Failed crypto project will promote bitcoin more

[knowngunman]

At the end of these exercises investors will turn to bitcoin as the best to invest because of it quality it has. When beginners are going the wrong way in investing cryptocurrency their is nothing that can be done to stop them but the experience they will go through their is a lot to learn from it to true back to the right thing which is bitcoin.

I can testify to this because in my community here, I have seen and still observing how the least people to engage with crypto are now talking about it on a daily basis simply because of airdrop and some few pump and dump altcoins. These events are creating more awareness about cryptocurrency and Bitcoin indirectly, they have earned some reasonable cents from airdrops and some of them are now ready to participate fully in cryptocurrency. I know definitely that these pump projects or airdrop may stop some days or even fail them. Bitcoin will now be the only option left for them to turn into and begin to make investment. It's a matter of time and we are gradually getting there because if anyone can spend some few months engaging in cryptocurrency, they will certainly realize the potential of Bitcoin seeing how the whole thing is unfolding in the industry.

[Marvell1]

Their is no doubt that cryptocurrency has taking over the world, everyone is trying to develop a crypto project that will attract investors to invest in them. As the day counts by people are getting awareness of crypto project which they found it very nteresting to engage themselves with things that has to do with cryptocurrency. Their are lots of fake projects that people are investing in, and more fake projects are still coming and people will still found it interesting.  Bitcoin is the pioneer and footing behind other cryptocurrencies, tokens, NFTs, and airdrops that we have today. People will make mistake to invest in these project maybe because they lack understanding but with time they will correct their mistakes to turn back to bitcoin which is the best to invest.

altcoins=>tokens=>airdrop>bitcoin
At the end of these exercises investors will turn to bitcoin as the best to invest because of it quality it has. When beginners are going the wrong way in investing cryptocurrency their is nothing that can be done to stop them but the experience they will go through their is a lot to learn from it to true back to the right thing which is bitcoin.

I do not really think this is how things actually happen, in my opinion it is way more likely that once a person has been burned by investing in a bunch of shitcoins, that they will simply think about the whole market as a scam and leave this market forever.

The other option is that since those people would have lost a lot of money with those coins, that they fail to consider bitcoin as an option at all, as it will take them a long time to recover their losses, so they will keep investing in shitcoins hoping for a miracle that will never come.

There is also another possible scenario: after they lost a lot of money investing in altcoin, shitcoin, meme projects... they realized that only bitcoin is a reliable currency Best and worth the investment. Bitcoin is the only investment that can help them regain what they lost from Altcoins.

Overall, the failure of altcoin projects will have a negative and positive impact on bitcoin and it all depends on our perspective. What is more important is that no matter how the existence and failure of altcoins affects bitcoin, we will have no way to stop them. So we just need to focus on our own choices without caring about others because it is their choice.

[darewaller]

I do not really think this is how things actually happen, in my opinion it is way more likely that once a person has been burned by investing in a bunch of shitcoins, that they will simply think about the whole market as a scam and leave this market forever.

The other option is that since those people would have lost a lot of money with those coins, that they fail to consider bitcoin as an option at all, as it will take them a long time to recover their losses, so they will keep investing in shitcoins hoping for a miracle that will never come.

Indeed, someone bitten by a snake will be afraid of a rope as they say. When traders who are new to the market, face losses from meme coins and alternative coins, they get disheartened by the bad market. They will not understand this, but they will say that one person is worthless to the whole market. There are very few people who reflect on their mistakes, find the reasons for them, and admit that they have suffered losses due to their own inferiority complex. Such people recover quickly because then they find out what is the best place for us to cover our losses.

Memecoins and shitcoins are also major reasons for the popularity of bitcoin and a few alternative coins. Since so many people have been scammed by memecoins so far, now most people turn to Bitcoin, and few people turn to some alternative coin.

[Questat]

This makes sense!
I can relate to this also because I remember before I was really lured to altcoins. Even I started with Bitcoin, like some of my Bitcoins before were converted to altcoins and I lost so much, after that I learned the lesson and started to hold and focus more on Bitcoin instead of altcoins.

Everyone can relate to this especially those who have been here for quite a long time. Yes, altcoins were highly profitable way back then but with the emergence of unreliable and scam projects, people slowly turn their backs and leave altcoins. That’s when they realized that bitcoin is the real gem in the market. That’s why it’s not surprising why a lot have been investing into bitcoin right now, because they have found in bitcoin what altcoins do not have, that made them stick to it.

[AmoreJaz]

This makes sense!
I can relate to this also because I remember before I was really lured to altcoins. Even I started with Bitcoin, like some of my Bitcoins before were converted to altcoins and I lost so much, after that I learned the lesson and started to hold and focus more on Bitcoin instead of altcoins.

Everyone can relate to this especially those who have been here for quite a long time. Yes, altcoins were highly profitable way back then but with the emergence of unreliable and scam projects, people slowly turn their backs and leave altcoins. That’s when they realized that bitcoin is the real gem in the market. That’s why it’s not surprising why a lot have been investing into bitcoin right now, because they have found in bitcoin what altcoins do not have, that made them stick to it.

We have seen a lot of alts which did come and go. But in the early days of these alts, I believe a lot of us have gained from them. Remember etherdelta? For those who used this trading platform, at some point, you earned something from those alts. And yes, after such period, most of them were abandoned or just disappeared in the trading platform. And yet, btc remained. Hence, these traders understood the position of btc in the market. No matter what, btc holds its top position and won't disappear without a trace just like those thousands of alts.

And from those regular holders, once they got burned from those failed projects, they will swear not to be tempted again with the promise of these alts. However, we know they will try again but a lot of them will convert themselves to being a bitcoin fanatic and would just check the alts from time to time, but they already learned their lessons not to trust these alts for long. If they can sell it right away, they will do so. But holding long term is not on their cards anymore.

[bettercrypto]

I remember that during 2018, there were a lot of scams that came out of ICO project campaigns that were just hyped to the communities that believed in their projects, and in the end, their plans would not happen according to the roadmap mentioned.

and because of the failed projects that came out of ICO, Bitcoin became popular because most people know that Bitcoin is the one that scammed them, but they don't know that there are cryptocurrencies that just copy Bitcoin's concept, and investors who believe in them can be fooled, so be careful because even now there are still such ICO projects.

[ololajulo]

Yeah that’s true and I have experienced it too wherein we were lured to invest into new coins but ended up losing it all. It’s always better to stick to Bitcoin as I made a mistake in the past by investing my bitcoin gain into altcoins and I will never repeat it.

The failure of altcoins only strengthens the trust in Bitcoin, highlighting it as the cryptocurrency with the lowest risk. It's important to remember that even during bear markets, Bitcoin often performs better despite price dips. We should be clear about our reasons for investing in altcoins but never neglect Bitcoin and other top-tier coins.

[EluguHcman]

altcoins=>tokens=>airdrop>bitcoin
At the end of these exercises investors will turn to bitcoin as the best to invest because of it quality it has. When beginners are going the wrong way in investing cryptocurrency their is nothing that can be done to stop them but the experience they will go through their is a lot to learn from it to true back to the right thing which is bitcoin.

There are some things that can be done to stop newbies from making wrong investments mistake, we shouldn't ignored newbies going the wrong way by asking them to learn from their experiences. We are here before them so we can help to guide them to avoid making mistakes. Investing in over hyped cryptocurrency is not good investment but many newbies are investing in over hyped cryptocurrency as they don't know but think that they're doing the right thing.

We aren't financial guide to newbies but we can give them some helps that will prevent them from getting scammed. The less individuals that are getting scammed will make more individual to trust cryptocurrency but if the scams keep rising we mightn't have any individual left that'll be interesting in investing by buying some cryptocurrency for holding as the media will keep saying the cryptocurrency market is a scam one that will only make you a loser.

Just as scammers has come to have cryptocurrencies as a pond of fishing from vulnerable less knowledgeable Crypto holders with their sorts of attractive fake projects and their series of tricks used to convince their victims, so also newbies are vulnerable to easily befall on investing in their intended crypto Coins.

As newbies and unknowledged about cryptocurrencies, all they knows is that their vision is to invest on crypto with all hope that they would enjoy the attractive potentials of the coin they are investing on but unfortunately for them that due to lack of guidance, they are victimized by the so scamming crypto projects.

Most definitely if such keep to exceed it is variably affecting the utility of the reputable crypto currencies and in both adoptions on how many others would be interested to adopt the use of the crypto currencies.
It would definitely serve negative impressions within the people ought to be interested and desires to invest in the crypto market.

To an extend, I figured newbies are more quick to bring in more crypto adoptors to the crypto industry than those who had been in there because the people in the environment are likely to be convinced by the testimonies of their relative who is making it profitably in such an industry which they all had doubted about. So they would always want to catch up to the crypto industry before they are left far behind.