Isn't Altcoin a distraction to Bitcoin adoption?

[7juju]

Every good innovations always have other developments built around it. That doesn't mean that the those other developments built around it will hinder or overshadow the main innovation. I don't think altcoins are hindering bitcoin adoption. With the years bitcoin has stayed and the level of adoption it has gotten is still encouraging. Bitcoin is doing well on it's own. Bitcoin is something that came out and disrupted the traditional ways of doing things in the past, don't expect it to be accepted with open arms without facing some resistance and setbacks. These resistance and setbacks were what hindered the adoption of bitcoin and not altcoins. But despite that, I think bitcoin has continue to spread and adoption is increasing yearly.

[Nrcewker]

Distraction depends on people’s nature. Many people fall for these altcoins due to the quick returns they will get in short period of investment. But they are overlooking the fact that, with quick and huge profits, the risk associated is also very large. Hence, after they facing huge losses, they come back to Bitcoins only. On the other hand, there are some people who really know the importance of Bitcoins. Hence they always back the coins and do investment in it only.

[Miles2006]

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

I sincerely don't believe cause people will always make their choice different from others, bitcoin adoption will increase with or without altcoins. Nowadays people still dislike bitcoin so if I'm not mistaken op is trying to say people who don't like bitcoin is as a result of altcoins. In the investing aspect investors choose to invest in both bitcoin and altcoins mostly bitcoin, let's be realistic bitcoin is the center of attraction and as a center of attraction bitcoin should not be compared with altcoins

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

When something is referred as a distraction just as op made mentioned of altcoins standing as a distraction it simply means altcoin is the center of attraction and I disagree. People who actually run after altcoins know the entanglement and benefit involved so I see no excuse blaming altcoin projects using the name of bitcoin, firstly bitcoin is a top choice, totally different from other altcoins. Bitcoin adoption is okay from my opinion and I don't understand why altcoins will stand as a distraction cause there's no distraction at the first place.

maybe you're just making a vague statement here and aren't getting the point so well. I'm never trying to make any comparison between Bitcoin and any other altcoin cause in the first place thier isn't any comparison at all. Bitcoin had an ATH of $73k that's obviously 7× what any altcoin have ever attained and even the few ones that gained value over time all went up under the shades of Bitcoin. What I'm talking about is that because of the way the society mistake Bitcoin as just one of the cryptocurrency, whenever someone invest in an altcoin that fails with time, it somehow sends a wrong signal to the whole crypto ecosystem and you have different people that wouldn't even dream of investing into Bitcoin because they know someone that lost his investment in a shit project and thereby drawing the conclusion that Bitcoin is same as those altcoins. Some even make the mistake of holding on to altcoins that can't stand the test of time thinking that by so doing, they will be able have similar worth that comes from investing in Bitcoin.

It's never a shift of blame of any sort but just a statement of fact that altcoin in one way or the other is a distraction to Bitcoin adoption in some sense.

I get what you're trying to say besides you've listed out the features of bitcoin including the ATH. We still have people like this in our society and I can relate with similar issue when it comes to the internet, for example people make use of the internet everyday for different purpose like scam, acquire knowledge etc. Even if a lot of people get scammed using the internet people will still make use of the internet regardless like you'll definitely see massive numbers of internet users. People who experience such situation like scam can still decide never to make use of the internet, you made mentioned of altcoins and bitcoin so I'm trying to understand with what I've seen. Mistaking both bitcoin and altcoins can be done by newly investors but there's always room for learning, if people with this impression can learn and differentiate both investment choice I see no problem. From the past to present bitcoin adoption keeps increasing and increasing. Altcoins can't distract the growth of bitcoin adoption as seen currently, if you actually feel bitcoin adoption rate is low then that's your opinion. The creation of different kinds of Altcoins will still increase so it's best we accept the fact

[0t3p0t]

It's actually a healthy competition in terms of investments between Altcoins and Bitcoin but since when it comes to the word "distraction" based on my understanding I think it is for some factors like the prices, the chances of getting doubled the profit or more I some sort of personal preferences when it comes to our personal choice but sooner or later we can see Altcoin profits well then converted to Bitcoin so it's a win/win situation for both holders IMO.

[highalch]

Adoptionwise it goes like this:

People wanna make money quick, find a project, get scammed.
Find another crypto project, get scammed a couple times more.
Then find bitcoin, learn about it, and have their heureka moment.
Once you truly understand bitcoin, you'll never wanna gamble with dogwifhat and luna again.

[The Cryptovator]

I don't believe altcoin would be a distraction for Bitcoin adaptation. Bitcoin has become more popular due to altcoins. If there weren't altcoins, then how could we judge Bitcoin as the top and mother coin? Honestly, all the altcoins aren't just shitcoins. Like Ethereum doing very good after Bitcoin. So we can say altcoins are helping Bitcoin adapt. Nowadays, altcoin trading pairs have been adding Bitcoin; it does give more popularity to Bitcoin and prove as a mother coin. 

[Dr.Bitcoin_Strange]

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?

In my opinion, it's probably a yes or no because no one would have known if Bitcoin adoption and value would have gone far beyond what it is now, we can only speculate on that. I don't think altcoins are a distraction to Bitcoin because everyone has the choice of which crypto asset they want to invest in. Despite the fact that there are many altcoins, Bitcoin still has the highest market cap. Some investors don't just like to have all their money on one coin, so even if Bitcoin were the only crypto, investors would still have their diversification on other assets so that they don't have all their investment only on Bitcoin. With the value of Bitcoin today and the rate of adoption, Bitcoin is not doing bad at all, despite the fact that it is not even 20 years old yet. But its value and adoption seem to have been existing for more than 50 years. 

[Mr.suevie]

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?

Well if you are of the wrong orientation then Bitcoin too can cause you losses because some many who also did invested in Bitcoin made the investment through wrong reasons and that's why they end up selling the Bitcoin especially when the price starts to dip and this is the basic cause of many failure too to altcoin investment. We all know that there is a major bull and dip season after this halving has past and believe alot of persons will still make mistake with their investment in Bitcoin.

[Hypnosis00]

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

I'd say YES because people have their choice and possible we know that Bitcoin is the most promising and useful project among cryptocurrencies. The slow adoption comes from the lack of trust and with the government issues (strict implementation), not because of altcoins.
Maybe, if you are talking about investment, it seems to be right that altcoins ruin the market reputation due to scam issues which make people think that investing in cryptocurrencies is too risky and high chance of losing. These things losing the interest of the people, plus the manipulating factor of FOMO and FUDs that certainly affect our mindset.

[red4slash]

IMO it is the opposite where Altcoins provide more space for bitcoin growth in the end. Even though sometimes there are some projects that actually make the image of crypto damaged because of some project schemes that are sometimes aggressive and seem to be fraud, in the end the presence of altcoins actually encourages bitcoin's growth to be greater.

We must be aware that everything that happens to bitcoin and all the comparisons they have must be a situation where the same project can be a comparison and we will not consider bitcoin good if in the end there is no altcoin as a comparison because however bitcoin will not be recognised that they are the king if there is no altcoin as a comparison so that in this case the presence of altcoin actually becomes a new force that makes bitcoin growth even better both in terms of value and our view of bitcoin itself.

[Mrbluntzy]

This time around, so many investors are looking for any small investment that can give them an impressive profit and many other investors are also looking for a short term investment that can give them a very quick profit. Altcoins stands as a window for those investors in search of quick profit, since Bitcoin doesn't stand the chance to give them a very short term profit as per their demand, they fine altcoins as their alternative. It doesn't even seem good in my eyes to have only had Bitcoin as the only crypto. Investors need to lose their money in crypto to attract more attention to the industry and altcoins is making it possible for investors to loss money and at the end, they switch from altcoins to Bitcoin.

[stomachgrowls]

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

Nope its not, its better to have it rather than on nothing at all.  

Also, there's no way that you could really be able to stop into those developers that would really be creating out some new projects which would really be surpassing Bitcoin
and this is why its not really shocking that they will really be having that kind of pursue that they should really be making something more better.

It might really be able to share or get a portion of overall market dominance but still it is something inevitable that new projects would really be emerging in the market.
The good thing on here is that Bitcoin would really be that still sitting in the top of the ranking as this one would really be getting more demand in compared
into those projects or altcoins in the market.

[GeorgeJohn]

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.

[PrivacyG]

Some Altcoins have been invented to try to make a better Bitcoin.  But the Altcoins which ACTUALLY try to do something better are extremely few.  The rest, which is probably over 99.9 percent of them, are Shit Coins created strictly for profits, Pump and Dump schemes, Scams et cetera.  They are created for business or fraud.

Of course.  Altcoins are kind of a distraction to the Bitcoin adoption if you will.  Many people purchase Altcoins because 'they can not afford a Bitcoin' or other stupid reasons such as trying to get Rich quickly.  So they end up purchasing a Shit Coin, getting scammed big time, the Scammer will probably lose their money at some point too and there goes exactly nothing.

The more Shit Coins rose, the less percentage of adoption Bitcoin had.  Which clearly shows the same thing.  Bitcoin is often losing significant 'power' to Shit Coins that should not even exist in the first place.  And by 'power' I mean money that could of been in the actual Cryptocurrency that is legitimate and shows an amazing history too.  Bitcoin.

But you can try to convince every body about it, it is going to be in vain.  These fools will continue to invest significant money into what later turns out to be a big Scam.  They never learn their lesson.  OP, you seem to be woken up to reality.  Awesome.  Keep investing in Bitcoin and by the time MANY more people realize this, you will be a thousand steps ahead of them already and you will be riding the waves.

[Vincom]

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 love both BTC and altcoins, I think both are important for the development of the crypto market and blockchain technology.

Thanks to altcoins, new technologies are being applied and people are more interested in blockchain, which in turn leads to them learning about crypto and BTC.

Thanks to memecoins, the investment field has become more fun and approachable, which in turn has brought us millions of potential crypto investors.

Thanks to altseason, the crypto market has become more vibrant and promising, which in turn has led to BTC being more considered and accepted by large companies or corporations.

Altcoins are a necessary addition to the crypto market and they also help to make BTC's price rally more sustainable as money can flow multiple times between BTC and altcoins instead of creating a bubble and then quickly collapsing each season.

[hatshepsut93]

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 know a lot of stores that accept altcoins but not BTC? Because I don't, if someone accepts crypto payments, it's Bitcoin first and altcoins second. And I'm pretty sure that if the merchants that accept crypto published statistics of transction volumes, Bitcoin would be on the first place.

So really altcoins only take a small share of Bitcoin's adoption. Their main use case is high risk speculative trading, not being used as a money or a store of value.

[Cryptomultiplier]

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

I think if we had only Bitcoin, it would have probably sank or crashed by now, no matter how promising it was at the beginning.
One reason it has survived this long and is still growing despite the cases against it, and among the back drop of other things that has happened till date is that, another Crypto currency will take its place and function on the decentralized network as well, incase the government had decided to  shut it down and despite any much effort from people who don't want Bitcoin to thrive, while thinking that the idea of crypto currency is only limited to Bitcoin.

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

I also think that altcoins do more to publicize cryptocurrency and also indirectly help to announce the success of Bitcoin as the first and leading cryptocurrency in the world.
It's called Altcoin because, it is an alternative to the original idea of Crypto currency, just as the name sounds.

[Assface16678]

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 know a lot of stores that accept altcoins but not BTC? Because I don't, if someone accepts crypto payments, it's Bitcoin first and altcoins second. And I'm pretty sure that if the merchants that accept crypto published statistics of transction volumes, Bitcoin would be on the first place.

So really altcoins only take a small share of Bitcoin's adoption. Their main use case is high risk speculative trading, not being used as a money or a store of value.

True, if the first thing that will be accepted and adopted that is bitcoin because that is the first and the most powerful and trusted crypto currency right now in the market, yes there is some altcoins that is also trusted like ETH and etc but the thing is there will be no altcoins if bitcoin doesn't exist, so I think altcoins nothing to do with the adaptation and acceptation of bitcoin, in fact altcoins are a very good alternative in order to earn especially those who doesn't have enough funds or money to start with bitcoin, with airdrops that is being hosted by different altcoins a person could earn from it, so I think altcoins is also a good crypto currency in a sense that it can be an alternative to bitcoin, but also do mind the risk of altcoin as you might stumble to a scam or a not trusted altcoins.

[legiteum]

"Isn't Apple a distraction to Microsoft Windows adoption?"

"Isn't Unix a distraction to IBM mainframe adoption?"

"Isn't Bitcoin a distraction to PayPal adoption?"

I could go on and on. Imagining the current top dog in technology is going to stay that way "forever" is the height of foolishness.

And if you want to make +20% on your investment in the next few years, then maybe Bitcoin could do it. If you want to make 10x or 100x on an investment, it will need to be a new technology that most people don't consider mainstream yet. There's room for both.

[Btcdeybodi]

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.

First of all, we know that altcoins and meme coins respects the activities of Bitcoin in the crypto market but it is not all because there are some times when Bitcoin becomes all green (increases ) but some other altcoins and meme coins becomes reddish (decreases) so bitcoin is independent on it's own and most of the time, it influences the outcome of other coin but there are some altcoins that are not influenced by Bitcoin.

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.

Altcoins didn't reduce adoption of Bitcoin in any way because if you check carefully, how many altcoins apart from ETH that has been in major competition with Bitcoin yet Bitcoin still remains the top cryptocurrency for a very long time now, so you can see that the presence of altcoins didn't affect adoption of Bitcoin at all.

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

In every project, there most be competitors so this competitors literally gives more recognition to the one that is superior because investors like making comparison to know the right cryptocurrency to invest in so when they invest in altcoins and Bitcoins, they dual the difference and know that Bitcoin is more reliable perhaps they give it more value and invest more on it that is why the value increases and the price begins to skyrocket.

Bitcoin would not have had much value if not for altcoins and moreover, every one cannot invest in same project that is why we have altcoins.

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

No no, not are all like I said previously, the introduction of altcoins is what gave Bitcoin more hype and increase in it's adoption because when you compare Bitcoin and altcoins more especially the volatility of Bitcoin attracts more investors to it.