Hello everyone, I made my first post
here and the words of advice were really touching(maybe it's because I am weak-hearted) and encouraging. Thank you all for making me feel at home.
Now back to my question. My thoughts were that alternative(Alt) coins were created by organizations or developers to serve as a digital currency for their product or service, or improve on the shortcomings of their parent coin. I believed an alt coin with a real purpose was here to stay like Bitcoin.
But reading certain threads made me realize that my thoughts might be flawed and that maybe alt coins are good for making short gains and not long since some analysts believe they are subject to pump and dump. So would like to know
1. What will happen to alt coins when Bitcoin becomes a legal tender? Will they have a massive growth,or would people sell and jump into Bitcoin?
2. What would happen to alt coins when Bitcoin becomes relatively stable( when it is fully mined and will solve its problem of price volatility)? Will alt coins survive the test of time? Will new alt coins be created later? What would become of the various countries'currencies, especially the Dollar (the global reserve currency) after Bitcoin's general acceptance?
3. If alt coins survive in the next century what is the reason it would.
4. Should alt coins be traded rather than HODL?
1. I think altcoins will here to stay especially to those who really has use cases even when Bitcoin becomes a legal tender and accepted worldwide. Many will surely jump to Bitcoin but expecting for them to sell their altcoins is such a ridiculous idea especially if what you're holding is really a good project.
2. Ethereum will surely survive. Regarding countries currencies, even today dollar is failing how much more of those other currencies.
3. Easy access into the world of cryptocurrency, right now it's really hard especially to non-technical people.
4. Both for me