Is the absance of Bitcoin affect the crypto Industry?

[taufik123]

-snip-
I don't think the crypto industry would exist without Bitcoin. You can add a new floor to a house, but you can't remove the foundation. Everyone wants the changes they want to happen instantly. Some things take time and hard work. Bitcoin has gone through many phases and is still going through many phases. Bitcoin has a unique role in the crypto market. When that role disappears, how sustainable will what's left be?

Yes, when the foundation is uprooted, then it is only necessary to see the destruction that will occur.
Maybe there will be some that survive, but it won't last long.

The foundation becomes a core part that can never be lost, just like Bitcoin, which became the pivot of all existing altcoins and became the forerunner of cryptocurrency.

People who hate Bitcoin too much will say that when Bitcoin disappears, a new Bitcoin will appear.
Bitcoin is still Bitcoin, there will be no Bitcoin 2.0, 3.0 etc...

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[AnonBitCoiner]

Let people like him continue to say rubbish. Anything that will make bitcoin price to get to $100 would have collaped all other cryptocurrencies that are existing. The extinction of bitcoin literally means the absence of bitcoin. And that means the absence of bitcoin literally means the extinction of cryptocurrencies.

Right bitcoin is the king of all crypto coins so it is simple that if bitcoin goes to an ends then surely every other coin will cease to be visible too. As other coins are allied with that of bitcoin and every coins experience the same actions as that of bitcoin so if bitcoin become extinct same action will be bring about by other coins. Among all crypto coins the bitcoin procured more sureness so if it can break the trust of people then there will be no more faith received by others coins ever. May be for sometimes crypto market persist but it will not be continue longer once bitcoin become perish.

[wxa7115]

Hope you are all doing well.
We all know that Bitcoin is the most powerful cryptocurrency in the crypto Industry and every 4 years, it crosses the previous ATH. A few hours ago I read an article where the founder of Cardano says that the crypto industry does not need Bitcoin for survival. Further, they elaborate these arguments through an example that in the old times a window was needed for computers to run and now the mobile phone does not need a window and can do good work. (actually showing the shift from windows to mobiles)
The meaning of the example is that in the old times, Bitcoin was necessary for the industry but for now the industry is independent or maybe some want a better option but in my view, the survival of the crypto Industry without Bitcoin is not possible because Bitcoin is a very huge system and the miner and users make a strong base for the cryptocurrency security and stability. This is just one and I know more factors also show that without Bitcoin crypto industry does not survive.
Guys what you think share your taughts?
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What else could be expected from the founder of an altcoin to say? If they actually acknowledge that if bitcoin disappeared then the whole market will crash and vanish then a great deal of the reasons to be of most altcoins will disappear as they are all dependent on bitcoin anyway.

So in a way I can understand his posture as there is literally nothing else that could be said by him, however is it true? Can this market remain in place if bitcoin were to disappear? I do not think so.

[MarjorieZimmermanGinger]

What else could be expected from the founder of an altcoin to say? If they actually acknowledge that if bitcoin disappeared then the whole market will crash and vanish then a great deal of the reasons to be of most altcoins will disappear as they are all dependent on bitcoin anyway.

So in a way I can understand his posture as there is literally nothing else that could be said by him, however is it true? Can this market remain in place if bitcoin were to disappear? I do not think so.

The crypto industry may be interconnected in terms of influencing people's interests, but their roles are different and Bitcoin is certainly one practical way for most people involved in it. Because people entering the crypto space will have an indirect relationship to altcoins even if they don't specifically invest in altcoins. However, if asked whether without Bitcoin, altcoins would disappear then the answer is of course yes because there is nothing more attractive for people to enter this industry.

Bitcoin influences the course of altcoins, as we usually see when bitcoin experiences a significant price increase certain altcoins will also follow suit. That is why people consider Bitcoin to be the king of crypto and Bitcoin's power to maintain value cannot be matched by any altcoin that has ever existed.

[CryptoBuds]

Let people like him continue to say rubbish. Anything that will make bitcoin price to get to $100 would have collaped all other cryptocurrencies that are existing. The extinction of bitcoin literally means the absence of bitcoin. And that means the absence of bitcoin literally means the extinction of cryptocurrencies.

Right bitcoin is the king of all crypto coins so it is simple that if bitcoin goes to an ends then surely every other coin will cease to be visible too. As other coins are allied with that of bitcoin and every coins experience the same actions as that of bitcoin so if bitcoin become extinct same action will be bring about by other coins. Among all crypto coins the bitcoin procured more sureness so if it can break the trust of people then there will be no more faith received by others coins ever. May be for sometimes crypto market persist but it will not be continue longer once bitcoin become perish.

I've also thought about this, if bitcoin disappears then perhaps the cryptocurrency market will disappear too, but if we evaluate it more fairly. I think that the cryptocurrency industry will not disappear even if bitcoin is no more, but trust in it will certainly be severely reduced and could collapse at any time.

Why do I say this because it can be said that bitcoin is the only coin that has real utility and practical applications. But the rest of the market is like a money game, as long as people can still make money from this market people will still participate in it even when bitcoin is gone. So I would lean towards the scenario where the market still exists even if bitcoin no longer exists.

[Cryptomultiplier]

Let people like him continue to say rubbish. Anything that will make bitcoin price to get to $100 would have collaped all other cryptocurrencies that are existing. The extinction of bitcoin literally means the absence of bitcoin. And that means the absence of bitcoin literally means the extinction of cryptocurrencies.

Right bitcoin is the king of all crypto coins so it is simple that if bitcoin goes to an ends then surely every other coin will cease to be visible too. As other coins are allied with that of bitcoin and every coins experience the same actions as that of bitcoin so if bitcoin become extinct same action will be bring about by other coins. Among all crypto coins the bitcoin procured more sureness so if it can break the trust of people then there will be no more faith received by others coins ever. May be for sometimes crypto market persist but it will not be continue longer once bitcoin become perish.

I've also thought about this, if bitcoin disappears then perhaps the cryptocurrency market will disappear too, but if we evaluate it more fairly. I think that the cryptocurrency industry will not disappear even if bitcoin is no more, but trust in it will certainly be severely reduced and could collapse at any time.

Why do I say this because it can be said that bitcoin is the only coin that has real utility and practical applications. But the rest of the market is like a money game, as long as people can still make money from this market people will still participate in it even when bitcoin is gone. So I would lean towards the scenario where the market still exists even if bitcoin no longer exists.

The way and manner BTC would affect the crypto industry, remains to be seen.
BTC is a pioneer in the crypto currency industry and any new or emerging coin would have to live up to the standard it has set since it's time of inception and acceptance.
The DCA strategy of investment mostly favours BTC holders with a long term vision because of its stability and almost resistant nature to market volatilities.
Infact, the current price of BTC makes all other coins rise in same sequence and with it still climbing to an ATH, there is still enough prospects for investors who have bought the dip to make a meaningful gain/profit.

[Dump3er]

The way and manner BTC would affect the crypto industry, remains to be seen.
BTC is a pioneer in the crypto currency industry and any new or emerging coin would have to live up to the standard it has set since it's time of inception and acceptance.
The DCA strategy of investment mostly favours BTC holders with a long term vision because of its stability and almost resistant nature to market volatilities.
Infact, the current price of BTC makes all other coins rise in same sequence and with it still climbing to an ATH, there is still enough prospects for investors who have bought the dip to make a meaningful gain/profit.

Whether DCA favors a certain holder or not can only be said after the fact. There is no way to know whether someone who starts DCA today will be better off than someone who invests a lump sum today. It depends on so many things. What's true is that those who started DCA a very long time ago can consider themselves some happy investors. But similarly someone with a lump sump invested several years ago could be much better off.

As for BTC and its impact on the industry if it ever fails or gets abandoned, I am sure that the bundle of reasons leading to such a hypothetical scenario would have severe consequences. But nobody can say of what nature those consequences would be. If it was for a weakness in an algorithm or a brand new technology that makes BTC obsolete overnight, the question is not what BTC's absence would do to the industry, but whether the whole industry as it is now would vanish overnight.

[Dzwaafu11]

The meaning of the example is that in the old times, Bitcoin was necessary for the industry but for now the industry is independent or maybe some want a better option but in my view, the survival of the crypto Industry without Bitcoin is not possible because Bitcoin is a very huge system and the miner and users make a strong base for the cryptocurrency security and stability. This is just one and I know more factors also show that without Bitcoin crypto industry does not survive.

The majority of investors entered the cryptocurrency market through bitcoin investments, having learned about its safety and then become aware of other cryptocurrencies. Which cryptocurrency will endure if bitcoin vanishes today? No, of course, as no one will see them. They lack the security of bitcoin. Individuals won't invest in those currencies since the danger involved is greater than with bitcoin. Nevertheless, the cost of those coins is determined by the cost of bitcoin. When the price of bitcoin increases, its value increases as well because investors know that at that point, more people will be looking at them and buying them in anticipation of a possible bull run.

Indeed there's no strong basis yet of why Bitcoin is the top crypto in this industry and how it became the 'leader' aside from being believed one as the first ever for this blockchain.

It’s simple and obvious why bitcoin is the leader of all cryptocurrencies. The reason behind this is that since the existence of bitcoin, no one has complained that they invested, didn't get their money back, or that the coin has stopped functioning at all. You know, there was a cryptocurrency that did that right, and again, the risk behind bitcoin investment is very small when compared to one of the altcoins. However, peace of mind is also very important. Nobody has invested in bitcoin and started fearing that maybe the coin will crash or they will run with the funds. Bitcoin is there at any time, and as long as you can take the risk, you will make a profit from it. It is just a matter of time.

[Agbe]

Yes without Bitcoin the cryptocurrency ecosystem will be drastically affected and things will go wrong, other cryptocurrencies will collapse. Bitcoin is the pillar in the in the industry and once Bitcoin fall other will fall because people will be afraid that as Bitcoin which is the giant of all the coins has fallen then other coins are not save again therefore everyone will be struggling to withdraw their money and at that many people will loss their coins because of the rush many coins will shot down. The example you gave has a very big different with cryptocurrency. Cryptocurrency are all digital currencies that have the same function and uses. But windows and mobile phone have different operations though in one purpose. Computer can function many things but phone can't do many things. But all cryptocurrencies have the same function.

[Russlenat]

Certainly, yes. Bitcoin is the lifeblood of the crypto market, without it then the crypto industry will never be promising and competitive just like we have right now. With bitcoin's absence, random altcoins will continue to rise in the market and increase the scamming incidents in the crypto industry. When that happens, people will never trust the market anymore as only bitcoin gets the highest utility and the highest trust from its investors.

While this is quite inevitable to happen, but we all know also that crypto without bitcoin will never be the same again. That's why I don't like imagining it because I know that will never happen for now and hopefully in the future.

[Darker45]

To be honest, with the current crypto environment in which the fundamental philosophy of Bitcoin has become secondary, the man may be right. To others who don't agree with Hoskinson, aren't they themselves using centralized Bitcoin platforms? Aren't they themselves submitting KYC demands? Aren't they themselves treating Bitcoin more of a speculative asset than a freedom money? For all we know, if Bitcoin collapsed all of a sudden, even the miners would readily jump into a profitable altcoin.

But you should know that when Bitcoin falls, altcoins always follow. So I think there are big and bad effects when Bitcoin is gone. It looks like the Industry is going to be reset. Starting again from scratch, it takes quite a long time. Back builds investor confidence. But when the nature of Bitcoin is currently Decentralized, then eliminating bitcoin seems difficult. As long as the world does not have agreement from member countries, Bitcoin will continue to run. Maybe only some countries stopped and that happened in China.

I'm just looking at possibilities. Many of us here are almost certain that the entire crypto industry would fall without Bitcoin, but that's just one possibility. Is there no other?

Yes, as far as the price is concerned, Bitcoin falling could mean altcoins falling as well. But does that necessarily apply to survival? Should we assume that the likes of MARA or Hut 8 and other billion-dollar Bitcoin miners would just call it quits and forget about their huge capital because Bitcoin is gone? Is it not a possibility, too, that they would look for other PoW coins, mine them, and continue to operate and be profitable?

[CryptoBuds]

Let people like him continue to say rubbish. Anything that will make bitcoin price to get to $100 would have collaped all other cryptocurrencies that are existing. The extinction of bitcoin literally means the absence of bitcoin. And that means the absence of bitcoin literally means the extinction of cryptocurrencies.

Right bitcoin is the king of all crypto coins so it is simple that if bitcoin goes to an ends then surely every other coin will cease to be visible too. As other coins are allied with that of bitcoin and every coins experience the same actions as that of bitcoin so if bitcoin become extinct same action will be bring about by other coins. Among all crypto coins the bitcoin procured more sureness so if it can break the trust of people then there will be no more faith received by others coins ever. May be for sometimes crypto market persist but it will not be continue longer once bitcoin become perish.

I've also thought about this, if bitcoin disappears then perhaps the cryptocurrency market will disappear too, but if we evaluate it more fairly. I think that the cryptocurrency industry will not disappear even if bitcoin is no more, but trust in it will certainly be severely reduced and could collapse at any time.

Why do I say this because it can be said that bitcoin is the only coin that has real utility and practical applications. But the rest of the market is like a money game, as long as people can still make money from this market people will still participate in it even when bitcoin is gone. So I would lean towards the scenario where the market still exists even if bitcoin no longer exists.

The way and manner BTC would affect the crypto industry, remains to be seen.
BTC is a pioneer in the crypto currency industry and any new or emerging coin would have to live up to the standard it has set since it's time of inception and acceptance.
The DCA strategy of investment mostly favours BTC holders with a long term vision because of its stability and almost resistant nature to market volatilities.
Infact, the current price of BTC makes all other coins rise in same sequence and with it still climbing to an ATH, there is still enough prospects for investors who have bought the dip to make a meaningful gain/profit.

It cannot be denied that bitcoin is still leading the market and the entire market still moves with bitcoin. If bitcoin falls then very few altcoins can grow but that is not enough to assert that the existence of the cryptocurrency industry is completely dependent on bitcoin. Because as I said, this is a financial market, so as long as it still creates profit opportunities for players, and market makers...it will still be maintained one way or another. Crypto is not only a technological revolution but it is also a financial market like other markets such as stocks or foreign exchange.

[Litzki1990]

He may think so but if you want to get a real idea then you will regularly monitor the Bitcoin market and regularly monitor the Cardano market then you will get an idea of how important Bitcoin is to the survival of all other coins. If the value of Bitcoin increases, the value of all other coins in the market increases, and if the value of Bitcoin decreases, the value of all other coins in the market decreases, so how can we believe that Bitcoin has no role in the progress of all other coins. All other coin markets survive for Bitcoin. If this were not the case then why would a change in the price of Bitcoin affect the value of all other coins in the market?

[Dr.Bitcoin_Strange]

Every altcoin might be exiting on its own, on either the BSC chain, the etherium chain, or their own blockchain; they are not on the Bitcoin blockchain. That's because Bitcoin is not designed to accommodate any altcoin under the chain. Speaking of the cryptocurrecy market, Bitcoin has the highest trading volume, is the most dominant market, and is the top coin in the space. There is no way that Bitcoin will go down with it affecting the other coins.

Bitcoin is the major coin based on proof of work with a known season. The two seasons of Bitcoin, which are the bear season and the bull season, happen to affect every other altcoin in the market, while those altcoins don't have a halving period in them just like Bitcoin does.

If they can actually stand as tall as Bitcoin in the market, how do they get affected if there is any bad news in the space? When Bitcoin price drops, so many other altcoins join it.

[icalical]

Saying that Crypto Industry can survive without Bitcoin is a bold statement, that needs to be proven first. I wouldn't be about that, at least for now Bitcoin is still the main face of cryptocurrency, most people know crypto started by knowing Bitcoin and that's a fact. More than that if we talk about number currently Bitcoin is holding $800 Billion of marketcap, and I doubt that if Bitcoin is gone half of the marketcap will still around the crypto market, people will just withdrawing those money and move on to non-crypto investment.

[adultcrypto]

There is a high possibility that the founders of the numerous altcoins are beginning to understand that people prefer Bitcoin to the altcoins. This statement from the Cardano boss has all the ingredients of fear and panic and I think that is understandable. I don't expect him to say something different but he forgot to understand that the whole world knows he is not being serious. The future of cryptocurrency in general depends on Bitcoin.

[Blitzboy]

We cant underestimate Bitcoin's influence in the crypto world. Its like the backbone of the industry, not just another player. In a way, Bitcoin is more than just a cryptocurrency; its a change in how we think about money and freedom. Because it is decentralised, it questions the very structure of traditional economies.

The concept of a cryptocurrency ecosystem apart from Bitcoin needs to be dispelled. Imagine a skyscraper (the crypto industry) without its foundation (Bitcoin). Its going to fall apart! The network, its many users, and its workers make Bitcoin safer and more stable than any other system. They're more than just numbers; they show how strong Bitcoin is. Saying that the business world can live without Bitcoin is like saying that the internet can live without its basic standards. Its not just unlikely; its almost certainly impossible. Bitcoin isnt just an old window; it' the whole system!

[el kaka22]

Obviously? I mean how could we think about crypto world without thinking about bitcoin, that just doesn't work that way and we can't really make it change. We need to accept the fact that crypto world is revolving around bitcoin and there is absolutely nothing else we can do about it, we need to realize that we are going to end up with making something change. This is why we need to get a grip of what's going on and we need to end up with something that will benefit everyone all the same as well.

This bitcoin world we have right now is perfect, it's such a great way to invest and a great way to get ready for your retirement and you are going to make some decent sized wealth with it, that is why if we remove bitcoin then you are going to ruin something that is going so great. Let me put it this way, we had Luna crash, and that was just Luna, and look at how much it hurt the whole market, if Luna being gone is this much hurt, imagine how much Bitcoin would hurt.

[terrific]

Yes.
You just removed the center of this market and while people think that it's possible for other altcoins to survive in the market. It's likely that big players will be gone out here because bitcoin's gone.
How do you play with the liquidity which usually is coming from Bitcoin? you may have that high value on those altcoins but if there is no bitcoin, many people are simply going to be out as well.

[Ziskinberg]

I would say it definitely it is. Although I don't think the whole crypto market will shut down without bitcoin, but I guess the people who have been investing in bitcoin might also lost their interest to stay longer in the market thinking that they can't trust any other coins more than bitcoin. The crypto industry evolves more on bitcoin, and if bitcoin will be suddenly gone, I honestly think that it will bring crypto industry down.

However, more altcoins will eventually rise in the market but knowing the reputation of altcoins, wise investors will never easily trust them so they might just leave the crypto market and prefer to invest in real estate or stocks or bonds.