Altcoins are the silent killer of Bitcoin

[Dogedegen]

Alternative coins aren't always in a bad position in the crypto space. Altcoins, with their grouping, can offer positive benefits for those willing to think before making a decision.
With the advent of altcoins, people will discover that nothing is better than Bitcoin because they exist because of a difference in thinking. No matter how hard altcoins try to surpass Bitcoin, their efforts are futile.
Don't waste your time on any coin other than Bitcoin.

It is not necessary to lose a lot of money before one finds their way to Bitcoin. That is what happens to most people. They lose money believing in altcoin lies, and because of that they are a negative on the space overall. A few altcoins I would not mind if they were serious projects, but more than that are not needed. Now everyone is making them, most of the projects should not even exist they are mistakes.

I havent seen such topics for a while and thought that all those bitcoin killers have already disappeared. Nevertheless, people still think that there is a bitcoin killer. How many times we have seen and heard such announcements? How many times people buried bitcoin? I dont know what should happen with bitcoin or what idea should altcoin offer, that bitcoin death would be at least a little bit near. As long as we observe that bitcoin has +50% dominance on the market, there is not even a pinch of doubt that there is somewhere a silent killer.

Think about who are the victims of these things? There are two major groups of people I would say. The first group are newcomers to the space, they don't know much about the scams that are going on here or on the internet overall. They are easy to scam in many ways and they are very naive. Crypto is still very new and only a small percentage of people have actually used it. This means that there is a big pool of newcomers. Anyway it is replenished with new children that grow up and join the space. The other group has peoople who were already scammed once or multiple times but they need to lose money several times before they learn their lesson.

If this scam tactic didn't work, scammers would not use it. They would do some other things.

 

[9ja Amaka]

From my own perspective, altcoins have no effect on bitcoin.
Consensus, decentralization, mining etc, all remain the same and operates accordingly. If we should be concerned about anything it has to be bitcoin's reputation. The idea that most no bitcoiners have in mind. Which is the idea that crypto is a scam, using altcoin to draw proof and show statistics. The last time I had an argument with someone about bitcoin and altcoin it didn't end well. We have to push for more sensitization on this area if we want to push for more adoption very soon.

[FinneysTrueVision]

The introduction of bitcoin spot ETFs were a great catalyst for bitcoin, but Wall Street managed to screw it up by releasing
a bunch of shitcoin ETFs to compete with it. I believe their actions have led to the debasement and devaluation of bitcoin.

Wall Street cares about their own bags more than they do about yours. Nvidia isn’t killing Amazon and silver isn’t killing gold because that is not how financial markets work. Investors will allocate their capital to whatever has the potential to generate the best returns.

There can be meme stocks, pump and dumps, ponzis and other bad investments. With altcoins, you can say that 99.9% are scams and bad investments, but there will always be degen gamblers willing to take on risks if they can make outsized gains. From a Wall St. perspective, there are also altcoins whose tech has legitimate potential to offer innovative financial products.

The market will decide what is good and what isn’t without needing excessive government regulation.

[aylabadia05]

<snip>

Altcoins may never surpass Bitcoin, but their presence has added enough color and diversity to the crypto space that everyone should learn not to consider them the same as Bitcoin. And on the other hand, anyone who can utilize altcoins for short-term profits is perfectly welcome, although holding them in a specific wallet for too long is not recommended. Because altcoins are less suitable for long-term storage, they are also less suitable for investment. However, in terms of profit, I think it's okay for anyone who wants to utilize them.

Although only a few altcoins are worth holding, the rest are nothing more than worthless coins that simply follow the hype.
Regarding advice, there's no good advice for making altcoins a long-term asset, as it could lead to money sitting in your wallet and ultimately losing it.

Just to add some color to the crypto space, that's true. Making altcoins a short-term goal isn't wrong either, as long as you know which ones to choose. That's in my opinion, if you look at the coin rankings on CoinMarketCap or similar, the top 5 are from ETH to BNB.

[AmoreJaz]

From my own perspective, altcoins have no effect on bitcoin.
Consensus, decentralization, mining etc, all remain the same and operates accordingly. If we should be concerned about anything it has to be bitcoin's reputation. The idea that most no bitcoiners have in mind. Which is the idea that crypto is a scam, using altcoin to draw proof and show statistics. The last time I had an argument with someone about bitcoin and altcoin it didn't end well. We have to push for more sensitization on this area if we want to push for more adoption very soon.

On that note, next time, don't argue with someone when it comes to btc vs alt. Because for me, you are just wasting your energy in doing so. The tendency is that people will always have their own stand and they won't listen to anyone but himself. So why waste your time for something not useful to you? Better keep it to yourself and enrich yourself with what you believe. Because people have their own mind and they will follow what they want to do. So no need to waste your time on something like that, instead, make your time uselful by looking for some worthwhile activities that can possibly add to your income. You will also find out that talking to hard people will only drain your energy.

[betswift]

^ Emotions drain us like crazy, and sometimes, we want to argue badly for the ideas we like / we dislike others for having..It's human nature and it can be overcome, but it's truly hard.

[SOKO-DEKE]

Imagine if there was no shitcoin market. Bitcoin would be worth at least twice as much as it is now
 because all the money in the crypto market would flow into bitcoin instead of being spread out over
a million different shitcoins. This has effectively nullified bitcoin's 21 million unit limit IMO.


It is sad how the millions of pump and dump scams in existence known as altcoins are perfectly legal in the US.
Bitcoin was good while it lasted, but I don't have much hope it can go much higher due to being
eaten up by the shitcoin market so I am out.

Even though altcoins are not in existance, it’s still possible that the price of Bitcoin may not increase much at this point because  of those who truly believe in Bitcoin will continue to invest in it.those seeing invested in shitcoin are those that did not believe in bitcoin. Many people recognize that Bitcoin has proven to be a great investment, yet some still prefer to gamble with their funds.I don’t think that without altcoins, cryptocurrency would have gained as much awareness as it has today.altcoin help much in crypto awareness. Let’s just understand that those who want to invest in Bitcoin will surely do so.

Yes, i greed that most of these altcoin projects are just pump and dump schemes and that can’t be denied. Some scams are even hidden within these altcoin projects, launched specifically to deceive people. The problem is that many investors don’t take the time to learn if they did, they could avoid losing money on altcoins. But all I can say is that altcoins can never stop Bitcoin from growing.

[puloweh555]

Not only ETFs but I believe it is the same way for altcoins too right. If there were no altcoins then the only crypto would be bitcoin for people to invest in.
But again, every popular asset is bound to have clones and people willing to invest in it.
So the true bitcoin believers will still go ahead and invest in bitcoin and to be honest I don't think any altcoin will be able to kill bitcoin any time soon.

Bitcoin will remain the number one asset, and nothing can rival it. Thousands of coins have been created with the goal of surpassing Bitcoin, but none have succeeded. Because Bitcoin is the primary asset, altcoins simply aim to match it and liven up the market.

In fact sometimes I think the existence of altcoins makes Bitcoin even more uncompetitive due to its uniqueness and fundamentals. Even though many developers create altcoins or investors buy Bitcoin, the reality is that Bitcoin is their priority asset.

[Dogedegen]

From my own perspective, altcoins have no effect on bitcoin.
Consensus, decentralization, mining etc, all remain the same and operates accordingly. If we should be concerned about anything it has to be bitcoin's reputation. The idea that most no bitcoiners have in mind. Which is the idea that crypto is a scam, using altcoin to draw proof and show statistics. The last time I had an argument with someone about bitcoin and altcoin it didn't end well. We have to push for more sensitization on this area if we want to push for more adoption very soon.

Personal perspectives here are misplaced. Altcoins do not have an impact on Bitcoin as the network or the protocol, but they have a negative impact on the market value and reputation of Bitcoin. There is data that confirms this, but you can also reason about it. Many times someone put altcoins and Bitcoin in the same group after they got scammed by some project.

From a Wall St. perspective, there are also altcoins whose tech has legitimate potential to offer innovative financial products.

But that last part is not really true. There is not a single altcoin that has any decentralized product that could be used there. They may provide some centralized solutions to Wall Street but that has nothing to do with Bitcoin or this space. Centralized projects should not even be listed on websites like Coingecko. They are just traditional projects that use blockchain technology.

Bitcoin will remain the number one asset, and nothing can rival it. Thousands of coins have been created with the goal of surpassing Bitcoin, but none have succeeded. Because Bitcoin is the primary asset, altcoins simply aim to match it and liven up the market.

They will not succeed because it is not possible to clone the properties of Bitcoin. Bitcoin does not even have rivals. All the top coins are centralized alternatives, some are just more centralized than others.

[john_egbert]

Not only ETFs but I believe it is the same way for altcoins too right. If there were no altcoins then the only crypto would be bitcoin for people to invest in.
But again, every popular asset is bound to have clones and people willing to invest in it.
So the true bitcoin believers will still go ahead and invest in bitcoin and to be honest I don't think any altcoin will be able to kill bitcoin any time soon.

Bitcoin will remain the number one asset, and nothing can rival it. Thousands of coins have been created with the goal of surpassing Bitcoin, but none have succeeded. Because Bitcoin is the primary asset, altcoins simply aim to match it and liven up the market.

In fact sometimes I think the existence of altcoins makes Bitcoin even more uncompetitive due to its uniqueness and fundamentals. Even though many developers create altcoins or investors buy Bitcoin, the reality is that Bitcoin is their priority asset.

Can you show me the coin that outright states they want to surpass BTC instead of some other goals?

[macson]

-.-

On that note, next time, don't argue with someone when it comes to btc vs alt. Because for me, you are just wasting your energy in doing so. The tendency is that people will always have their own stand and they won't listen to anyone but himself. So why waste your time for something not useful to you? Better keep it to yourself and enrich yourself with what you believe. Because people have their own mind and they will follow what they want to do. So no need to waste your time on something like that, instead, make your time uselful by looking for some worthwhile activities that can possibly add to your income. You will also find out that talking to hard people will only drain your energy.

It's just a waste of time to argue with people who believe that altcoins have value and that they can be equated with bitcoin because the tendency of this kind of debate will never end, those people will always come up with that altcoin runs on blockchain, it is supported by an active community, it has value and the technology is considered revolutionary, sometimes even claiming that altcoins will replace or become serious competitors to bitcoin.

But they are influenced by the hype and promotions of that altcoin so they have the view that this altcoin is as good as bitcoin. Their lack of knowledge and ignorance makes them that way. So there's no need to prolong the debate any further, just let them think like that. We have said what needs to be said and whether they accept it or not is their business.

[fikrett]

^ The discussion is built on points being presented to both parties, but usually everybody is left out with their opinions on the same page as they were. It's very rare I saw someone change their stance during dialogues like these.

[Mahiyammahi]

Imagine if there was no shitcoin market. Bitcoin would be worth at least twice as much as it is now
 because all the money in the crypto market would flow into bitcoin instead of being spread out over
a million different shitcoins. This has effectively nullified bitcoin's 21 million unit limit IMO.

I can't agree with you on how it is. If you look at the market cap of only Altcoins, you will see that it is only one trillion or so at present. In that case, I don't really understand how Bitcoin can be twice as expensive. And since block is a technology that Satoshi introduced to us, it is natural that there will be a lot more development here. You can be a hater of meme coin, so you can't say anything like that about its technology or banning it at once.

Bitcoin is undoubtedly a profitable asset, but you can't throw away meme coins. Again, they will see that they are generating hundreds of times more profit from meme coins than they are generating from Bitcoin. So I think it's completely your personal point of view.

[XOOMBOX]

From my own perspective, altcoins have no effect on bitcoin.
Consensus, decentralization, mining etc, all remain the same and operates accordingly. If we should be concerned about anything it has to be bitcoin's reputation. The idea that most no bitcoiners have in mind. Which is the idea that crypto is a scam, using altcoin to draw proof and show statistics. The last time I had an argument with someone about bitcoin and altcoin it didn't end well. We have to push for more sensitization on this area if we want to push for more adoption very soon.

I agree with you in many concepts especially the part that technically altcoins do not directly affect Bitcoin because Bitcoin's consensus, mining, and decentralization run on their own power. But I think the problem is much deeper because sometimes altcoins use the name of Bitcoin to scam people and they make promises but when the trust of the people is broken they consider the entire crypto ecosystem as a scam. So this kind of behavior discourages new investors and hides the real value of Bitcoin due to its promise of freedom, transparency and financial independence. So we should not only promote Bitcoin but also educate the people and make them understand in real sense which is the real blockchain revolution and which is a fake project. And we should spread awareness and provide real-world examples so that people can understand what Bitcoin is and have a proper understanding of cryptocurrencies.

[MarjorieZimmermanGinger]

I agree with you.

A person cannot just simply ride the wave and call it a successful investment just because other people are doing it. If that were the case, then everyone would be rich by now. Just like any other investment which is not crypto, it requires research, time, and patience in order to fully utilize its profitability long term wise.

The situation is different, and the odds may not be the same unless someone capitalizes on the opportunities in Bitcoin for long-term investment, and I agree the odds aren't much different. However, calling altcoins Bitcoin killers is a bit of an exaggeration, as there are now many people in the industry who are familiar with the available altcoins. All forms of investment require research, as one can't simply follow trends. Not doing research can be very dangerous in certain situations, as unforeseen events can prevent one from making the right investment decisions.

[yudi09]

Bitcoin will remain the number one asset, and nothing can rival it. Thousands of coins have been created with the goal of surpassing Bitcoin, but none have succeeded. Because Bitcoin is the primary asset, altcoins simply aim to match it and liven up the market.

You are too right for those who still have various reasons to think about how altcoins can surpass Bitcoin.
The presence of coins in the crypto space is only a comparison for assessing which coins are worth keeping.

In fact sometimes I think the existence of altcoins makes Bitcoin even more uncompetitive due to its uniqueness and fundamentals. Even though many developers create altcoins or investors buy Bitcoin, the reality is that Bitcoin is their priority asset.

When people are in the crypto space, with so many alternative coins, it becomes increasingly clear that only Bitcoin is different from other coins.
Those who focus on altcoins do so as a means to acquire Bitcoin, especially those without substantial capital. They accumulate profits from these coins and then store them in Bitcoin, recognizing that Bitcoin is not merely a coin but a valuable asset that can serve as a solution when others lose value in the long term.

[Obulis]

I will tell you this altcoin has never and will.never be in competition with Bitcoin it is not just possible, regardless of is altcoins has ETF's, get backed by politicians or any public figures altcoins is no competition with Bitcoin.
Altcoins is even feeding off the success of Bitcoin, as the adoption of Bitcoin increases some investors will also be looking into altcoins, this is the benefits altcoins get from Bitcoin and if Bitcoin drops most likely many altcoins will feel the impact. Bitcoin is opening doors for so many altcoins and if they follow suit that doesn't mean competition.

I get your point @bit bender. That can't be competition when they are not even in a close range coupled with the obvious advantage to have already been enjoying from BTC. They should even wish Bitcoin gets higher so they can see the limelight. Competition is when their existence will trouble BTC but as it is they should even wish for more BTC adoption being aware of the benefits they have always had.

[ndutndut]

<snip>

Altcoins may never surpass Bitcoin, but their presence has added enough color and diversity to the crypto space that everyone should learn not to consider them the same as Bitcoin. And on the other hand, anyone who can utilize altcoins for short-term profits is perfectly welcome, although holding them in a specific wallet for too long is not recommended. Because altcoins are less suitable for long-term storage, they are also less suitable for investment. However, in terms of profit, I think it's okay for anyone who wants to utilize them.

Although only a few altcoins are worth holding, the rest are nothing more than worthless coins that simply follow the hype.
Regarding advice, there's no good advice for making altcoins a long-term asset, as it could lead to money sitting in your wallet and ultimately losing it.

Just to add some color to the crypto space, that's true. Making altcoins a short-term goal isn't wrong either, as long as you know which ones to choose. That's in my opinion, if you look at the coin rankings on CoinMarketCap or similar, the top 5 are from ETH to BNB.

It's not just color but altcoins are also part of the crypto world. What I mean is Bitcoin wouldn't be what it is today without altcoins. The presence of altcoins attracts people to crypto because of their diverse offerings. While some are worth exploring for the long term there aren't many. Many others are only for the short term, and some are even defunct.

Essentially no altcoin can compete with Bitcoin. Although many altcoins offer advanced technology and fast transactions, Bitcoin remains the primary coin we should own because of its strong fundamentals. Altcoins exist because many adopt Bitcoin's technology. In other words Bitcoin is the father of all coins, and altcoins are its children no child can replace its father.

[Fiasem20]

From my own perspective, altcoins have no effect on bitcoin.
Consensus, decentralization, mining etc, all remain the same and operates accordingly. If we should be concerned about anything it has to be bitcoin's reputation. The idea that most no bitcoiners have in mind. Which is the idea that crypto is a scam, using altcoin to draw proof and show statistics. The last time I had an argument with someone about bitcoin and altcoin it didn't end well. We have to push for more sensitization on this area if we want to push for more adoption very soon.

Actually you made a good point from all what you wrote.It is said that a good name is better than riches,many Bitcoin critics opinion about bitcoin is so alarming to the extent that they've started posting false information about Bitcoin on social media platforms most especially on YouTube.So instead of the enthusiasts to complain about the altcoins or shitcoins being a silent killer they should channel that energy by telling others that have been convinced that bitcoin is a scam that they received a wrong information about Bitcoin.If Bitcoin were to be a scam project then it wouldn't have lasted till date.

[aylabadia05]

<snip>

Essentially no altcoin can compete with Bitcoin. Although many altcoins offer advanced technology and fast transactions, Bitcoin remains the primary coin we should own because of its strong fundamentals. Altcoins exist because many adopt Bitcoin's technology.

It is true that altcoins are part of crypto, provided that Bitcoin is not the same as altcoins.
I think regarding Bitcoin and altcoins it is clear that there is no competition because it has never been proven that altcoins can compete with Bitcoin. Basically, one can find differences in the context of who is better among the good in the crypto space. The word competition seems to be created deliberately even though it cannot be considered competition.