What role have altcoins played in cryptocurrency industry

[yazher]

I think when you have multiple choices of altcoins created every month and not most of them are legit and are just a bunch of scammers who wanted to confuse investors about their new ideas about their platforms but in the end they will disappear and leave their investors hanging, it will just gonna ruin the crypto market and at the worse scenario, people will lose trust on bitcoins itself the mother of all cryptocurrencies. Thankfully we have people who are not tired of clarifying things when the scammers are doing their evil things and most people believe that bitcoins have nothing to do with it and so as the top altcoins in the crypto market.

[Apocollapse]

I don't think the adoption of Bitcoin is slow, can you give me which country accept altcoins as a legal tender? I believe you can't because there's no country accept it, while Bitcoin had been accepted by 2 countries.

Bitcoin's scalability issue has been resolved by using lightning network, don't forget the largest altcoins has higher fees than Bitcoin

Those altcoins who trying to solve the scalability issue are scam, it's obvious if new network isn't busy like the old network. So any new network is always cheap, but it will always expensive in the long run.

[Ojima-ojo]

I don't think the adoption of Bitcoin is slow, can you give me which country accepts altcoins as legal tender? I believe you can't because there's no country accepting it, while Bitcoin had been accepted by 2 countries.

Bitcoin's scalability issue has been resolved by using the lightning network, don't forget the largest altcoins have higher fees than Bitcoin:

Those altcoins who trying to solve the scalability issue are scams, it's obvious if the new network isn't busy like the old network. So any new network is always cheap, but it will always be expensive in the long run.

That is good mate, and please don't get me wrong on the views because it seems you have some misunderstanding of some of the terms I used in the thread well after reading your entire comment I discovered that we both are on the same page on this and that gives me much relief.


Of course, Bitcoin scalability issues have been resolved and this I am very much aware but to some Bitcoin newbies why there are altcoins is because Bitcoin failed to meet some demands such as networks and fees this has been long resolved with the various clean energy for Bitcoin miners and also layer 2/networks such as bitcoin lightning network to solve other issues faced in the network.

[Xal0lex]

I think altcoins have played a rather negative role in the life of cryptocurrencies, forcing many governments and regulators to tighten laws and regulations on cryptocurrencies. It's no secret that most frauds happen with cryptocurrencies, new scams appear every day, investors constantly lose their money, wallet hacks, rug pulls and phishing attacks take place. All this negatively affects the reputation of altcoins themselves and the industry as a whole. Altcoins are mainly used as a means to enrich a narrow circle of people, and everyone else just loses money on these coins.

[TheUltraElite]

It's no secret that most frauds happen with cryptocurrencies, new scams appear every day, investors constantly lose their money, wallet hacks, rug pulls and phishing attacks take place. All this negatively affects the reputation of altcoins themselves and the industry as a whole.

This is true to the core, no wonder the name of bitcoin and crypto is tarnished because of the number of scams that altcoins have pulled off and the common people would not separate the two. There are also these HYIP/MLM which have been scamming people for years and no law enforcement to dig them out. That gives a bad name to crypto related investments.

Altcoins are mainly used as a means to enrich a narrow circle of people, and everyone else just loses money on these coins.

Mostly the pump and dump whales who are bagholders and manipulate the coin prices in order for their own game. The devs and advisors usually have their share once the lock-in periods end and after that it is a wild west.

[bittick]

there are quite few altcoins that actually contributes really, one of the most prominent contribute that is ethereum with their revolutionary blockchain that i could think of, I think overall it's just infested with so many meme coin basically shitcoin using animal name, which is kind of ridiculous but they've got their own category in which there are many that invests, i'd say, some of them are truly contributes, but many also just taking advantage.

[Fesatmas]

For as far as I know, Bitcoin is the primary and dominant cryptocurrency, but among others, Bitcoin have its limitations that have slowed its widening adoption and scalability due to this Bitcoin's shortcomings there was a need for the creation of alternatives cryptocurrency and this need has given room for the developments of thousands of altcoins, and this altcoin are all developed to solve one issue or the other with the bitcoin network and this has also opened the room for so. Many scam projects.


So this have led me to ask this fundamental question of what role have altcoins played in the cryptocurrency industry, Has altcoin played any significant role in increasing the adoption of Bitcoin?


Have alternatives cryptocurrencies help the growth and adoption of cryptocurrency in the global market and how far have the presence of alternatives cryptocurrency help the industry positively?
Or Negatively?

The role of altcoins in the crypto currency industry has its positives and negatives so far that I have noticed, we know that bitcoin is the center of all existing coins and altcoins are children of what bitcoin cannot do.
We know that most of the Altcoins have centralized authority developers in certain areas and there is no anonymity in their development, say like ETH or BNB which we know where and who the developers are, they also openly offer their services to the community directly with display advertisements for their products that are paired with bitcoin so that without bitcoin developers doing advertisements there will be many people who will advertise it as the main coin and of course everyone will get to know bitcoin through advertisements carried out by altcoin developers.
However, the bad impact is that the use does not focus on bitcoin because it has other alternative choices and when ALtcoin, which already has a large ecosystem, then experiences a failure in its project, it will have a negative impact on the development of bitcoin adoption, which triggers doubts and fear of investors.

I think when you have multiple choices of altcoins created every month and not most of them are legit and are just a bunch of scammers who wanted to confuse investors about their new ideas about their platforms but in the end they will disappear and leave their investors hanging, it will just gonna ruin the crypto market and at the worse scenario, people will lose trust on bitcoins itself the mother of all cryptocurrencies. Thankfully we have people who are not tired of clarifying things when the scammers are doing their evil things and most people believe that bitcoins have nothing to do with it and so as the top altcoins in the crypto market.

Yes, that's one of the bad effects of altcoin mining which is used as a suggestion for a ponzi scheme or fraud to steal CD money and even worse than that like Squid Games tokens and many others. And basically bitcoin has no relation whatsoever to coins like that and even all altcoins. Yes, we are still lucky that there are people who can straighten out every bad incident.

[palle11]

So this have led me to ask this fundamental question of what role have altcoins played in the cryptocurrency industry, Has altcoin played any significant role in increasing the adoption of Bitcoin?

Yes I believe the altcoins have further fortified the increasing rate of the use of bitcoin. The shit coins especially have given adopters of bitcoin more conviction to hodl, buy more and introduce new hodlers into the fold of bitcoin. They say being scammed once,you try to avoid a second occurrence so it is this experience that increase the hodling of bitcoin and halving of bitcoin is a moment that ensures more awareness.

Have alternatives cryptocurrencies help the growth and adoption of cryptocurrency in the global market and how far have the presence of alternatives cryptocurrency help the industry positively?
Or Negatively?

Altcoins are a positive publicity for bitcoin. If bitcoin only existed I don't think the growth will be this strong because market that has no competition is a monopolistic market which means choices will be absent and variety will be absent then the full benefit of the market and utility to users will not be fulfilled. Altcoins play this role of cryptocurrency market competition and making it demonopolistic.

[Psynthax]

it sure can be said that altcoins could be considered to help the adoption by the global market and it can't be denied,
defi as a cryptocurrency that is revolving around smart contract product, is really well known among many people, overall, if someone says that altcoin in general didn't contribute to the growth of cryptocurrency market capital, then I guess nothing did.

[ivankoh]

So this have led me to ask this fundamental question of what role have altcoins played in the cryptocurrency industry, Has altcoin played any significant role in increasing the adoption of Bitcoin?

Yes, I think bitcoin and altcoins are very closely related and the role of altcoins is to create a bridge for bitcoin to be more widely accepted, adopted and disseminated.  And vice versa, bitcoin players will also easily diversify their portfolio according to their needs.  That is like a seamless link, it helps the market become stronger, more solid and more active.

[uneng]

So this have led me to ask this fundamental question of what role have altcoins played in the cryptocurrency industry, Has altcoin played any significant role in increasing the adoption of Bitcoin?

I don't think so. When we hear about cryptocurrency for the first time we are immediately fowarded to Bitcoin currency. Bitcoin controls the market, so it's likely Bitcoin helps increasing altcoins' adoption and not the opposite.

Have alternatives cryptocurrencies help the growth and adoption of cryptocurrency in the global market and how far have the presence of alternatives cryptocurrency help the industry positively?
Or Negatively?

Yes, they help cryptocurrency marketcap to increase, although they aren't the main motor of the market, rather they are small gears that boost its power to maximum efficiency.

I believe the main impact of altcoins on the industry is to proportionate professionals from the informatics field to train and improve their skills, developing new knowledges and usecases for all the acquired abilities. Many developers got experienced working on blockchains and launching their own tokens, what helped them finding better jobs' spots at companies in a global level.

[Freddie Boyer]

Bitcoin remains the main and dominant cryptocurrency and that is for sure but its limitations have hindered its wider adoption and scalability.

The presence of altcoins itself, especially now with more users, makes it an option and opportunity for investment and trading. yes. There are many altcoins that have played a significant role in the growth and adoption of cryptocurrencies in the global market and Altcoins have provided a solution to many of the problems that Bitcoin faces, such as transaction speed, scalability and privacy.

Maybe I think this is what causes increased competition and innovation in the industry, which eventually leads to the development of new technologies and improved features for Bitcoin and altcoins and I think this is natural and has a positive impact on the market as a whole.

[amishmanish]

Most people are talking about Altcoin's role vis-a-vis Bitcoin. Or whether its positive or negative. If we talk about what role they have played, I think Ethereum has played the most important role by actually making the concepts of smart-contract and Web3 popularized. Ethereum first came up with the bold claims about launching a decentralized world computer which would enable everyone to execute smart-contracts. Of course, the UI/UX, Speeds, scalability, trustworthiness, regulation, standardization etc etc all went to shit because of the ERC-20 standard.

The next biggest role of Alt-coins is the concept that somehow you can keep launching new blockchains with different architectures and consensus mechanisms and keep trying while getting paid to do all of these experiments on user's money. This has been one of the main roles. It has made it so easy to raise money that gangs of criminals and shadow governments (Read North Korea) are doing it all the time.

Propping up the N. Korean regime with the billions that they regularly hack/ fleece/ phish is also another main role altcoins seem to have played.

Finally, The minecraft wannabes like Decentraland made the concept of Web3 look feasible enough that Zuck almost committed hara-kiri with facebook/ meta in his attempt to ride the hype train. Hence, getting the world rid of facebook is probably one of their most important indirect roles.

[Xal0lex]

It's no secret that most frauds happen with cryptocurrencies, new scams appear every day, investors constantly lose their money, wallet hacks, rug pulls and phishing attacks take place. All this negatively affects the reputation of altcoins themselves and the industry as a whole.

This is true to the core, no wonder the name of bitcoin and crypto is tarnished because of the number of scams that altcoins have pulled off and the common people would not separate the two. There are also these HYIP/MLM which have been scamming people for years and no law enforcement to dig them out. That gives a bad name to crypto related investments.

Bitcoin, too, in its early days, had a hand in being associated with all sorts of shady dealings and fraud. Then, when regulation began to come into the industry, these associations were greatly reduced, but altcoins have intensified this effect over time. The paradox is that cryptocurrencies imply anonymity and decentralization, but where this very anonymity and decentralization is present, that is where fraud happens, if we talk about altcoins. You need a very fine balance between anonymity and trust in cryptocurrencies, and you can't do that with altcoins.

[ethereumhunter]

The role of altcoins is to help crypto users own more bitcoins by trading them. This can be seen in the market, where many people trade altcoins with stable coins or bitcoin pairs. If they are lucky by getting a lot of stable coins, they can buy bitcoins at low prices when corrections occur. And if they profit from bitcoin, they can hold the bitcoin and sell it when it goes up.

So I feel that the presence of altcoins in the market contributes to many people being able to have bitcoin as their end goal by trading those altcoins. But unfortunately, many people cannot find the right altcoins to achieve their goal of owning many bitcoins.

[poodle63]

altcoins have so many positive impacts to the ecosystem compared with negatives impact. As you can see that altcoins were helping native coins to be transfered with low fees. It was also making more and more innovations that can also expending the ecosystem of cryptocurrency.
Altcoins have been playing very important roles in the cryptocurrency industry at this time. I just said based on the fact. The adoption was also coming from altcoin as well.

[Oasisman]

So this have led me to ask this fundamental question of what role have altcoins played in the cryptocurrency industry, Has altcoin played any significant role in increasing the adoption of Bitcoin?


Have alternatives cryptocurrencies help the growth and adoption of cryptocurrency in the global market and how far have the presence of alternatives cryptocurrency help the industry positively?
Or Negatively?

There were only selected few altcoins who have filled the limitations of Bitcoin, mainly the scalability problem. I can say these altcoins have positively impacted and helped Bitcoin to be widely recognized as a currency globally. Though, all of these thousands of alts in the market miserably failed in replacing Bitcoin, but then again there are few who successfully became an ALTERNATIVE of Bitcoin, but the rest of these thousands of alts were useless and gets a negative impact on cryptocurrency generally, because they are either redundant/shitcoin because there are already a lot of altcoins created with the same utility over and over again or a total scam - this scares away a potential crypto/Bitcoin investors.

So, to answer the first question above, the role of altcoins in cryptocurrency is simply being an ALTERNATIVE of Bitcoin.

For the second one, Yeah! It used to help the adoption of Bitcoin/crypto before, but these days shitcoins doesn't make any impact. Bitcoin and a handful of alts are the ones who have continued to make more adoptions and progress now.

[Silberman]

altcoins have so many positive impacts to the ecosystem compared with negatives impact. As you can see that altcoins were helping native coins to be transfered with low fees. It was also making more and more innovations that can also expending the ecosystem of cryptocurrency.
Altcoins have been playing very important roles in the cryptocurrency industry at this time. I just said based on the fact. The adoption was also coming from altcoin as well.

I am not so sure that I agree with this statement, some altcoins have indeed bring innovation to this market, but how many coins actually did that? A few dozens at most, but way more altcoins were created which have done nothing but create a negative impact to this market as they scammed everyone which was naive enough to trust on the developers behind those coins, so if I were to weight both sides I would say altcoins have brought way more negatives than positives to this market.

[TheUltraElite]

Bitcoin, too, in its early days, had a hand in being associated with all sorts of shady dealings and fraud.

True, in the initial stages there were a lot of pump and dump and scams happening in the name of bitcoin.

Then, when regulation began to come into the industry, these associations were greatly reduced, but altcoins have intensified this effect over time.

Which regulations in this case?

The paradox is that cryptocurrencies imply anonymity and decentralization, but where this very anonymity and decentralization is present, that is where fraud happens, if we talk about altcoins. You need a very fine balance between anonymity and trust in cryptocurrencies, and you can't do that with altcoins.

Anonymity leads to scams if not regulated or verified. That is why it is both an advantage and a disadvantage. People cant trust crypto because of this and the number of scams that run with the help of that and the internet continue at a constant rate.

Not a major number of regulations have been done yet, it would be worth seeing some happen in future too.

[GigaBit]

there are quite few altcoins that actually contributes really, one of the most prominent contribute that is ethereum with their revolutionary blockchain that i could think of, I think overall it's just infested with so many meme coin basically shitcoin using animal name, which is kind of ridiculous but they've got their own category in which there are many that invests, i'd say, some of them are truly contributes, but many also just taking advantage.

I will agree with you in this regard. An investor will naturally break down when he falls for a scam by investing in top altcoins. In 2022, when Luna and FTX scammed investors, many investors lost their money and the image affected the entire crypto market. At that time there was a massive decline in investor confidence. However, there are still few altcoins that have created a positive environment in the market and will be able to create a good position in the future. In particular, the top 10 altcoin investments, including Ether and BNB, can be seen with great enthusiasm and excitement among investors. Everyone's financial situation is not the same, moreover, it is not possible for many to have the amount of money needed to invest in Bitcoin, so the top altcoins will provide a good support for those investors and obviously altcoins play an important role for the inclusion of those investors.