How fast will Bitcoin fall down?

[carlfebz2]

I'm curious about what the new blockchain will look like. But maybe it wasn't like the blockchain we are familiar with but something completely different from the current blockchain. Two things will happen. First, bitcoin will remain the way we use it today. And second, bitcoin and new technology will compete to be the best of the two.

And if the new technology is better than bitcoin, maybe bitcoin will lose the trust of its users and will be abandoned by them, and that will cause bitcoin to fall rapidly. But we never know what kind of technology can make bitcoin crash.

If we do look around on the market then there are lots of better blockchains which is far more better than with Bitcoin, but how it do able to remain at the top ranking?

This would really boggle up some minds considering on making up such comparison when it comes or speaking about utility which is something not that surprising.
We've seen much better blockchains but it did fail on replacing bitcoin into the top.

Bitcoin fall down isnt something that we could really be able to point out, as long there's demand then it would continue to live and would really be having value.

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[Piesel]

We have only one Bitcoin and thousands of shitcoins, Bitcoin is the king of crypto and if you are still doubting that then you are in for a long time of being deceive by all this altcoins that come in Ponzi scheme garments.

Stay away from them and only buy Bitcoin for a sustainable long term goal.

[Sanitough]

How reliable is Bitcoin, what will it be if someone will generate a new blockchain or another digital currency, will it make bitcoin fall down, and how fast?

Many people have already done so. That's very easy. Currently, there are many other cryptocurrencies (called altcoin), but none of them have been able to compete with bitcoin.
None of the altcoins have been able to provide the security and the decentralization bitcoin gives us.
Just go to coinmarketcap.com and see how many coins/tokens have been already created.

A lot of new cryptocurrencies have tried to beat bitcoin but they have never succeeded on that. Bitcoin is still the most prominent asset in the market. And even if these new altcoins continue to arise in the crypto market, as long as they are good for short term investment only since most of them are motivated with hype and greed, then they can never make bitcoin fall and replace its position.

[skarais]

I'm curious about what the new blockchain will look like. But maybe it wasn't like the blockchain we are familiar with but something completely different from the current blockchain. Two things will happen. First, bitcoin will remain the way we use it today. And second, bitcoin and new technology will compete to be the best of the two.

And if the new technology is better than bitcoin, maybe bitcoin will lose the trust of its users and will be abandoned by them, and that will cause bitcoin to fall rapidly. But we never know what kind of technology can make bitcoin crash.

Competition between blockchains is bound to exist, but until now and tomorrow bitcoin is still the best for most adopters and long-term investments. I don't know how many people have bitcoins in their wallets designated as a store of value, and that is a belief among bitcoin holders today.

The best ones are the ones that are adopted and utilized the most, so I think in this case bitcoin will still be the best despite getting competition from altcoin. So how fast it will crash just depends on how well the user trusts bitcoin in the future regardless of its competition with others.

[GeorgeJohn]

We have only one Bitcoin and thousands of shitcoins, Bitcoin is the king of crypto and if you are still doubting that then you are in for a long time of being deceive by all this altcoins that come in Ponzi scheme garments.

Stay away from them and only buy Bitcoin for a sustainable long term goal.

Already, it's only the newbies who don't know that Bitcoin is the master of other coin's, altcoins are like sub branches of Bitcoin, and any investment in cryptocurrency you know that you want to venture that will not take almost your capital in cryptocurrency investment, is Bitcoin, because Bitcoin depreciation in value is really like altcoins kinds of investment, so i believe that Bitcoin is the master of any other coins from my perception, in contradictory as you said the King.

[justdimin]

On Coinmarketcap, there are over 21600 altcoins, yet bitcoin increased in value as the adoption continues.

To even think there were just 750 of them in January of 2017 when I joined this forum and now that whopping gap of almost 21,000 extra in less than six years says much about this industry. It's growing and evolving. Yes, despite all the additions none has been able to match Bitcoin. I would've expected that Ethereum topped it because of its smart contract. ETH does what Bitcoin can do and has an extra in its smart contract but ETH has continued to disappoint in that direction. It has an edge but then I know some people will argue that it's because ETH is centralized while Bitcoin is decentralized.

That is mainly because making a new token became very easy. Right now there are literally ready made codes for it, you download it, you change what you want to change like the name, the logo, the supply and such, and after you are done, that’s it. That’s why there are over 20k+ right now because it’s so easy, anyone with just a it of money can make their own token, in fact I can make my own token in 10 seconds, just rename it and publish.

Making them stick and actually means something is hard, because it would require a lot of hard work but just creating them is nothing. Most of the 750 you have seen in 2017 are still in the top 2017’ATH; I assume, all the new ones aside from a few ended up being outside of those prices because they just stuck.

[Oasisman]

Hi. I'm a newbie and I'm just learning about this topic. There are many questions that I would like to understand, maybe this one has already been discussed, but I didn't find the thread, sorry. How reliable is Bitcoin, what will it be if someone will generate a new blockchain or another digital currency, will it make bitcoin fall down, and how fast?

There has been several attempts in mimicking Bitcoin and create their own blockchain, but being an original is a tough thing for a newly created crypto like currency. And being decentralised alone is the thing that nobody beats.
People behind the new projects are only wants get a lot of profit, so they need full control over their project.

[Vinaa77]

Hi. I'm a newbie and I'm just learning about this topic. There are many questions that I would like to understand, maybe this one has already been discussed, but I didn't find the thread, sorry. How reliable is Bitcoin, what will it be if someone will generate a new blockchain or another digital currency, will it make bitcoin fall down, and how fast?

There are probably tens, even hundreds of blockchains in crypto right now. Both active and dead. But no blockchain has yet been able to keep people away from Bitcoin. The more blockchains appear, the more popular the Bitcoin blockchain system becomes.

Maybe you know about the Ethereum blockchain with the concept of smart contracts. One blockchain that can generate thousands of other smart chains. But Ethereum also cannot make investors switch entirely to the Ethereum blockchain. So, whatever the crypto conditions, Bitcoin is the guide.

[Finestream]

How reliable is Bitcoin, what will it be if someone will generate a new blockchain or another digital currency, will it make bitcoin fall down, and how fast?

New and new cryptocurrencies are literally made by the hour. It's just that most cryptocurrencies created today are pretty much like pseudo-equity. Bitcoin pretty much won the currency/SoV category, and every cryptocurrency that tried to beat bitcoin in that category has failed.

New cryptocurrencies that are built in the market today are just made following the image of bitcoin but it don’t hold the guarantee that they can all be successful too like what bitcoin experienced. Although some have excellent features and are well competitive too, but it’s always bitcoin that lead the market and won this currency category. While bitcoin continue to live and grow for a decade now, most of the new altcoins only lived for months and then they suddenly vanish in the market like thin air.

[OgNasty]

The speed at which the market declined from $21K down to $16K has been rather impressive.  It shows that this isn't typically selling and that there are some serious deleveraging and liquidation events going on here.  The first step down to 18K had massive volume, which we can assume was mostly FTX liquidating their funds to see if being solvent was a possibility.  This next leg down to $16K seems a little lighter on the volume (still a lot) and looks to me more like retail liquidations or panic from the market participants.  I'm starting to feel like we're close to the short term lows here and it seems like a dead cat bounce back into the $17K range should be happening soon.  Who knows how big this FTX problem really is though...  There's always concern we could be headed down another 20%.

[JoyMarsha]

Creating a new altcoin can't make bitcoin fall rather as all altcoins depend on bitcoin to survive. Bitcoin is secure, reliable and fast compared to other altcoins, that's why bitcoin keeps standing out as the number one digital currency in coinmarketcap. Its dominant position in the crypto market is about 38.2%. The rest of dominance 61.8% is shared between thousands of altcoins

[Smack That Ace]

Creating a new altcoin can't make bitcoin fall rather as all altcoins depend on bitcoin to survive. Bitcoin is secure, reliable and fast compared to other altcoins, that's why bitcoin keeps standing out as the number one digital currency in coinmarketcap. Its dominant position in the crypto market is about 38.2%. The rest of dominance 61.8% is shared between thousands of altcoins

I agree that the whole market depends on the movement of bitcoin but if any of the top altcoins drop, it will cause a huge panic in the market and bitcoin cannot avoid the impact. Although bitcoin is king, it should not be denied that bitcoin is not affected, markets are closely linked. Bitcoin has dropped to $16k within 2 days and it could be even worse, there are rumors that FTX is filing for bankruptcy and if it is true, it will entail the death of FTT, the entire Solana ecosystem then we should see bitcoin fall even more this month or december.

[indah rezqi]

I agree that the whole market depends on the movement of bitcoin but if any of the top altcoins drop, it will cause a huge panic in the market and bitcoin cannot avoid the impact. Although bitcoin is king, it should not be denied that bitcoin is not affected, markets are closely linked. Bitcoin has dropped to $16k within 2 days and it could be even worse, there are rumors that FTX is filing for bankruptcy and if it is true, it will entail the death of FTT, the entire Solana ecosystem then we should see bitcoin fall even more this month or december.

This is a huge fallout from the war between Binance and FTX, I don't think it's because FTT is down but because things like this can cause traders to panic. As a result, the panic has caused bitcoin price to hit its lowest level in the past year post ATH on November 10, 2021. $15.5K is the current low, but it will be very possible to hit another low if this chaos and panic continues.

I don't know, but it might end soon and bitcoin will find plenty of strength and other support to recover. But I believe, market competition between coin will not have much effect on the price of bitcoin.

[wmaurik]

Creating a new altcoin can't make bitcoin fall rather as all altcoins depend on bitcoin to survive. Bitcoin is secure, reliable and fast compared to other altcoins, that's why bitcoin keeps standing out as the number one digital currency in coinmarketcap. Its dominant position in the crypto market is about 38.2%. The rest of dominance 61.8% is shared between thousands of altcoins

What you say is very logical because it has been proven that altcoins can still die by themselves when there are no more interested people who want to buy them. Likewise with altcoins that are already solid in the market which until now also seem to still depend on Bitcoin in terms of increasing prices, because when Bitcoin begins to decline in the market, altcoins also decline as happened in the past two days in the market.

Bitcoin and Altcoins are like a coin that needs each other, if we think that Altcoins really depending on Bitcoin is certainly true, but when Altcoins dropped like FTX, it makes the market crash and bitcoin also drop more than 20% this week. This proves that the influence of Altcoins is also significant.

It's only an effect because FTX is having problems with BNB so that their bickering also results in worsening market conditions, but that can't be used as a general benchmark, because when Bitcoin started to lower its price, in general all altcoins also experienced a significant decline. occur simultaneously in the market.

[mich]

Well Bitcoin is falling down but I think this is not a good time to sell your Bitcoins. It’s true we are in a 'bear market' and BTC has seen huge losses recently and I think this is only the beginning.
The reality is Bitcoin is getting more acceptance globally and we are seeing more people, organizations and even governments enter the crypto space.
The gains in the coming year will be substantial and I think holding for the long term is a better investment strategy than selling for short term gains.

[wxa7115]

I agree that the whole market depends on the movement of bitcoin but if any of the top altcoins drop, it will cause a huge panic in the market and bitcoin cannot avoid the impact. Although bitcoin is king, it should not be denied that bitcoin is not affected, markets are closely linked. Bitcoin has dropped to $16k within 2 days and it could be even worse, there are rumors that FTX is filing for bankruptcy and if it is true, it will entail the death of FTT, the entire Solana ecosystem then we should see bitcoin fall even more this month or december.

This is a huge fallout from the war between Binance and FTX, I don't think it's because FTT is down but because things like this can cause traders to panic. As a result, the panic has caused bitcoin price to hit its lowest level in the past year post ATH on November 10, 2021. $15.5K is the current low, but it will be very possible to hit another low if this chaos and panic continues.

I don't know, but it might end soon and bitcoin will find plenty of strength and other support to recover. But I believe, market competition between coin will not have much effect on the price of bitcoin.

I think it is possible we are going to see a further reduction in the price of bitcoin, this year has been particularly bad with the complete collapse of important coins and now this problem with the FTX exchange is making things even worse.

So even if during the previous 24 hours we saw a recovery, the price is going down once again as I doubt the speculators are going to let go of this opportunity to push the price downward when a great deal of traders and investors are in complete panic because of what it is happening right now in the market.

[Kemarit]

I agree that the whole market depends on the movement of bitcoin but if any of the top altcoins drop, it will cause a huge panic in the market and bitcoin cannot avoid the impact. Although bitcoin is king, it should not be denied that bitcoin is not affected, markets are closely linked. Bitcoin has dropped to $16k within 2 days and it could be even worse, there are rumors that FTX is filing for bankruptcy and if it is true, it will entail the death of FTT, the entire Solana ecosystem then we should see bitcoin fall even more this month or december.

This is a huge fallout from the war between Binance and FTX, I don't think it's because FTT is down but because things like this can cause traders to panic. As a result, the panic has caused bitcoin price to hit its lowest level in the past year post ATH on November 10, 2021. $15.5K is the current low, but it will be very possible to hit another low if this chaos and panic continues.

I don't know, but it might end soon and bitcoin will find plenty of strength and other support to recover. But I believe, market competition between coin will not have much effect on the price of bitcoin.

I think it is possible we are going to see a further reduction in the price of bitcoin, this year has been particularly bad with the complete collapse of important coins and now this problem with the FTX exchange is making things even worse.

So even if during the previous 24 hours we saw a recovery, the price is going down once again as I doubt the speculators are going to let go of this opportunity to push the price downward when a great deal of traders and investors are in complete panic because of what it is happening right now in the market.

Just show how volatile the market is, and I think it depend on what timezone you are.

Asia seems to be buying if I'm not mistaken, but when it is sunset already, and the other side, North America is waking up, I observed some selling.

So it went as high as $18k Asia time, and now it goes down hard again to $17,100 but seems to be bouncing back around $17,300. So hopefully we will see another recovery, at least it will be around $18k. The CPI report seems to be positive and hopefully it will be enough to push the market again this month.

[janellebowlerr]

How reliable is Bitcoin, what will it be if someone will generate a new blockchain or another digital currency, will it make bitcoin fall down, and how fast?

New and new cryptocurrencies are literally made by the hour. It's just that most cryptocurrencies created today are pretty much like pseudo-equity.

Exactly, that is the point, for me, cryptocurrency is like pseudo-equity for the moment especially taking into account the software code auditing topic, bugs and errors of platform, the risks may be too high

[janellebowlerr]

We have only one Bitcoin and thousands of shitcoins, Bitcoin is the king of crypto and if you are still doubting that then you are in for a long time of being deceive by all this altcoins that come in Ponzi scheme garments.

Stay away from them and only buy Bitcoin for a sustainable long term goal.

shitcoins Thank you for sharing your opinion

[Fatunad]

Hi. I'm a newbie and I'm just learning about this topic. There are many questions that I would like to understand, maybe this one has already been discussed, but I didn't find the thread, sorry. How reliable is Bitcoin, what will it be if someone will generate a new blockchain or another digital currency, will it make bitcoin fall down, and how fast?

For you be at least aware on how many coins are existing.
https://coinmarketcap.com/

Cryptos:  21,840 Exchanges:  528

Basically there are some numbers who do ran on their own blockchain but whats still the condition?
Bitcoin had remained on the top since from the beginning of this crypto market which does
really just indicates that trust is high and Bitcoin cant fall down nor go back to zero.