What if Bitcoin Was the Only Cryptocurrency?

[hatshepsut93]

That would have been great, because a lot of people wouldn't lose their money to shitcoins and scams. Bitcoin's volatility wouldn't be affected, because alts don't cause it. And I don't think that Bitcoin's development would suffer from lack of competition, because Bitcoin devs are not racing against altcoins devs, they do it at their own pace.

But this "what if" is completely unrealistic, because Bitcoin is open source, and even if it weren't, the architecture is really easy to replicate.

[n0ne]

That would have been great, because a lot of people wouldn't lose their money to shitcoins and scams. Bitcoin's volatility wouldn't be affected, because alts don't cause it. And I don't think that Bitcoin's development would suffer from lack of competition, because Bitcoin devs are not racing against altcoins devs, they do it at their own pace.

But this "what if" is completely unrealistic, because Bitcoin is open source, and even if it weren't, the architecture is really easy to replicate.

Even at that situation people will be scammed in the name of bitcoin. Very few know bitcoin is limited in supply and there is no way to generate bitcoin. The loss on shit coins could've happened through some other means. At some point there is hard competence between the ethereum and bitcoin. The competence could've decreased and so would be the usage. The hardfork of Bitcoin and the existence of Bitcoin Cash might've caused some issues.

[landheer]

actually now there are lots of crypto there are altcoins and bitcoins, it seems we have to accept the fact that this is what happened, namely bitcoins and altcoins.

but this is an interesting topic because in my mind it also crossed what you posted, namely, what if in the crypto world there was only 1, namely bitcoin.

but in my opinion, if crypto is the only bitcoin, then in my opinion, the price of bitcoin during the BUL RUN may be 100 times higher, even more than
100 fold.

[borovichok]

Even at that situation people will be scammed in the name of bitcoin. Very few know bitcoin is limited in supply and there is no way to generate bitcoin. The loss on shit coins could've happened through some other means. At some point there is hard competence between the ethereum and bitcoin. The competence could've decreased and so would be the usage. The hardfork of Bitcoin and the existence of Bitcoin Cash might've caused some issues.

Supply of Bitcoin is limited although it's circulated by top whales in the market. Scam will never be erased from the space, it's definitely going to be a tough situation for the traders that barely trade bitcoin, because they deal with altcoins which generate the high volatility of the market. Bitcoin is popular and ranked first generalized coin in cryptocurrency. Competition level will be zero compared to when there was presence of other projects. It would be bored to trade only bitcoin in the space, altcoins do the major pump and dump moves other than bitcoin.

[Dickiy]

snip
Over to you the reader -  What if bitcoin was the only cryptocurrency?

But the fact today is inversely proportional to the point mentioned by AI, as we see that more and more crypto coins are popping up and have many different utilities in their projects, I can't imagine how much Bitcoin is worth if it's the only crypto there on this earth and what kind of regulations are enforced by the government in adopting Bitcoin in their country.
I like that statement but I prefer facts. That is an impossibility in the current era with extreme volatility, struggles for dominance, conflict with the government, lots of innovation, etc.

[heslylamba]

Why wonder what would have happened and what would not have happened. Everything happened as it was supposed to happen.
I think that bitcoin cannot be the only cryptocurrency simply because someday somewhere someone would invent another cryptocurrency following the example of bitcoin.

Even if bitcoin were the only cryptocurrency, it is unlikely that it would become so popular. Many people came to crypto thanks to memecoins and alts.

[Lucius]

~snip~
* I am sorry, I do not how to put a reference to ChatGPT response. If you know how to, please tell me. Thanks.

Maybe you should have asked the AI what is the appropriate way to do it?


Maybe now I should ask the AI what it thinks about people asking it such questions - but I prefer to communicate with people, and I'm not at all interested in AI-generated messages...

[jostorres]

Why wonder what would have happened and what would not have happened. Everything happened as it was supposed to happen.
I think that bitcoin cannot be the only cryptocurrency simply because someday somewhere someone would invent another cryptocurrency following the example of bitcoin.

Even if bitcoin were the only cryptocurrency, it is unlikely that it would become so popular. Many people came to crypto thanks to memecoins and alts.

That's probably true, and I feel the same way about it. Though we all know that Bitcoin has gained its name only because of itself and how it functions, we can also not deny the fact that there is a very big hand in altcoins when it comes to the mainstream adoption of cryptocurrencies. They are one of the main reasons why cryptocurrencies are so widely known.

That being said, although Bitcoin could survive alone without a doubt, it has got a lot of support from altcoins for spreading more quickly in the world and gaining so much popularity in a shorten span of time when how much it would have taken if it was the only cryptocurrency.

[rby]

Apart from the answer from the chart bot, let me give a human answer from my perspective:

1. Increased adoption
Because it is only one coin and there is no competition, since there is no competition there will be increase in adoption of Bitcoin.
2.Lost of interest Since there is no alternative, people may get tired of bitcoin and lose interest. People always want an alternative and when there is none they will clamour for it.
3.Attention of the Government: Since it is one there will be the centre of attention of everyone and including the government.

[DanWalker]

That would have been great, because a lot of people wouldn't lose their money to shitcoins and scams. Bitcoin's volatility wouldn't be affected, because alts don't cause it. And I don't think that Bitcoin's development would suffer from lack of competition, because Bitcoin devs are not racing against altcoins devs, they do it at their own pace.

But this "what if" is completely unrealistic, because Bitcoin is open source, and even if it weren't, the architecture is really easy to replicate.

Don't forget that scam projects that promise high interest have also used bitcoin for their scam project. When people lose money and bitcoin is involved, they will also find a way to blame it. As long as human greed persists, still wanting to get rich quickly, there will still be scammers using bitcoin to scam others. And it would be boring if only bitcoin, I like competition and only the strong survive, and the weak have to leave the game. If bitcoin is really good, outperforming them all, then even if there are thousands more altcoins there is nothing to worry about, unless bitcoin weakens.

[CODE200]

 

That would have been great, because a lot of people wouldn't lose their money to shitcoins and scams. Bitcoin's volatility wouldn't be affected, because alts don't cause it. And I don't think that Bitcoin's development would suffer from lack of competition, because Bitcoin devs are not racing against altcoins devs, they do it at their own pace.

But this "what if" is completely unrealistic, because Bitcoin is open source, and even if it weren't, the architecture is really easy to replicate.

Don't forget that scam projects that promise high interest have also used bitcoin for their scam project. When people lose money and bitcoin is involved, they will also find a way to blame it. As long as human greed persists, still wanting to get rich quickly, there will still be scammers using bitcoin to scam others. And it would be boring if only bitcoin, I like competition and only the strong survive, and the weak have to leave the game. If bitcoin is really good, outperforming them all, then even if there are thousands more altcoins there is nothing to worry about, unless bitcoin weakens.

Yes scammers are everywhere in this world, where money are they are also there. Those greedy people will always find a way to scam people. If bitcoin was the only currency, Im thinking what would happen to those people who cant afford it or lets simply say the poor people. How are they going to cope up on the environment that all are using only bitcoin. Unless bitcoin was the originated currency since then. Anyway its just what ifs, im still glad that we have different form of money that we can use in many different ways.

[D ltr]

Let me revers this question: what if there was only one human in the world? Of course, life would have been so boring for the person who lived all along by himself. What if there was only one car in the world? Almost everyone would want to ride on it. So it's not certain what would have happened had Bitcoin been the only cryptocurrency in the world. Probably, it would have been an advantage or disadvantage for Bitcoin.

that is true
what is certain is that if there is only 1 in this world then the world will not develop like this, all is quiet and there will not even be a sign of life. therefore the creator gave all in pairs so that the world would be colorful.
so does btc if there is no ETH, BNB and other coins BTC will not be famous like this, it will not even be created

[Fundamentals Of]

If Bitcoin were the only cryptocurrency, I think the adoption has already reached a higher level. One big reason why the reputation of Bitcoin is made dirty in the perception of many people is that shitcoins and scam projects have given people a lot of reasons to doubt and be fearful of anything related to crypto. There are so many people who became victim of cryptocurrency in one way or another that they generalized that crypto is a ponzi or some kind of scam. Poor Bitcoin, it is included in the generalization.

[death69]

Ponder this, dudes: What if Bitcoin was the lone crypto-star? Talk about a rad "what-if" that probes the importance of variety and innovation in our world. One digital buck could ease regulation and boost adoption, but at what cost? We'd kiss the zesty mix of cryptos goodbye!

In a mono-crypto realm, we'd lose the wicked-cool traits each coin rocks. No more competitive hustle or team vibes fueling breakthroughs. Still, juggling loads of cryptos can be a wild ride—spotting legit coins, price rollercoasters, market drama.

Though a single-crypto dream might sound dope, let's not forget the awesomeness of diversity. With a crypto smorgasbord, we're headed for a more electrifying, imaginative, and groundbreaking world!

[QueenVera]

Over to you the reader -  What if bitcoin was the only cryptocurrency?

If Bitcoin was the only cryptocurrency available, then the market won't have grown how largely it has grown in just it's first decade. Bitcoin would probably had gotten more attention and it'll be easily labeled a scam and then people will avoid it as government officials will take it upon themselves to advertise against Bitcoin with their media connections.
Still bitcoin would had strive and gained support by its supporters because then the market won't be divided, we won't had have no scams ICO that made many to lose their money. We won't have gotten the levels of successful exit scam events the industry has recorded. If it was only Bitcoin, the market would had been more safer.
Altcoins made the market centralized and gave rise to the public figures that are spoiling the name of Bitcoin since the general public associates any cryptocurency scams with Bitcoin.

[DanWalker]

That would have been great, because a lot of people wouldn't lose their money to shitcoins and scams. Bitcoin's volatility wouldn't be affected, because alts don't cause it. And I don't think that Bitcoin's development would suffer from lack of competition, because Bitcoin devs are not racing against altcoins devs, they do it at their own pace.

But this "what if" is completely unrealistic, because Bitcoin is open source, and even if it weren't, the architecture is really easy to replicate.

Don't forget that scam projects that promise high interest have also used bitcoin for their scam project. When people lose money and bitcoin is involved, they will also find a way to blame it. As long as human greed persists, still wanting to get rich quickly, there will still be scammers using bitcoin to scam others. And it would be boring if only bitcoin, I like competition and only the strong survive, and the weak have to leave the game. If bitcoin is really good, outperforming them all, then even if there are thousands more altcoins there is nothing to worry about, unless bitcoin weakens.

Yes scammers are everywhere in this world, where money are they are also there. Those greedy people will always find a way to scam people. If bitcoin was the only currency, Im thinking what would happen to those people who cant afford it or lets simply say the poor people. How are they going to cope up on the environment that all are using only bitcoin. Unless bitcoin was the originated currency since then. Anyway its just what ifs, im still glad that we have different form of money that we can use in many different ways.

One thing you and I have in common is that we don't like monopolies. But I don't think buying bitcoin would be difficult if it was the only cryptocurrency. Besides bitcoin's volatility, one thing that I love about bitcoin is that anyone can invest in it. Bitcoin is for everyone, rich or poor, as long as you want to invest in it, you can start with any amount you have. It is not like gold or real estate, which requires a large amount of money to get started. You can start with bitcoin with only 10$ and 20$, and you can accumulate it daily, that is the real advantage of bitcoin that no other asset can do.

[Dr.Bitcoin_Strange]

that is true
what is certain is that if there is only 1 in this world then the world will not develop like this, all is quiet and there will not even be a sign of life. therefore the creator gave all in pairs so that the world would be colorful.
so does btc if there is no ETH, BNB and other coins BTC will not be famous like this, it will not even be created

We can't be certain though. Bitcoin would have been created, but it may or may not have gained more popularity. There are always two things involved. Perhaps if Bitcoin were the only cryptocurrency, there would have been a lot of whales trying to stack far too much for themselves, whereas Bitcoin is not just designed for one person but for everyone. To enable it's adoptor be in total control of their finances and not the financial elites or any third party.

[jostorres]

If Bitcoin was the only cryptocurrency available, then the market won't have grown how largely it has grown in just it's first decade. Bitcoin would probably had gotten more attention and it'll be easily labeled a scam and then people will avoid it as government officials will take it upon themselves to advertise against Bitcoin with their media connections.
Still bitcoin would had strive and gained support by its supporters because then the market won't be divided, we won't had have no scams ICO that made many to lose their money. We won't have gotten the levels of successful exit scam events the industry has recorded. If it was only Bitcoin, the market would had been more safer.
Altcoins made the market centralized and gave rise to the public figures that are spoiling the name of Bitcoin since the general public associates any cryptocurency scams with Bitcoin.

If there is only Bitcoin, Bitcoin price would have been $100k already or more but the crypto market or market cap will be much smaller. Some alts helps the BTC adoption but many of them have made people think that crypto was a scam only because they got scammed of those altcoin and tokens. About BTC, its identity will still be the same.

It will be known shady at first but later on or when more people got involved with it, their doubts will only be removed. If there are no altcoins, I think regulations and KYC are still going to come here making Bitcoins more centralized. I don't regret that there are other cryptos because I already benefited to some of them.

[CarnagexD]

If Bitcoin was the only cryptocurrency available, then the market won't have grown how largely it has grown in just it's first decade. Bitcoin would probably had gotten more attention and it'll be easily labeled a scam and then people will avoid it as government officials will take it upon themselves to advertise against Bitcoin with their media connections.
Still bitcoin would had strive and gained support by its supporters because then the market won't be divided, we won't had have no scams ICO that made many to lose their money. We won't have gotten the levels of successful exit scam events the industry has recorded. If it was only Bitcoin, the market would had been more safer.
Altcoins made the market centralized and gave rise to the public figures that are spoiling the name of Bitcoin since the general public associates any cryptocurency scams with Bitcoin.

If there is only Bitcoin, Bitcoin price would have been $100k already or more but the crypto market or market cap will be much smaller. Some alts helps the BTC adoption but many of them have made people think that crypto was a scam only because they got scammed of those altcoin and tokens. About BTC, its identity will still be the same.

It will be known shady at first but later on or when more people got involved with it, their doubts will only be removed. If there are no altcoins, I think regulations and KYC are still going to come here making Bitcoins more centralized. I don't regret that there are other cryptos because I already benefited to some of them.

Definitely. If bitcoin is the only cryptocurrency, its price would be so much higher without even doing anything. Without competition, i think it wouldnt even inmovate its market. Also, more people I think will become aware and involved because there is only one coin to discren whether scam issues and other negative news are true. Unlike today where there are so many altcoins, it becomes hard for people to choose what to believe and do their own research.

[Outhue]

Higher price action per BTC, Less Fun, a lot Safer.

Bitcoin value will be a lot higher than what it is today but the fun that investors have investing in altcoins won't be there.

I believe that other projects add some kind of drive and desires for the crypto world in general, image a world without smart-contracting since Bitcoin doesn't offer a smart contract ability we won't be able to try out new things with Bitcoin.

But today we have Bitcoin Ordinals, maybe the Ordinals will be the second best after Bitcoin.

What I can't figure out is the state of regulation, maybe the law and government will be satisfied with the existence of Bitcoin only, because the projects that the SEC is going after are all Centralized projects and exchanges, I don't know if it will be the same or not.