People will choose bitcoins more if the number of cryptocurrency option is less.

[Mpamaegbu]

Yes, you're right that people will choose Bitcoin more if we had less cryptos on the market. However, that will somehow not broaden the market scope as we've it today. The more the merrier won't apply here if that happens and that's like limiting investors to a certain line of selection. I like the array of products there are in this industry as it affords investors the choice of a wider selection.

[1714703235]

1714703235

[1714703235]

1714703235

[pawanjain]

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

I am not sure about this because according to me its not the number of coins but the individual's bad choice that makes them not to invest in bitcoin.
Their lack of understanding the tech underneath the coin is what the major concern in investing.
There are 2 types of people who invest in bitcoin. One is who understand the tech and the other is who invest in majority.
The ones who don't invest in bitcoin and invest in altcoins are the ones who go behind quick money.
They take the risk in the trap of get rich quick. While some succeed by selecting well established altcoins others fail by falling for pump and dumps.

[GreatArkansas]

Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

There are also some people are thinking that because there are already a lot of altcoins, they just invest in Bitcoin.
And the reason is also that most of the altcoins are just following Bitcoin, and Bitcoin is the safer bet to all cryptocurrencies right now.

I believe that there are only some people who are investing in some altcoins because they are thinking about huge ROI and believing their altcoins could multiply in just a short period of time which is somehow possible in some cases.

[Cryptmuster]

We have a consumer society, every day everyone makes a choice, which phone to choose, what clothes, what car, and so on. And when a person gets acquainted with cryptocurrency, he is faced with the same big choice and it’s normal that everyone finds something for themselves, but the problem is that when making this choice at first they don’t understand the significant difference and perhaps they think that some kind of new altcoin is future bitcoin. In time, understanding will come, but for this experience they will pay their money.

[Minecache]

What you say makes sense, but we need diversity if we want to be bigger than other financial markets. Those who invest in bitcoin are those who like safety, low risk and love the benefits that bitcoin offers that other altcoins do not have, such as its decentralization. While those who choose altcoins are mostly risk-takers, taking risks to get rich quickly.

The market needs altcoins because we need diversity because not everyone has the same mindset. I like the current market, and I also expect altcoins to expand further in the future, only then can the crypto industry grow globally.

[AicecreaME]

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

They are not confused, they just can't afford Bitcoin maybe, that's why they look for other options, so they automatically think altcoins are just good as Bitcoin since it's still cryptocurrency. They just lack of enough knowledge to figure out what's the best cryptocurrency to invest in. So also if they got stuck on a certain altcoin, they would blame Bitcoin for the sake of their mistake to lessen up their disappointment.

[Yatsan]

Definitely not; it will never be the quantity which gives doubt to people who are interested on engaging to this industry but the nature of volatility itself. Let's just say investment is not for everyone.

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

They are not confused, they just can't afford Bitcoin maybe, that's why they look for other options, so they automatically think altcoins are just good as Bitcoin since it's still cryptocurrency. They just lack of enough knowledge to figure out what's the best cryptocurrency to invest in. So also if they got stuck on a certain altcoin, they would blame Bitcoin for the sake of their mistake to lessen up their disappointment.

They only differ in value and the size of the blockchain. Bigger chain means more people are using it in any way possible, which afterwards result to increase in demand by period, and further positively affect the market price. Also it is not because they cannot afford bitcoin, 'coz we all do. It is not a requirement to buy a single Bitcoin in an instant. On the other hand, bigger quantity in asset won't guarantee bigger profit for the investor. Everything in this industry has risk and your responsibility is to lessen that risk by getting the right choice of crypto.

[kryptqnick]

I think the movie analogy doesn't work. There is a metric of rating the movies, but it's widely disputed, and there are also at least different genres in which movies with very different styles, plots and dialogues and be considered good. With cryptocurrencies, there's a widely accepted list by market capitalization, and Bitcoin is just at the top of that list. It's true that there are bad movies and bad altcoins, but there are more aspects to movies than cryptos, which is why it's impossible to name the best movie but easy to name the best crypto. That being said, I don't think the idea of having less works well for movies either. When there were just a handful of movies in the early days, they weren't very popular. The market has growth significantly, attracting more people to movies and allowing single movies to be watched by way more people than before. It's similar with cryptos as well. I don't think Bitcoin would have been more popular with fewer altcoins around, and I don't think the problem with movies is that there are too many of them.

[The Cryptovator]

I will not concur with the OP. People that are well knowledgeable about cryptocurrency will select Bitcoin or reliable coins. It is not always true that if there are less cryptocurrency options, more users will pick Bitcoin. The majority of people pick altcoins in order to profit quickly from the volatile market and to make a few of x profits. Altcoins, in my opinion, cannot affect Bitcoin. It depends on a number of variables, including the motivations behind people's choice of altcoin, the benefits and potential issues of each decision, and the overall market situation.

[BlackBoss_]

People that are well knowledgeable about cryptocurrency will select Bitcoin or reliable coins. It is not always true that if there are less cryptocurrency options, more users will pick Bitcoin.

Bitcoin is favorite because it is a biggest and safest cryptocurrency to invest. Alternate cryptocurrencies are more risky than Bitcoin.

Years ago when Bitcoin in early of its life since 2009, its adoption was smaller than today and in cryptocurrency, there were less altcoins too. Altcoins can die but Bitcoin is here and did not die since 2009. This big difference makes sense to convince people to pick Bitcoin, not altcoins.

The majority of people pick altcoins in order to profit quickly from the volatile market and to make a few of x profits. Altcoins, in my opinion, cannot affect Bitcoin. It depends on a number of variables, including the motivations behind people's choice of altcoin, the benefits and potential issues of each decision, and the overall market situation.

If they choose altcoins, they ignore risks or accept risks with wanting to chase very high ROIs with altcoins if they are right and lucky with their decisions. I don't know how many people got rich with altcoins but with thousands of dead altcoin, I don't think the number of altcoin-made millionaires is too high.

Dead coins: How many cryptocurrencies have failed?

[heslylamba]

Sooner or later you realize that there is something really worthwhile and important, and everything else is just garbage.

Bitcoin is unique. Only few people understand this.

[Fivestar4everMVP]

Maybe you are right,  maybe  more people would have chosen or chose to invest in bitcoin if the number crypto assets were less, but then, I tell you that this is not so important, and it's not big enough to be called an excuse, those who did their research and set their minds on which coin to buy will never get confused, they will buy which ever coin they set their mind to buy.

The reason why you got confused on which movie to choose from in your Netflix app is because you never did any research before opening the app, if you had done a research, you would have known the particular movie you want to watch and go for it, you wouldn't be confused when you opened the app and saw several movies in the front page.
Same also it is with investors, if as an investor, you did your research, you would already know which coin to invest in, be it bitcoin or an altcoin, you wouldnt have to get confused upon opening your exchange app.

[serjent05]

Yes, you're right that people will choose Bitcoin more if we had less cryptos on the market. However, that will somehow not broaden the market scope as we've it today. The more the merrier won't apply here if that happens and that's like limiting investors to a certain line of selection. I like the array of products there are in this industry as it affords investors the choice of a wider selection.

I do not think the number of available cryptocurrencies is relevant to how people choose where to invest.  As far as I know, it is more on the knowledge and preference of the investors.  If the investor is invited by another cryptocurrency to join the crypto wagon, then obviously that investor will invest in that cryptocurrency.  Or if a person is knowledgeable enough about the risk involved in every cryptocurrency then no matter how huge or many altcoins there is, if the investor prefers a lesser-risk investment then he will obviously choose Bitcoin despite millions of altcoin available in the market.

[Mpamaegbu]

~snipped~

I do not think the number of available cryptocurrencies is relevant to how people choose where to invest. 

Oh, dear! It does. The preponderance of something makes it noticeable and this is what happens in cryptos. Those who are investing are likely to buy into small cap projects if they can't afford a complete unit of Bitcoin and then hope that those projects perform credibly well. If they've limited choice to pick from or just only Bitcoin, of course your guess is as good as mine where they would pick. If you've more options in life, would you say you wouldn't try them all or more of them instead of confining yourself to a few picks?

[AmoreJaz]

Yes, you're right that people will choose Bitcoin more if we had less cryptos on the market. However, that will somehow not broaden the market scope as we've it today. The more the merrier won't apply here if that happens and that's like limiting investors to a certain line of selection. I like the array of products there are in this industry as it affords investors the choice of a wider selection.

I do not think the number of available cryptocurrencies is relevant to how people choose where to invest.  As far as I know, it is more on the knowledge and preference of the investors.  If the investor is invited by another cryptocurrency to join the crypto wagon, then obviously that investor will invest in that cryptocurrency.  Or if a person is knowledgeable enough about the risk involved in every cryptocurrency then no matter how huge or many altcoins there is, if the investor prefers a lesser-risk investment then he will obviously choose Bitcoin despite millions of altcoin available in the market.

they may be confused at first but later on as they learn more about alts and btc, they will soon understand why many people still go back to BTC after learning what these alts are. it is only at the start about feeling lost and confused, as they learn more each day, it will be clear to them which projects or currencies are worth investing with their funds. a lot of alts have been created, abandoned, and gone, and yet, BTC remains to be at the top position. now, what can you deduce from such situation?

[uchegod-21]

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

I always like to have alternatives. Alternative is a sign of freedom to choose and should not be denied anyone. Although I am not a fan of altcoins and I will not discourage anyone who wants to take the risk and invest in altcoins. Even if upto 90% of the altcoins are crappy, one should be careful on which one to invest.
Bitcoin is the king and even if we have 1 million altcoins today, bitcoin would still remain the king.

[Picaflor]

Not a Bitcoin maxi but aren't other altcoins needed considering it doesn't it doesn't cover the whole by Bitcoin? Yeah Bitcoin was likely the pioneer but I think other altcoins technology are needed as well these days. People will choose Bitcoin as if it was the basis of all but as humans, for sure it's best if there will be alternatives.

Technology and the token are two different things.
Some of that technology is useful (e.g. Monero's ring signatures give you privacy, which is a powerful tool against state tyranny) but we don't need another token. It can be introduced as an L2 or sidechain on Bitcoin (like Litecoin's MimbleWimble). Or some features can be added on the base layer if the core devs decide it's worth it.

We don't need another ticker for each feature that's desired.

As for the number of altcoins, I think they eventually help Bitcoin. People come to them for whatever reason, get rekt, start digging deeper and asking themselves profound questions for the first time in their lives (like "what is money?") and eventually take the orange pill.

[Fara Chan]

Actually they are aware of Bitcoin, know about Bitcoin, the uniqueness of Bitcoin, and the potential of Bitcoin, there are choices in Cryptocurrency Investment, those who choose Altcoins are certainly not fully used In Altcoins, which I think they only use part of their wealth, factored in there is a team developers who make promises and there are also those who think short-term profits, there are also those who choose tokens because behind it there is a prize that will come later.

Basically Bitcoin will still be the Main Investment, Bitcoin is a long term investment, Bitcoin is very unique, people will still chase it, Bitcoin will still be prioritized, used as a guideline for objects, assets, future assets. although there are many choices I don't think this is too serious in terms of choosing which one is better among them, except for beginners, but this is not a problem, they will ask if they really want to know and don't want to make mistakes.

[taufik123]

Although many emerging altcoins may dominate the crypto market, Bitcoin remains the top choice. Moreover, if there are few cryptocurrency options available, it will further enlarge bitcoin holders. But some altcoin sets will also be another option as a backup investment.

Some investors have an interest in bitcoin and some have an interest in other cryptocurrencies. and ultimately the decision to invest in crypto depends on various factors such as the potential profit to be obtained, the level of risk that will occur and the purpose for which the investment is made.

-snip-
Basically Bitcoin will still be the Main Investment, Bitcoin is a long term investment, Bitcoin is very unique, people will still chase it, Bitcoin will still be prioritized, used as a guideline for objects, assets, future assets. although there are many choices I don't think this is too serious in terms of choosing which one is better among them, except for beginners, but this is not a problem, they will ask if they really want to know and don't want to make mistakes.

Bitcoin remains the main one and altcoins will only be an alternative investment aimed at short-term investment.
Taking some advantage of the volatility of altcoins will also be a good choice, but with the caveat of not making a mistake in determining which altcoin to choose.

[samcoin]

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

In my opinion, the number of crypto currencies doesn't matter as much as the people's ability to buy them. There are more than 20k crypto currencies, but most of them aren't listed on major exchanges, which means it's hard for average people or newcomers to buy them, whereas newcomers don't head to decentralized exchanges due to the difficulty associated with using them. Therefore, we shouldn't consider all these crypto currencies as valid choices if a newcomer wants to choose. From other side, there are other options for sure. Why limit the crypto market to only Bitcoin? There are other projects that try to build something new, otherwise we wouldn't witness the rise of the NFTs and Metaverse, which benefited a wide group of people to leverage their talent to earn money, as well as a high number of companies starting to leverage Metaverse for marketing purposes.