Isn't Altcoin a distraction to Bitcoin adoption?

[Marvell1]

To tell you the truth, a lot of people I know who's into crypto started with bitcoin only in mind. But after some time of holding bitcoins, they realized that it may not fit all of their 'needs' that's why they explored with other alts.

Even if there's only bitcoin as a sole cryptocurrency, people will always think of ways to improve on the current existing system. We will always try to fit everything with our use cases, and if it's something that doesn't fit the puzzle, we will try to create aomething that will help us achieve our goals. Altcoins are inevitable, given the nature of humans to explore and invent. Seeing that bitcoin is successful in one use case, it's only a matter of time before we encounter a blocker which leads to the development of another coin.

I'm pro bitcoin through and through but it isn't a one-size-fits-all solution to problems we never even know we have before. Altcoins, IMO, isn't a distraction, but rather a result of people looking to get the right piece to their own puzzles of problems.

But what problem do altcoins solve for those people? I am also investing in altcoins but I will say frankly that altcoins have no use. People who are investing in it just want to get rich quickly, high profits, nothing more and nothing less. Meanwhile, bitcoin can solve a lot of problems because the original purpose of bitcoin is to create a decentralized currency, not a bump and dump project like altcoins. But I will agree with you that altcoins are inevitable because our world has never stopped evolving, we cannot stop them.

[Iranus]

Yes, altcoin is a huge distraction and I’m talking about use case. Today we can see many altcoins being used for payments, etc, and they happen to be a lot of them. If they were not in existence and it was just Bitcoin, all of that usage will fall on Bitcoin instead and that means way more adoption than there is today.

But I’m not sure to say that it isn’t good altcoins were created. They are serving their individual unique purposes (even if I know that some are just unnecessary copycats)

     Maybe the shit coins that end up being scams are called distractions, but not all cryptocurrencies. It would be wrong to say that cryptocurrency is a distraction; in fact, because of altcoins, the recognition of Bitcoin has actually accelerated. Bitcoin wouldn't be popular if altcoins weren't popular; honestly, those are the facts that others here don't know.

     Especially in today's time when there are more opportunities in altcoins compared to Bitcoin, although I can't deny that there are more altcoins now, they are really quite high risk, so we must be wise in choosing if we are going to buy something as an asset and hold it.

That is what is going on, I agree that some altcoins are giving a bad reputation to the crypto industry because of the scam scandals surrounding it. But we cannot deny the role altcoins play in trying to attract new participants to the market. Just like the bull season, if there are no projects that generate x100, x1000 profits, not too many people will pay attention to the market. Many people have never even known about bitcoin but they are attracted to meme projects because of their huge profits, then they join the market and know about bitcoin.

As a long-time investor in the market, everyone knows about the positive and negative effects that Altcoin brings. But many people reject altcoins because they are bitcoin maximalists. They feel bitcoin is gradually being overshadowed by the emergence of altcoins, so they will never accept altcoins under any circumstances.

[Hamza2424]

I wasn't expecting that people would think in such a way, altcoins are expected just because of the wide Bitcoin adoption and community, most people recognize the crypto market with Bitcoin and that's a fact as well, the concept of one will make the market oversaturated. Most people who recognize any altcoin also recognize Bitcoin.

Hmm, I've seen many comments that altcoins are shit and blah blah, I would say a few words on it, Bitcoin is a mature cryptocurrency and the reliability level with the capital and dominance in the market is not comparable not even in the near future, but now cryptocurrency is not only to trade but also make money, etc, Now there many other sides directly connected with this market, in this cycle we'll explore many other sides as well.

[MiF]

Altcoins can never become a distraction to bitcoin, because bitcoin and altcoins are not the same they are in the different path and they don't have the same function, many altcoins are made because of the bitcoin and we can choose a different altcoins to buy and hold together with btc so there is no distractions at all because we can hold both of them.

[kotajikikox]

To tell you the truth, a lot of people I know who's into crypto started with bitcoin only in mind. But after some time of holding bitcoins, they realized that it may not fit all of their 'needs' that's why they explored with other alts.

Some bitcoin enthusiasts might be a tad bit aggressive as they think that the only coin nay currency that we will ever need is bitcoin but that seems too much because we have to be honest and say that not everyone is satisfied with how bitcoin works even though it is the top best cryptocurrency right now.

I don’t really see anything wrong with not using bitcoin for specific reasons.

it's only a matter of time before we encounter a blocker which leads to the development of another coin.

I know it’s still long but bitcoin will not be always the best and most functional currency in crypto but it is marking its own right now and for future generations it will always be the standard

[Jon pyagbara]

We know that the primary purpose why we even have anything like altcoin is because of Bitcoin and this has been fully reflected in the fact that when there is a major event that affects Bitcoin either positively or negatively, all altcoins and a bunch of meme coins feel the effect directly.

We also know that what makes Bitcoin relevant is firstly due to it decentralized nature and it ability to making  international transaction easier through the p2p concept and that Bitcoin has taken away the issues of unnecessary middle men and bunch of controls and regulations that's common with fiat or international banking systems and that the whole crypto ecosystem revolves around Bitcoin and that whatever project that has ever come up after Bitcoin have all been centered around modeling on the functionality of Bitcoin and maybe focused more on the volatility aspect of Bitcoin to attract individuals and investors to those crypto project while bitcoin in itself has all those qualities of volatility and provisions of the solution to international transactions that these altcoins hope to solve.

Again, Most of those who have had bad experiences in the crypto ecosystem are individuals who invested in some altcoins thinking it has the same potential as Bitcoin and the fact that it's always a norm in society to call Bitcoin one of the cryptocurrencies, it's no strange that altcoin might have played a great role in reducing the level of adoption of Bitcoin globally.

This begs the question, what if we had only Bitcoin? Wouldn't the level of adoption outgrow what it currently is at the moment?

Do you think that altcoin is a major distraction to bitcoins adoption?

It's true that altcoins feel the direct impact if BTC experiences a DIP or a rise in price and value, an also like you said altcoins can be a distraction to Bitcoin, and it might not also be a distraction,
Let's have a case study, an investor who wants to Invest in other digital assets outside Bitcoin will have his resources for investing divided between Bitcoin and other altcoins, in this case altcoins becomes a distraction, because the resources that would have been used to acquire only Bitcoin has been shared between Bitcoin and altcoins, but an investor who believes only in investing in only Bitcoin no matter how high the price and values of altcoins, will not see altcoins as a distraction, so it depends on the kind of investor you are, for me

[Ale88]

Do you think that altcoin is a major distraction to bitcoins adoption?

I don't see altcoins as a distraction: for example many people think that bitcoin is too expensive and choose to buy some alt coins instead. There is no logical reason behind this choice but at least they are entering the crypto world then, with experience, they will understand how and why bitcoin is unique and why it's better to own 0.001 BTC rather than 2 billions of some altcoin.

[SatoPrincess]

It is quite understanding that without the existence of Bitcoin what coins cannot exist and from my own angle of understanding and my perspective I called altcoins a sub bitcoins because without the existence of bitcoin this coins can not exist and that is why  the price of bitcoin regulate the price of altcoins, so altcoins make a positive through bitcoin so I know that bitcoin is something that has to do price increment and decrement and that controls altcoins which some people does not know.

Bitcoin cannot just be simplified to something that determines the price of altcoins. The nature and functionality of Bitcoin is what makes it unique and gives it value. I wouldn’t refer to altcoins as “sub bitcoins” because that gives the impression that altcoins are like Bitcoin. There are people in the crypto space like the BCH fanatics who are of the opinion that certain altcoins are Bitcoin or will replace Bitcoin. 

[Mauser]

This begs the question, what if we had only Bitcoin? Wouldn't the level of adoption outgrow what it currently is at the moment?

Do you think that altcoin is a major distraction to bitcoins adoption?

I don't see the large number of crypto currencies as a direct competition to Bitcoins, because the Bitcoin market is already so huge with so much money invested in it. It's fine if investors are looking for different projects that are based on different protocols. This is part of the financial evolution of the crypto world, the more money is attracted the more opportunities there will be to invest it. It's similar to the stock market, there aren't only the big blue-chip companies we can invest it, also a large number of small and medium sized companies are traded at the stock market that investors can profit from. And here we don't hear either that the big companies complain investors are going for the smaller companies. Having a large number of potential investment candidates makes the market seem more attractive. In the end everybody can decide for himself where he want to put his money. The only issue is if people are investing in a new alt coin project and think that it's going to be next Bitcoins. The chances that Bitcoin is overtaken by another project as the leading crypto currency anytime soon is not very realistic. If there was only Bitcoin, then of course more people would be using it. But having no alternative feels a bit forced into something and it's better when people are choosing freely Bitcoin over another coin.

[Crypt0Gore]

Here are few facts I know about Bitcoin and other altcoins.


1. Bitcoin moves up, altcoins follows, maybe sooner or later.

2. Bitcoin is decentralized, no altcoins are true decentralized.

3. Every altcoin has the determination to be the next Bitcoin, but not a single one passed this.

4. The reason why altcoins exist is because Bitcoin can't do it all, Bitcoin can't fix all available problems in the world, so it's a must that altcoins exist.

Altcoins can never be a distraction, they have so many empty spaces that they are fixing, today we have privacy coins, Real-world asset coins, less energy-consuming PoW algorithm coins, cheaper payment solution coins, play-to-earn coins, and so on, it is crystal clear that Bitcoin can't fix it all.