Bitcoin and Altcoins

[nelruk]

Is factible to have so many altcoins right now? Is good or bad or neither? If you could explain, I appreciate.

[BurtW]

The only alt coins that may have a chance to become a possible contender to Bitcoin would be new alt coins that are actually much better than Bitcoin and uses this method for their initial coin distribution:

https://bitcointalk.org/index.php?topic=563925.0

Since there is not a single alt coin today that is better than Bitcoin and uses the method described in that thread all of them will fail.

Yes, all of them.

This is because the first alt coin to be better than Bitcoin and use that method will wipe out all the other alt coins.

[transient858]

Is factible to have so many altcoins right now? Is good or bad or neither? If you could explain, I appreciate.

All the altcoins are actually giving bitcoin is bad name since most exists for the sole purpose of pump and dump.

If I am new to crypto, I will associate bitcoin with all the pump and dump coin and stay away.

[MelodyRowell]

Is factible to have so many altcoins right now? Is good or bad or neither? If you could explain, I appreciate.

Some altcoin are good like darkcoin, peercoin and so on, but most are pump and dump. So don't invest in the wrong coin

[hodap]

Is factible to have so many altcoins right now? Is good or bad or neither? If you could explain, I appreciate.

Some altcoin are good like darkcoin, peercoin and so on, but most are pump and dump. So don't invest in the wrong coin

Have you check the price on darkcoin and peercoin recently? There is yet to have any exception on altcoin.

[bounst]

The only alt coins that may have a chance to become a possible contender to Bitcoin would be new alt coins that are actually much better than Bitcoin and uses this method for their initial coin distribution:

https://bitcointalk.org/index.php?topic=563925.0

Since there is not a single alt coin today that is better than Bitcoin and uses the method described in that thread all of them will fail.

Yes, all of them.

This is because the first alt coin to be better than Bitcoin and use that method will wipe out all the other alt coins.

wipe out all?

[MyLuckyMichelle]

There are different Altcoins with different advantages and disadvantages compared to Bitcoins, for example lower transaction fees, faster transaction confirmation. But there are too many Altcoins that were born only for pump and dump purposes which give a bad name to the whole Altcoins industry including Bitcoins.

[Undermood]

Is factible to have so many altcoins right now? Is good or bad or neither? If you could explain, I appreciate.

Some altcoin are good like darkcoin, peercoin and so on, but most are pump and dump. So don't invest in the wrong coin

It is better to stick with Bitcoin, which has 5 years' history and is the best cryptocurrency. It is dangerous to get involved with the IPO of new coins, mining new created coins, clone of existing coins etc. We know nothing about the dev of new coin, their intention, the new features associated with it, just from their public claimant.

[Hash Master]

Isn't the whole purpose of altcoins to be an alternative of bitcoins? The faster transfer is just one of the advantages.
Even if some of them are developed for pump and dump purposes like some of you said already, there should always be at least one alternative. Having bitcoin only would be a total monopol, which immediately and inevitably reduce the value of the initial concept of cryptocurrency. It's the same with the fiat money. You can't have a value per dollar if you don't have euro and few more currencies to compare.

[Unbelive]

Is factible to have so many altcoins right now? Is good or bad or neither? If you could explain, I appreciate.

It is good. More there are faster will be progress.

[KenChanYu]

Isn't the whole purpose of altcoins to be an alternative of bitcoins? The faster transfer is just one of the advantages.
Even if some of them are developed for pump and dump purposes like some of you said already, there should always be at least one alternative. Having bitcoin only would be a total monopol, which immediately and inevitably reduce the value of the initial concept of cryptocurrency. It's the same with the fiat money. You can't have a value per dollar if you don't have euro and few more currencies to compare.

That's a good point, like the dutch coin Guldencoin(NLG) can cater for the Netherlands while bitcoin can be a global thing, the problem is Guldencoin is the only country coin that is doing it right. Same with color coins, blackcoin is the only one that might get somewhere.

You just have to very careful, looks for coins that don't over promise the world and give constant update.

[Willisius]

Altcoins are good for Bitcoin. The thing about being open source is that cryptocurrencies are constantly undergoing a sort of evolution. To say that altcoins are inherently bad is misguided at best.

[Nullu]

It's a little of both. It's bad for all altcoins, except for those that manage to rise above the noise. There's so much BTC spread against different cryptos now that it's no longer about getting a slice of the pie, but seeing if you can get a few crumbs.

[BeeTeeSea]

It's theorically possible to have infinite altcoins... or as much as people want to create, even tho 99.9999999999999999999999999999999999999999999999999% of them are totally bull shit.