Bitcoin as Crypto Standard ?

[cogsmachine]

Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

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[mk4]

Shouldn't all crypto be backed by bitcoin ?

How would that work? Literally anyone (that's at least slightly capable) could create their own cryptocurrency.

How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

How is bitcoin being adopted mean that all crypto would be backed by bitcoin? You're going to need to expound further.

[NeuroticFish]

Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

Since all this "crypto" is based on various free software... there's no way of stopping anybody from creating a coin that's not backed by anything.
Do you think that the exchanges care if the thing they're selling is backed or not? Well, maybe 1-2 exchanges from 1-2 countries.
And even if all would ban the not backed coins because of laws... one can make a new exchange, hidden, P2P where people are allowed to exchange again not backed coins.

So no.. it's not possible. Also it's likely that you have misunderstood both bitcoin and the other cryptocurrencies (and the relationship between them).

[jackg]

Bitcoin being adopted more has little to do with altcoins.

Most altcoins that are backed by bitcoin/stablecoins are like that because they're not good projects (a few are because they need it, the rest are just bad projects trying to seek investment by making theirs seem more stable).

Backing an asset by another could limit the growth of both too. I saw a token released by a project who collateralised every token to a dollar of stablecoin - so now that coin is worth a dollar and is staying there....

[hd49728]

Bitcoin as crypto stantard, yes it is already.

Bitcoin is a crypto standard because there are many altcoins were forked from Bitcoin. Other altcoins that are not Bitcoin forks, try to learn from Bitcoin and want to achieve same success as Bitcoin gets. They failed, I see it and you see it. It is how Bitcoin is a standard technically in crypto.

In trading, on exchanges, Bitcoin is a standard to as altcoins have their trading pairs with Bitcoin. A few years ago, when there are little stable coins with USDT is the most common stable coin, trading pairs for altcoins against Bitcoin is everywhere. It is a standard on exchange.

If you want a Bitcoin standard in society, Bitcoin has yet achieved it.

[kryptqnick]

Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

Bitcoin is already more or less a standard in a sense that other cryptos are often traded in pairs with it, and the situation on the crypto market is largely defined by how good or bad Bitcoin is doing. But if you mean a standard in a sense that cryptos should be backed by Bitcoin literally, then there isn't enough BTC to go buy, and BTC itself is very volatile to be considered for this role. I also don't see why anyone would need an altcoin allegedly backed by Bitcoin if one can simply use Bitcoin itself.

[Upgrade00]

Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge?

A Bitcoin standard similar to that of gold where other assets are exchangeable to a determined amount of gold? This is possible, but wouldn't work with altcoins being backed by Bitcoin. Altcoins are not standards of exchange and barely used in daily exchanges.
Also, Bitcoin is highly volatile backing a currency to a fixed amount of it would require constant adjustments.

For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

If you could theoretically use Bitcoin everywhere, of what benefit would using it to back other currencies be to its growth?
Gold had limitations in mobility, Bitcoin can easily be carried around and used.

[Welsh]

Nah, I don't really see the logical behind that at all? What would be the benefit of it? Usually, people creating altcoins want to bring something different to the table that Bitcoin doesn't have, at least any of the altcoins worth their weight anyway.

How is bitcoin being adopted mean that all crypto would be backed by bitcoin? You're going to need to expound further.

I mean with the cookie cutter tutorials out there now, I think you were right. Anyone could create it, at least anyone who can follow the most basic of instructions. I know that isn't creating anything special or unique, but take a look at most of the stuff released today, and you'll see that a lot of them have gone this route. Basically, changing certain parameters which are basically meaningfulness.

[348Judah]

Shouldn't all crypto be backed by bitcoin ?

Know this, many cryptocurrencies were already back by bitcoin unknowingly to so many users, bitcoin is the only acceptable digital currency with good reputation while others claim to be currencies as well but coming after bitcoin, that's why you could finds out that bitcoin determines how far other cryptocurrencies could go in volatility.

How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

You need to know that bitcoin is the only most acceptable digital currency as a means of payment or for exchange of goods and services, while many altcoins are shitcoins, this make them not serve the purpose of being used for payment by some organizations, they would rather prefer in bitcoin

[lionheart78]

Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

If we follow your idea then I don't think we need another cryptocurrency.  Why do we need extra effort to create another cryptocurrency when Bitcoin can already do its purpose?

Know this, many cryptocurrencies were already back by bitcoin unknowingly to so many users, bitcoin is the only acceptable digital currency with good reputation while others claim to be currencies as well but coming after bitcoin, that's why you could finds out that bitcoin determines how far other cryptocurrencies could go in volatility.

Almost all cryptocurrencies are paired with Bitcoin in the market but it doesn't mean that they are backed with Bitcoin.   I have not heard any project launched and claims that they are Bitcoin backed but rather it is either gold, silver, or fiat currency backed.  Can you give me an example which present altcoin is backed by Bitcoin?

[goldkingcoiner]

Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

If we follow your idea then I don't think we need another cryptocurrency.  Why do we need extra effort to create another cryptocurrency when Bitcoin can already do its purpose?

I would not be as quick to judge on this. Innovation is good. Its obviously the driving force behind the new generation of money technology, aka "Bitcoin".

One day there might be a better alternative cryptocurrency alternative to Bitcoin and us devoted Bitcoiners will have a hard time accepting that fact.

However that day has not come yet. Every altcoin is nothing but a cheap imitation or a unrequired derivation of Bitcoin and/or the blockchain technology behind it and is therefore unnecessary. But I am sure a few people would disagree with me on that. Especially since we can't really do some things like DeFI or complex smart contracts with Bitcoin.

But you are correct in assuming that Bitcoin is currently fullfilling its purpose of being an alternative to the current corrupt and government controlled monetary system. Everything else is just extra.

[gunhell16]

Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

To my knowledge and observation, almost all cryptocurrencies are paired with Bitcoin, but not most of them are backed by Bitcoin, there are only a few that I see or maybe they just hold Bitcoin but I'm not sure if they are backed by Bitcoin. In other words, many cryptocurrencies during this period have existed in this industry for several years that are not even backed by bitcoin and still survive in the market.

Although we all know that wherever we go to exchange Bitcoin is always there, and that is probably the top brand because Bitcoin in the world of digital currency here in crypto.

[Christopher Andrews]

There are almost 3,000 altcoins or cryptos that are not bitcoin. But most of these are tied to bitcoin w.r.t to their price values. The typical reason is that their value is measured in bitcoin.
Mostly before investing in altcoins, people buy bitcoin and then exchange it for altcoins.

[Accardo]

Bitcoin is not the right asset for that, as it's just as volatile as the currency it backs. It'll make no sense, due to high volatility, the asset will mostly lose it's value whenever Bitcoin plunges, Unless Bitcoin get regulated to be on a specific price the goal may be achieved. For now, any altcoin that is backed by bitcoin may not survive when Bitcoin is bearish. Alot of services accept bitcoin today, even restaurants and yet no sign of what you are talking about. Bitcoin is a complete currency on it's own and other coins should stay independent, to effect alternatives for traders outside bitcoin.

[Ucy]

Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

Technically they are backed by Bitcoin but in parasitic manner except for very few that may be able to stand on their own. If the host dies the parasites cease to exist.

[cloudfir3e]

actually bitcoin is not a standard crypto asset.

although bitcoin is the most popular crypto currency, in fact it does not make the world's first crypto asset free from price volatility, because unlike stablecoins which are made to offer stable prices and are backed by reserve assets.

That said, stablecoins are created to bridge two types of assets, namely cryptocurrencies that offer privacy, security, and fast transaction processing, and prices that tend to be stable like fiat money.
that's why bitcoin can't be said to be a crypto standard

[yazher]

There are almost 3,000 altcoins or cryptos that are not bitcoin. But most of these are tied to bitcoin w.r.t to their price values. The typical reason is that their value is measured in bitcoin.
Mostly before investing in altcoins, people buy bitcoin and then exchange it for altcoins.

Looks like their only means of trading is through bitcoin and there is no other way. In this case, There price will only grow when bitcoins are in a good position in the crypto market and it means, the price is not dramatically decreasing. Because the price is not stable, you will find them one after another losing their values like others that already turned to shitcoins. Therefore, bitcoins cannot become like them because it always needs new coins.

[hugeblack]

When we talk about the term "backed by" or " Crypto Standard" we are not here talking about volatile currencies, but currencies trying to maintain their level or imitate the level of Bitcoin, which either happens in:

 - WBTC coins: bitcoin coins at altcoin blockchains
 - Stable Coins: These coins will use Bitcoin as a reserve as an alternative to the dollar.

Other than that, the standard of bitcoin as a reserve for altcoins makes no sense.

[GeorgeJohn]

Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

From my understanding and my observation towards cryptocurrency, if all the cryptocurrencies return to Bitcoin it is very obvious that investment in cryptocurrency will not be competitive any longer, the existence of altcoin into cryptocurrency is what is making cryptocurrency to have more firms because many tokens is being created and also been accepted for cryptocurrency investment so if all these tokens should be eliminated and join bitcoin the investment of cryptocurrency wont have been interested and competitive.

[darkangel11]

Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge?  For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?

Technically they are backed by Bitcoin but in parasitic manner except for very few that may be able to stand on their own. If the host dies the parasites cease to exist.

I don't think that at this point there are any altcoins that can stand on their own. If Bitcoin crashed to 0 somehow there wouldn't be any altcoins left standing and I mean it.
What could destroy bitcoin? A world war, a worldwide ban, a working quantum computer ab;e to crack its code, a worldwide EMP attack, a global cataclysm? All those things would also crash altcoins. I can't think of a single thing able to destroy bitcoin that would allow altcoins to remain on the scene.