Can Bitcoin Destroy Crap Altcoins?

[mosleya]

"Silicon Valley Venture Capital Godfather" Tim Draper (Tim Draper) believes that people will turn to high-quality and decentralized cryptocurrencies such as Bitcoin, and some weaker cryptocurrencies will become historical relics.

Due to the tightening of monetary policy by the Federal Reserve and the knock-on effect of the bankruptcy of major industry companies such as Terra, Celsius and FTX, the crypto market is full of fraud, black gold politics and various conspiracy theories. I'm personally on the sidelines, but still have a lot of confidence. The pool of crypto markets is getting cleaner and cleaner.
In this earthquake in the encryption market, people's awareness is getting higher and higher. God said that the disaster is that people become smarter and see scams more and more clearly instead of pure trust. Altcoins are becoming more and more Like a mainstream currency, if you are a liar, you have to be a liar with a high IQ.
As a government, it will also make the encryption market more orderly through various regulations. There is no doubt that Bitcoin has had a huge impact on the global economic order.
The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

[Darker45]

There's a silver lining in all of what's happening in the industry right now. I agree, the industry is getting cleaner and cleaner with the failure of those platforms that are designed not only contrary to the philosophy of Bitcoin but are also unsustainable.

The more this kind of failure happens, the more people will be drawn back toward Bitcoin. This must be a healthy and organic way for the industry to shake off its bad apples. If this kind or purging happens in rounds regularly, the purer the industry becomes. Sooner or later, what will remain are those worthy of everybody's support.

[mk4]

People need to stop looking at 99.9999% of altcoins as something that's trying to be/beat bitcoin in the currency/SoV category; but in fact, a huge majority of altcoins are in the "DeFi" category — with them acting like pseudo-stocks, with revenue share and stuff. Regardless what you're opinions are with these tokens, they're really not in the same category as Bitcoin.

[Poker Player]

Considering that there are almost 22,000 alts, I would say that they destroy themselves. The focus should not be put on bitcoin. Bitcoin was first, and the success attracted many imitators who have come to create real garbage, if not scams. Some of those that existed in the past no longer exist, and many of those that we see now will not exist because they do not really bring anything more than speculation.

[joniboini]

I'm pretty sure altcoins will stay for a while. A lot of companies and corporations are trying to gain some market share from this and I don't think all of them are useless. You don't even need Bitcoin to crush those shitty altcoins since coins like Ethereum, Monero, etc are definitely going to outlive them. I expect there will be more cases like FTX, Celcius, etc in the future. The market will continue to filter shitty companies that promise 20% annual return as the only way to keep their business afloat. It's like what mk said, most of the altcoins are moving to their own category and do not compete directly with BTC.

What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

We got a nice cycle if you take a look at the past. A bull market comes, lots of companies get mainstream, and shortly after that they go bust after the bear market starts, some revive with another name, etc. You will be surprised to see that a lot of users are holding BTC for years, and the number of 1 BTC holders is increasing every year. BTC will definitely stay, while scam/shit tokens will die sooner or later.

[bkelly13]

Does the term “crap altcoins” refer to everything but Bitcoin?  Or does it refer the, let’s say, “poorly designed and implemented alt coins?”
 
If the latter, then we all need to reminder ourselves that for every good creation there will always be those who create a cheap knock-off and try to cheat others of their money/resources.

If the former, that’s a problem, maybe even bigger.  No single currency like Bitcoin can ever serve the entire U.S.  Much less the world.  There is about $45 billion in currency in the U.S. as of 2019,  per the response for a google search.  But the GDP is about $23 trillion, about $23 thousand times a billion.  If we used only U.S. dollars, each one would have to be spend over 500 times each year.  (its much more complicated than this, but I think the point is valid.)  I just visited coinmarketcap.com and added the billions column for the top 10 coins.  It is about $707 billion with bitcoin taking the lion’s share at $327.  These are world based currencies, not just U.S. 

Another google search for Visa transaction is 24,000 per second with Mastercard at 5,000 per second.  The Tether coin has a 24 hours transaction of $65 billion compare to Bitcoin of $19 billion.  Those transaction levels simply cannot be attained with a Bitcoin type of foundation, a single thread that tracks every single transaction.

So, I say, let's be wary of, and maybe even have a watch list of the “crap altcoins” but let's not be arrogant about Bitcoin.

[m2017]

To begin with, bitcoin was not created to destroy crap altcoins, but for completely different purposes. For trading operations between people (p2p), in short. Just don't need to destroy altcoins. It themselves will simply die off gradually. Especially after such a cleansing of the crypto market, which is happening now.

The staggering early dividend period is over, but bitcoin is still capable and continues to deliver very good returns. Look at all the previous bull runs and you will see how much btc has risen in price.

What are my views on the future of bitcoin? Only positive, otherwise I wouldn't be here.

[davis196]

The early dividend period of Bitcoin is over, and the next is the stable period.

What do you mean by "stable period"? The Bitcoin price will remain volatile forever. What if another massive bull run happens in 2025 and the price hits 100K? The people, who bought at 15K will earn some massive "dividends".
Anyway, altcoins/shitcoins will continue to exist as long as there are people, who have the "shiny object" syndrome and are chasing "the next big thing". 99% of the current altcoins are already dead shitcoins and there's no need for BTC to destroy them.
The whole purpose of 99% of all altcoins isn't to dethrone Bitcoin or become better than Bitcoin. The whole purpose is the altcoin developers and the pump & dump traders to make some easy money out of the "shiny object" chasers.

[Aanuoluwatofunmi]

"Silicon Valley Venture Capital Godfather" Tim Draper (Tim Draper) believes that people will turn to high-quality and decentralized cryptocurrencies such as Bitcoin, and some weaker cryptocurrencies will become historical relics.

Permit me to correct this first that the only decentralized digital currency is bitcoin alone, others are centralized and when you're talking about currency it self as an acceptable means for payment we recognized only bitcoin here since others are but a bunch of shitcoins inclusive.

Due to the tightening of monetary policy by the Federal Reserve and the knock-on effect of the bankruptcy of major industry companies such as Terra, Celsius and FTX, the crypto market is full of fraud, black gold politics and various conspiracy theories.

This is only when you're greedy enough to let them get you fooled to investing again with their coins or projects, mind you this does not only get applicable to them alone but on every other altcoins that have come out after the introduction of bitcoin to the world because they are all plagiarize of the first and approved digital currency before they began with the creation of their own version.

I'm personally on the sidelines, but still have a lot of confidence. The pool of crypto markets is getting cleaner and cleaner.

Are you saying this because some of this exchanges were exposed and their coins turning shitcoin? there's nothing sanitizting them because they continue to increase with numbers both the centralized coins and exchanges but i think the recent scam should taught alot some lessons to stop and without their bitcoin from them.

[Wiwo]

Bitcoin and altcoins belong to same category as a cryptocurrency but while bitcoin is 100% decentralized only a few altcoins are 100% decentralized. We majority of others are highly centralized. and to make one point very clear, when we are discussing any topic that has to do with the comparison between Bitcoin Vs Altcoins, we should always have it at the back of our mind that Bitcoin is the major dominant cryptocurremcy in the industry but we still have some other coins/tokens in different forms and on different chains. The rise of altcoin on the ethereum blockchain gave rise to so many projects while some are successful as utility projects providing services where Bitcoin may have limitations, but also the majority of other altcoins are just total scams that have given the entire cryptocurrency market a bad name.

[sou-kou]

Bitcoin and altcoins belong to same category as a cryptocurrency but while bitcoin is 100% decentralized only a few altcoins are 100% decentralized. We majority of others are highly centralized. and to make one point very clear, when we are discussing any topic that has to do with the comparison between Bitcoin Vs Altcoins, we should always have it at the back of our mind that Bitcoin is the major dominant cryptocurremcy in the industry but we still have some other coins/tokens in different forms and on different chains. The rise of altcoin on the ethereum blockchain gave rise to so many projects while some are successful as utility projects providing services where Bitcoin may have limitations, but also the majority of other altcoins are just total scams that have given the entire cryptocurrency market a bad name.

Encryption must have altcoins to become an industry. Only when it becomes an industry can BTC be pushed to the highest position,But now, Bitcoin wants to become a more influential consensus, and it is rushing to the highest position again and again in the constant altcoin vat. During this period, countless altcoins are needed as a springboard.

[EarnOnVictor]

I would have loved it if the OP could expatriate on the significant impact of the global economic order that Bitcoin has put in place. Is it negative or positive? Because according to my knowledge and experience of the economy, Bitcoin has just eased the payment system, nothing more progressive on the part of the global economy.

Also, Bitcoin has not been completely adopted as we see, which makes me know that more would happen in the future on the positive side. This is regardless of whether Bitcoin is stable or not, it's about how the world would need it more due to its enormous advantages. And of course, altcoins will help with this, and more altcoins that would be more regulated and dependable might be developed soonest whether we like it or not.

This indicates that Bitcoin is not the point but the blockchain technology itself, and it would be advanced upon for better exploration.

[Wapfika]

No. Bitcoin is not meant to destroy Altcoin because they are meant to coexist to each other. Bitcoin still can’t handle scalability issue if all the altcoin will be removed since Bitcoin blockchain TPS is slow compared to other blockchain. There’s still a food effect on the existence of crypto in general because its being used in different crypto industries which Bitcoin will be hard to use.

Having a multiple Blockchain is a blessings in crypto so that we are not all relying on one network in case it was being attacked. And also there’s always crap company even on on real business world. No one can control anyone that wants to build a shit or scam project because crypto market is still not regulated on most of the country in the world.

[Smartprofit]

"Silicon Valley Venture Capital Godfather" Tim Draper (Tim Draper) believes that people will turn to high-quality and decentralized cryptocurrencies such as Bitcoin, and some weaker cryptocurrencies will become historical relics.

Due to the tightening of monetary policy by the Federal Reserve and the knock-on effect of the bankruptcy of major industry companies such as Terra, Celsius and FTX, the crypto market is full of fraud, black gold politics and various conspiracy theories. I'm personally on the sidelines, but still have a lot of confidence. The pool of crypto markets is getting cleaner and cleaner.
In this earthquake in the encryption market, people's awareness is getting higher and higher. God said that the disaster is that people become smarter and see scams more and more clearly instead of pure trust. Altcoins are becoming more and more Like a mainstream currency, if you are a liar, you have to be a liar with a high IQ.
As a government, it will also make the encryption market more orderly through various regulations. There is no doubt that Bitcoin has had a huge impact on the global economic order.
The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

Bitcoin, as a cryptocurrency, has very big ambitions. 

Bitcoin aims to become a universal decentralized protocol for the transfer of value in the virtual space.  At the same time, it is very important for developers and users that the first cryptocurrency be very reliable and easy to use. 

This leads to a conservative approach in the field of software development.  Only the most necessary changes are made to the Bitcoin code.  Bitcoin is not an area for experimentation - Bitcoin is a reliable financial instrument. 

As for the numerous altcoins, they can be considered as an experimental laboratory for testing all innovations, the best of which will subsequently be introduced into the Bitcoin network.

[Despairo]

Bitcoin can't destroy crap shitcoins since Bitcoin isn't centralized like government where they're ban every crypto and want to release their own CBDC, this force everyone only choose CBDC and can't choose other coins. Bitcoin doesn't make the other coins will become dead coin, but Bitcoin just show how good this coin and how trusted it is. It depends on the user want to choose which coin, but in the end everyone will choose Bitcoin since they're already enough with shitcoins.

[yazher]

As of today, because of the market situation, they are falling and none of them are recovering from the bloody market situation these days. More likely they will gonna stop their development and will focus on other projects. It's really hard for them to recover because people are in doubt about their coins will gonna raise their price in the future because only bitcoins have the guarantee to be like it and these altcoins don't have any pasts histories where they gonna recover their past high price after the bad situations of the crypto market except a few of them.

[rat03gopoh]

To destroy people's beliefs about altcoins, yes. Has bitcoin done anything? Nope, they did it themselves.
I think crap altcoins are just created with a more complicated conceptual idea than bitcoin. They forced themselves to be decentralized, while to make them grow in value they needed centralized management.

[DapanasFruit]

Many altcoins will eventually die all because they are losing the market they are targetting and once that can happen it will only take some time before they can be forgotten in the annals of cryptocurrency history. And am sure it will not be Bitcoin that killed them but the market itself...why would you continue trusting to many platforms that got many flaws and at the end will be the reason people lost money? One thing for sure, in this market people are not stupid and they will not anymore be conned by a fraud like Sam Bankman Fried.

[eddie.gouws]

"Silicon Valley Venture Capital Godfather" Tim Draper (Tim Draper) believes that people will turn to high-quality and decentralized cryptocurrencies such as Bitcoin, and some weaker cryptocurrencies will become historical relics.

Due to the tightening of monetary policy by the Federal Reserve and the knock-on effect of the bankruptcy of major industry companies such as Terra, Celsius and FTX, the crypto market is full of fraud, black gold politics and various conspiracy theories. I'm personally on the sidelines, but still have a lot of confidence. The pool of crypto markets is getting cleaner and cleaner.
In this earthquake in the encryption market, people's awareness is getting higher and higher. God said that the disaster is that people become smarter and see scams more and more clearly instead of pure trust. Altcoins are becoming more and more Like a mainstream currency, if you are a liar, you have to be a liar with a high IQ.
As a government, it will also make the encryption market more orderly through various regulations. There is no doubt that Bitcoin has had a huge impact on the global economic order.
The early dividend period of Bitcoin is over, and the next is the stable period. What are your views on the future? I clearly know that the persistence of beliefs is often not so strong, and few people can hold Bitcoin for a long time.

It's certainly possible. Bitcoin has a lot of advantages over altcoins - it's more widely accepted, it has a more robust infrastructure, and it has a larger user base. So if Bitcoin continues to grow in popularity, it's likely to take market share away from altcoins.

That said, there's always the possibility that an altcoin could overtake Bitcoin. So far, no altcoin has been able to do that, but it's definitely possible. So anyone investing in Bitcoin should also invest in some good altcoins as well, just in case one of them does overtake Bitcoin someday.

[michellee]

Bitcoin does not need to destroy altcoins because it is useless. Altcoins that are not potential will perish by themselves and because of the selection of coins made by the market. As investors and traders, we must be smart in choosing coins we will make as investments and not choose coins randomly. Besides that, we have gained a lot of experience in analyzing previous coins where. Some coins survived the bear market until the bull market reappeared and some could not survive the bear market.

Even though I didn't vote for the crystal ball, I can say that the future for bitcoin will be even brighter and this is what keeps me trying to collect more bitcoins. I don't want to miss having a lot of bitcoins because, in the future, bitcoins will become more valuable.