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Author Topic: Impact of altcoins on Bitcoin's early growth and adoption?  (Read 178 times)
drwhobox
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February 17, 2023, 11:53:08 PM
 #21

The development of alternative cryptocurrencies, also known as altcoins, had both positive and negative impacts on the early adoption and growth of Bitcoin.

On the positive side, the emergence of alternative cryptocurrencies helped to increase overall public interest in the concept of cryptocurrency and blockchain technology. By offering alternative options to Bitcoin, altcoins helped to broaden the appeal of the cryptocurrency space and attract new users who may not have been interested in Bitcoin specifically.
No, I completely disagree with your opinion, altcoin have not done nothing to bitcoin which you think can hold bitcoin adoption.
Altcoin helps bitcoin to gain more authority, some people learned about cryptocurrency by getting into altcoin investment first.

Back then, if I can remember correctly you only can buy bitcoin from an exchange then convert or trade them with the altcoin you want to invest. So altcoin did boost the adoption of bitcoin. So I don't see a single negative site of altcoin here, or at least altcoins did nothing wrong with bitcoin.
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February 17, 2023, 11:59:26 PM
 #22

In the beginning there were not much of altcoins. The altcoins were developed for some reason and they had minimum viable product. Even with such development not everything got success. Altcoins served to be the competence assets. At some point the altcoins developed out of Bitcoin itself mentioned to be real bitcoin. After long discussions bitcoin took its place.

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February 18, 2023, 12:10:56 AM
Merited by fillippone (2)
 #23

actually the presence of altcoins also has a positive impact in many ways related to bitcoin. even the hype that happened to one of the altcoins like BNB, ETH or even a meme coin like shiba has led to more adoption of bitcoin. so that altcoins and bitcoin are two things that are mutually beneficial to each other. but in the end everyone will realize that the best investment is only in bitcoin. because there is a big difference in bitcoin and altcoin. I also just realized that only bitcoin is truly decentralized.

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February 18, 2023, 07:06:01 PM
 #24

Altcoin is riding on the success of Bitcoin and since the altcoin boom in 2017, it has contributed more negatively to bitcoin than it gains because altcoin does not offer anything such as an increase in awareness about changing cryptcucrency, bitcoin already make mainstream awareness before the invention of an altcoin.
-And most of the challenges we faced in the cryptocurrency market are all emanating from altcoins.
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February 19, 2023, 02:18:35 PM
 #25

actually altcoin is a bias of bitcoin, whatever happens to any altcoin like its price and fame is based on btc not altcoin which influences for bitcoin to be adopted by the community.
we can invest in anything,  but our main choice is bitcoin because bitcoin is the main cryptocurrency coin

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