Isn't Altcoin a distraction to Bitcoin adoption?

[Oasisman]

I have to agree that majority of the shitcoins are a distraction to Bitcoin adoption, simply because people are diversifying to take advantage of the "too good to be true" kind of altcoins which basically are the new projects coming into the market. Those investment could've been put into bitcoin instead of those shitcoins.
However, I may make exceptions to those altcoins who really has an excellent use cases that helps bitcoin network prevent the traffic and getting those transactions with less priorities go through without the need to wait for a longer time to get confirmations, and that is by using the altcoin network to get their transactions done. Some altcoins/projects were designed to aid bitcoin's scalability problems. Though they may hinder bitcoin's adoption, but they are really great support on the network traffic.

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[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)

If we are trying to blame altcoins then I think the government is thinking the same as us. If bitcoins are not created, if bitcoins do not exist. Then they won't spend much effort or time to ban it and everything will still be under their control. Many people wouldn't be able to evade taxes without bitcoin, and the government wouldn't have a hard time chasing criminals when they use bitcoin...Everything has its pros and cons, nothing is perfect, so if you encounter competition, don't just blame others.

[YUriy1991]

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)

Yeah. All of them are choices and we just have to determine which one we like the most to invest whether into BTC or other than BTC. Well. if we look more carefully, the confidence and confidence of investors and international markets are more inclined to coins that provide good returns and are able to predict BTC, for coins other than BTC is not absent, but the intensity of attention is very small if we look at the percentage.

Anyone can take advantage of price fluctuations from market corrections, but I personally like the more normal and less hopeful pinning on coins other than market-tested ones, this is due to the increasing adoption and acceptance of cryptocurrencies by large institutions and investors who consciously or unconsciously contribute to Bitcoin's legitimacy and long-term growth potential.

[ancafe]

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.

Who can guarantee that when altcoins didn't exist then Bitcoin would be as big as it is now and I'm not saying that altcoins affect Bitcoin's journey. The existence of altcoins gives more confidence to this industry so that every time people make decisions after making mistakes and in the end they will switch to Bitcoin. For me, altcoins are one way to switch to bitcoin because not everyone has the budget to buy so they have to look for alternatives first to make the final decision to buy bitcoin.

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)

They have different goals, but in this industry the influence of each of Bitcoin and altcoins is greater. Many are imitators, but there are also those who go it alone with the ability to advance, but because most fail, people equate them all.

[davis196]

Altcoins are supposed to be competing with Bitcoin, and this is actually something good. Competition makes the market better. The freedom of choice also makes the market better. I know that most altcoins are shitcoins and meme coins, but you should think of it as the stock market. Most companies simply aren't that good and there are several companies, that are top tier. The same applies to Bitcoin and the altcoins.
If there was only Bitcoin, that would have been more like a monopoly over the crypto world. A monopoly is bad for the market, because it controls the markets and it doesn't strive to improve. You can't stop the developers from creating altcoins and meme coins and this is perfectly fine.

[dezoel]

Indirectly true and on the other hand their presence is also recognized to be able to tempt investors, especially those who are new to turn their attention to them a little and another impact is that there is a slowdown in the movement of Bitcoin adoption rates globally because it makes their focus divided not only one coin but split into many other digital assets.

Although the real hope is to quickly get a profit whether they will go up 10x or not once they invest, but their presence also enlivens the growth of cryptocurrency adoption and the final message will come to their minds that the purest is BTC in the end. Yes and That's for Sure.

That's the main reason why I disagree with OP because I believe that cryptocurrency adoption eventually means bitcoin adoption because you will barely find people who know about cryptocurrencies whether meme coins, shit coins, or normal altcoins, it's not possible for them to not know about bitcoin because first of all, you can't be trading any other token and not notice Bitcoin no matter what exchange you are using unless it's some decentralized exchange just for altcoins but still, one will surely see it somewhere.

Secondly, a person who gets into the industry cannot stay away from news and stuff and when you check crypto-related news outlets and websites, you will surely find something about Bitcoin and once a person checks Bitcoin and finds out what it is, they can't stay away from it.

[cryptoWODL]

No I don't think alt coins are the main distraction for bitcoin adoption. It seems to me that shitcoin can be a major distraction for bitcoin adoption. Not all people have the same preferences and it is normal that everyone has different preferences.

Nowadays people like bitcoin as well as alt coins but most prefer to invest in bitcoin. It seems to me that alt coins also play a role in the market as many people would not know much about the cryptocurrency market without alt coins. However, many times people make a mistake comparing altcoins and bitcoins because the rise and fall of altcoins depends on bitcoin. Despite the fact that Bitcoin price is the highest in the cryptocurrency market, there are many people or investors who want to change their fortunes by investing in alt coins. In fact, nothing gets popular without competition, just like if there were no alt coins in the market, there would probably be no coin to compete with Bitcoin. As a result, Bitcoin would have been there, but Bitcoin would not have been so popular worldwide if there had not been altcoins.

[legendbtc]

Indirectly true and on the other hand their presence is also recognized to be able to tempt investors, especially those who are new to turn their attention to them a little and another impact is that there is a slowdown in the movement of Bitcoin adoption rates globally because it makes their focus divided not only one coin but split into many other digital assets.

Although the real hope is to quickly get a profit whether they will go up 10x or not once they invest, but their presence also enlivens the growth of cryptocurrency adoption and the final message will come to their minds that the purest is BTC in the end. Yes and That's for Sure.

That's the main reason why I disagree with OP because I believe that cryptocurrency adoption eventually means bitcoin adoption because you will barely find people who know about cryptocurrencies whether meme coins, shit coins, or normal altcoins, it's not possible for them to not know about bitcoin because first of all, you can't be trading any other token and not notice Bitcoin no matter what exchange you are using unless it's some decentralized exchange just for altcoins but still, one will surely see it somewhere.

Secondly, a person who gets into the industry cannot stay away from news and stuff and when you check crypto-related news outlets and websites, you will surely find something about Bitcoin and once a person checks Bitcoin and finds out what it is, they can't stay away from it.

One thing I noticed is that people who lost money with shitcoin will come back to bitcoin, people who have made big money from altcoin and then they also want to find safety and bitcoin is also the last stop of them. It can be seen that the existence of altcoins is not necessarily as bad or useless as many people say. Thanks to altcoins, many people have realized that bitcoin is the best coin, bitcoin is what they are looking for and it will be something for them to trust and continue to exist in this market.

So I also disagree with OP and some people who are talking bad about altcoins. They also have benefits and advantages, it's just that many people don't know how to take advantage of them and criticize them.

[gunhell16]

In my few years in the bitcoin/altcoin business, I have never thought that altcoins are a distraction from bitcoin. Because that is not what has been happening in the crypto market since 2017, honestly speaking.

Well, in fact, they are even helping each other because the popularity of bitcoin is accelerating due to altcoins. And bitcoin does the same because it pulls altcoins in popularity when it has a rally in the market.

[DanWalker]

Like many previous ETFs topics, people always question ETFs, some think it will have a negative impact on Bitcoin and don't like the appearance of ETFs...but the problem is we can't do anything to prevent it. So it really is a waste of time when we spend time talking about things we cannot change. And in my opinion, the existence of Altcoins will have a positive and negative impact on bitcoin, and what we need to do is adapt to it because we won't be able to do anything to change that even when we don't like it.

I'm not against predicting or speculating on the impact of new things like ETFs could have on the price and Bitcoin as a whole. And I'm all in favour of trying to identify any future threats that ETFs or altcoins can pose to Bitcoin, so we can maybe act to prevent such etc. But asking whether Bitcoin would be better off if no altcoins ever existed is a pointless thought exercise at best with no value to it. Unless people get entertained by having such discussions, then it's OK I guess.

I also don't object to people speculating or spending time discussing the negative impact of ETFs or altcoins because I can't stop people from doing that. What I'm saying is that it's a waste of time because we have no way to stop them even if they have a negative impact on bitcoin. Just like altcoins, as many people say it is negatively impacting bitcoin, what are you going to do to stop that? Do you have any way to stop the development and growth of ETH? Or BNB and even shitcoin? Is there any way to stop people from creating them every day? I prefer adaptation to resistance.

[cryptomaniac_xxx]

It could be the other way around, remember that 99% of altcoins have been traded to bitcoin. As far as bitcoin adoption goes, it's very different, you can check this report, The 2022 Global Crypto Adoption Index: Emerging Markets Lead in Grassroots Adoption, China Remains Active Despite Ban, and Crypto Fundamentals Appear Healthy. This report is 2022 though, so there could be changes, and before we forget we already have El Salvador, a country that has adopted Bitcoin already.

There could be altcoins that are important as bitcoin, but we all know that bitcoin is the prime mover and so it's on top and I don't see anyone can distract it. We've seen it from the beginning and even if there are solid altcoins and even gaining more that bitcoin in a bull run, still BTC remains the top crypto investment.

[SOKO-DEKE]

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?

With my own observations, I don't like that altcoins are the major distraction for Bitcoin adoption. In fact, I see altcoins as the even major reason why Bitcoin adoption is growing. It is through the awareness of these altcoin projects that a lot of people even get to know more about Bitcoin. Some set of people are just hearing about Bitcoin over a long period of time, but they never take the time to do further research. But through this awareness of altcoins, some people further their research and discover that Bitcoin is the best coin that really deserves to be invested in. And that is how many diverted their investments to Bitcoin."

[oktana]

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)

If we are trying to blame altcoins then I think the government is thinking the same as us. If bitcoins are not created, if bitcoins do not exist. Then they won't spend much effort or time to ban it and everything will still be under their control. Many people wouldn't be able to evade taxes without bitcoin, and the government wouldn't have a hard time chasing criminals when they use bitcoin...Everything has its pros and cons, nothing is perfect, so if you encounter competition, don't just blame others.

I understand what you’re saying and I agree because Bitcoin can’t succeed alone, people creating other coins shouldn’t be surprising. But despite your point, take a moment to imagine if Altcoins never came to existence, imagine how much adoption Bitcoin would have had. No matter what happens, we can’t change that altcoin exists, so it’s just a conversation that leaves you with thoughts and assumptions. And it isn’t necessarily blame.

[Ben Barubal]

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.

[Belarge]

I understand what you’re saying and I agree because Bitcoin can’t succeed alone, people creating other coins shouldn’t be surprising. But despite your point, take a moment to imagine if Altcoins never came to existence, imagine how much adoption Bitcoin would have had. No matter what happens, we can’t change that altcoin exists, so it’s just a conversation that leaves you with thoughts and assumptions. And it isn’t necessarily blame.

Altcoins are for short-term earnings and targets while Bitcoin is for long-term. Our existence will always served as threatening value to the market. Perhaps we have a clear view of promising projects and never back down. Always been ready to grab opportunities which are numerous in the market. Bitcoin is no surprising project but have always been there but talking about altcoins, it's never something to get worry about because we'll definitely planned on utilizing golden opportunities in the system.

[mirakal]

Like many previous ETFs topics, people always question ETFs, some think it will have a negative impact on Bitcoin and don't like the appearance of ETFs...but the problem is we can't do anything to prevent it. So it really is a waste of time when we spend time talking about things we cannot change. And in my opinion, the existence of Altcoins will have a positive and negative impact on bitcoin, and what we need to do is adapt to it because we won't be able to do anything to change that even when we don't like it.

I'm not against predicting or speculating on the impact of new things like ETFs could have on the price and Bitcoin as a whole. And I'm all in favour of trying to identify any future threats that ETFs or altcoins can pose to Bitcoin, so we can maybe act to prevent such etc. But asking whether Bitcoin would be better off if no altcoins ever existed is a pointless thought exercise at best with no value to it. Unless people get entertained by having such discussions, then it's OK I guess.

Altcoins serve as the biggest competitors for bitcoin, but if we analyze it closely, altcoins are somehow promoting bitcoin because once people experience losses with altcoins, the next thought will be they won’t no longer trust altcoins but will focus on bitcoin instead. So this is quite a blessing in disguise for bitcoin because without altcoins, people will not be drag into the crypto space to invest, so people have known bitcoin because they were disappointed with altcoins whom they trusted at first.

[oktana]

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.

I genuinely want to hear the factors that make you think that Bitcoin wouldn’t be popular without Altcoins. I would agree if it was an altcoin that increased in value like Bitcoin, but no, Bitcoin itself increased greatly in price and people got interested and enthusiastic about it. While some people got interested based on the technology. So how did Altcoins come into the equation and make Bitcoin popular?

[serjent05]

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 somehow doubt that Bitcoin will have this level of propagation if altcoin does not exist.  Altcoin somehow helps in the adoption of Bitcoin because with the altcoin's marketing effort, they tend to carry Bitcoin in their marketing activities.  Besides most altcoins are paired with Bitcoin in trading platform.  This somehow gives extra exposure to Bitcoin.  Aside from that, not all who are in cryptocurrency tends to know Bitcoin first, there are people who happen to know altcoin first before they get to know Bitcoin.

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

I do not think that altcoin is a major distraction to Bitcoin adoption, if there is a major distraction, it is the government that forbids or bans Bitcoin.  Altcoin helps in Bitcoin propagation due to trading pairs and  a all altcoins are paired with Bitcoin on exchanges. Aside from that most of the altcoin marketing activities often mention Bitcoin as an example.   

[dothebeats]

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.

[harapan]

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

No it's not a distraction, for some people altcoins existence is a blessing, they are able to get their hands on Bitcoin because of altcoins.

The last person that I introduced to crypto claimed that Bitcoin was too costly for him, so he went for altcoin and when he started making some good money he started using the profits to buy back some Bitcoin.

He understand that Bitcoin is much more reliable than altcoins but altcoins have some nasty opportunities to bring some good amount of ROI faster than Bitcoin, you just have to be smart to make this work.

Altcoins is the most risky play but it has the higher return on investment opportunities if you know how to play this out, but still I will advice people to focus on Bitcoin as their main target.

As the name implies,its an alternative coin,and it most times serves as an alternative choice to bitcoin.People prefer altcoin to bitcoin hoping that they'll attain and achieve what was difficult with bitcoin.Initially,altcoins are cryptocurrencies that are not bitcoin,so it difficult to describe and determine which of them is a trustworthy network since they're invented for special purposes and that's why people misunderstand the usage,function and importance.
Additionally,they use altcoin based on the beliefs and attempts to improve on bitcoins limitations.