Z]

I think the biggest crisis of Bitcoin currently comes from altcoins such as Litecoin. Because the open source nature of Bitcoin itself does not guarantee that it has any technical advantages over other altcoins, the current altcoins will emerge in endlessly. Bitcoin itself will not be overissued, but because it has no technical advantage over other altcoins, as long as an altcoin appears, it is equivalent to an overissue of Bitcoin. When people find that the price of Bitcoin is higher than the psychological price, they will switch to buying other currencies. After all, they are all the same algorithm and the same idea.

[patientforzhou]

Altcoins will continue to develop. In the end, Bitcoin may not be the only virtual currency that monopolizes the market. More mature virtual currencies will be recognized by everyone.
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.

[Nora Olin]

Whether it will affect or replace Bitcoin depends on the development of altcoins. Bitcoin quietly accumulated a large amount of computing power in the early stages of its development.

[Argoo]

I think the biggest crisis of Bitcoin currently comes from altcoins such as Litecoin. Because the open source nature of Bitcoin itself does not guarantee that it has any technical advantages over other altcoins, the current altcoins will emerge in endlessly. Bitcoin itself will not be overissued, but because it has no technical advantage over other altcoins, as long as an altcoin appears, it is equivalent to an overissue of Bitcoin. When people find that the price of Bitcoin is higher than the psychological price, they will switch to buying other currencies. After all, they are all the same algorithm and the same idea.

That is why the emergence of a large number of altcoins, and with the best functional indicators, strongly distract investors' funds and therefore the level of capitalization and dominance of bitcoin is falling. It is still difficult to say what this may lead to, but in any case it is not in his favor. Even if we take into account that 80 percent of all altcoins are useless, the process of their development is still going on, and at a fairly rapid pace.

[amishmanish]

The technology that goes behind Alt-coins is generally experimental with claims about TPS, finality etc. The reality is that none of those claims make sense when the consensus is based on a centralized, unfair distributions.

A cryptocurrency that gives equal chance to everyone interested from the outset is a difficult thing. This prevents the network effect of honest, early users from kicking in. This will remain true for all future cryptos. IMO, There really cannot be another Bitcoin without finishing off Bitcoin which would mean the finishing off of the whole space. I don't think anybody is willing to do that.

The growth in number of Alt-coins by themselves was not quite such a big issue till recently. Most of them used to launch and struggled to gain a community. The problem has worsened since centralized exchanges like Binance started backing projects and then every OTHER exchange followed.

Then came the idea of having separate launchpad projects and now there are multiple "launchpads" that churn out projects every week. Couple this with launchpads on multiple chains and you will realize that the sheer number of these projects has become ridiculous. This takes away a lot of attention from the better, truly innovative projects. The Alt-coin space is meant to be an extension of Bitcoin such that the innovations and communities gained there contribute back to the adoption and understanding of Bitcoin as the sound money. Unfortunately, there are too many isolated communities, chains and projects with no seeming end to this fragmentation. This isn't really good for Bitcoin or the whole crypto space and may already have hurt Bitcoin.

Like, DOGE was a joke right. Guess not. It has ended up as another opposing camp to Bitcoin.

[Henrobakkara]

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?

I know that just like we have the shitcoins, we also have the shitty exchanges that will list anything that comes without taking into account their genuineness. Even so, I don't think this is a problem to the growth of Bitcoin and many of those Alts will naturally die off anyway.

[Aliceooo78]

I do think Bitcoin will get affected by altcoins, like what happened before when all sorts of shitcoins were everywhere. People transmit their money in Bitcoin to those coins and most of them get their money lost in altcoins...as far I'm concerned, some dominant altcoins, such as etc, eth, ltc, uni, dot, they do have influence on Bitcoin and their prices are highly related to Bitcoin. those who think Bitcoin is too high might choose those altcoins above for value investment. But shitcoins, they have negligible impact on Bitcoin coz ppl involved in them are almost gamblers dreaming about getting rich overnight, which is very risky and reasonable if they go zero.
valuable altcoins will spare the wealth which is supposed to put in Bitcoin, but that's not a bad thing

[wendy sy]

History has shown that in the end all the money that flows into altcoins during euphoric times is channelled into BTC when the euphoria cools down. Some of this money will exit into fiat and some will stay in btc marking a higher low. Altcoins are very high risk projects, 99% are scams and flawed by design, less than 1% maybe has some merit when it comes to innovation. Despite this they are ultimately not bad for btc, because remember when an altcoin fails the smart money flows into btc.

[Silberman]

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.

We all know that no altcoin can compete with bitcoin, however I really think altcoins have the effect of slowing down bitcoin and if anything I think they have been the main culprit that bitcoin is not widely adopted yet, after all governments are going to try the same tactic by creating their own coins and claiming their coins are better than bitcoin because those coins are going to have the government behind, so while over the long term most coins will disappear the effect they have over bitcoin is real for me.

[Woodie]

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]}.

Top 10 you say,  well If i can make a comparison between ethereum and bitcoin I have noticed that when bitcoin is bearish, ethereum tends to be bullish and we have seen this happen  quite a number of times. 

I guess strong coins don't wait for the bitcoin wave, another perfect example out of the top is dogecoin which needs no introduction.

Whether it will affect or replace Bitcoin depends on the development of altcoins. Bitcoin quietly accumulated a large amount of computing power in the early stages of its development.

Are you talking about bitcoin mining, or rather the coin that takes up more computing power can dethrone btc?. But what happens to those coins that don't need the kind of mining that btc has...

[Golftech]

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.

We all know that no altcoin can compete with bitcoin, however I really think altcoins have the effect of slowing down bitcoin and if anything I think they have been the main culprit that bitcoin is not widely adopted yet, after all governments are going to try the same tactic by creating their own coins and claiming their coins are better than bitcoin because those coins are going to have the government behind, so while over the long term most coins will disappear the effect they have over bitcoin is real for me.

I see your point and it's already been done by China, creating their own versions of crypto then banning crypto

mining from their place to bring pressure to their people, alts as we know it, being created to support bitcoin

and offer different approach where they've think bitcoin is missing. But for those true crypto followers bitcoin

will continue to dominate this market.

[Hamphser]

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.

We all know that no altcoin can compete with bitcoin, however I really think altcoins have the effect of slowing down bitcoin and if anything I think they have been the main culprit that bitcoin is not widely adopted yet, after all governments are going to try the same tactic by creating their own coins and claiming their coins are better than bitcoin because those coins are going to have the government behind, so while over the long term most coins will disappear the effect they have over bitcoin is real for me.

That presumption is valid but not totally a main factor on why bitcoin does have that slow in progress which is actually i dont see that kind of way but rather on the opposite.

Alts might able to get some marketshare and creating one isnt something that can be stopped because there would be people would create much more better coin that bitcoin

but it isnt just enough since community support would be always the key here or main factor if we do consider which coin is the best.

[wack slacker]

Altcoin projects are developed from technology solutions and cryptocurrency trends. Every year, we see different projects launch from trends from ICO, IEO, IDO, STO, NFT, DEFI… they help the crypto market maintain and replenish cash flow. I don't worry much about altcoin markets as they are always refreshed and purged. Some projects die, some evolve into TOP altcoins.

Exchanges are only listed on-demand and for profit, they disclaim all responsibility regarding the project. Even Bithumb has listed a scam coin called CBDAO because they get paid to do it. Binance lists Sushiswap to keep up with market trends. We should not blame them because that is the nature of the market, we can only choose the right project to invest in and hold.

Current projects are essentially FOMO, FUD, pump and dump. The final points are the money that will flow to Bitcoin. For example, there are fewer Bitcoins on exchanges and the Bitcoin domain that always rises first is a sign of a bull market.

[Gatorelf]

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.

We all know that no altcoin can compete with bitcoin, however I really think altcoins have the effect of slowing down bitcoin and if anything I think they have been the main culprit that bitcoin is not widely adopted yet, after all governments are going to try the same tactic by creating their own coins and claiming their coins are better than bitcoin because those coins are going to have the government behind, so while over the long term most coins will disappear the effect they have over bitcoin is real for me.

I see your point and it's already been done by China, creating their own versions of crypto then banning crypto

mining from their place to bring pressure to their people, alts as we know it, being created to support bitcoin

and offer different approach where they've think bitcoin is missing. But for those true crypto followers bitcoin

will continue to dominate this market.

Japan was the first Government I believe to fully adopt the use of a crypto currency as "their own" in MONA.  Its interesting that still today 99% of altcoins will still fall to the effects of BTC price and can not break out on their own trading patterns.

[Kez1817]

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?

Altcoins can't break bitcoin because bitcoin is not easy to reach. We can't stop a growing number of altcoin in crypto market because as the day goes by, many people always think a business inside crypto market in terms of tokens or digital currency which is the altcoins. We can't stop those who create altcoins because they know it was in demand. Many investors will invest no matter what the result is. In a growing number of altcoin in crypto market, the strongest wins.

[Silberman]

Japan was the first Government I believe to fully adopt the use of a crypto currency as "their own" in MONA.  Its interesting that still today 99% of altcoins will still fall to the effects of BTC price and can not break out on their own trading patterns.

That would be surprising if altcoins were independent projects that were released on this market, but as we know most coins are nothing but bitcoin clones claiming to be better and it is almost impossible that an inferior copy is ever going to surpass the original, so it is not really that surprising that we see a huge correlation among bitcoin and altcoins, and as long as this is the case and altcoin developers do not really make an effort to create something different then we are going to continue to see this behavior playing out in the market.

[Gatorelf]

Japan was the first Government I believe to fully adopt the use of a crypto currency as "their own" in MONA.  Its interesting that still today 99% of altcoins will still fall to the effects of BTC price and can not break out on their own trading patterns.

That would be surprising if altcoins were independent projects that were released on this market, but as we know most coins are nothing but bitcoin clones claiming to be better and it is almost impossible that an inferior copy is ever going to surpass the original, so it is not really that surprising that we see a huge correlation among bitcoin and altcoins, and as long as this is the case and altcoin developers do not really make an effort to create something different then we are going to continue to see this behavior playing out in the market.

right, they all just tweak the same tech and made a few changes here and there like Proof of Service with Helium and POS with others. However I believe they all still use a blockchain ledger