Quote from: uchegod-21 on Today at 07:28:33 AM

Quote from: jeraldskie11 on October 29, 2023, 01:37:05 PM

Many people believe that if there is no alternative cryptocurrency, the price of Bitcoin will rise because it has no competition.

But, in my opinion, the price of Bitcoin is lower if it does not have a competition. Why? Because if there is no competition, the buyer's thinking is "should I buy this or not?" however if there is competition, the buyer's mind is "should I buy Bitcoin or these alts?"

As a result, not just Bitcoin but other altcoins will benefit. So, rather than being upset or sad because there is a competition, we can look at it in a positive way.

There are so many other factors aside competition that influence the price of bitcoin and one of them is the forces of demand and supply.

Currently, the availability of several altcoins is just like a joke compared to Bitcoin, the demand for Bitcoin is still very higher that all altcoins put together. Now, if there were no other coins, making Bitcoin the only cryptocurrency, everyone will fall back to Bitcoin and of course we know this will result in an increase in demand, thereby making the price of Bitcoin to be high due to its high demand and limited supply.

What you said is not wrong, if there is no competition from altcoins, bitcoin will receive more demand and the price will also increase. But on the other hand, it cannot be denied that there are many people who know this market through altcoins and centralized exchanges, and I am also one of them. Many people are attracted by the thousands-fold, million-percent price increase of altcoins, and they enter the market because of the altcoin hype.

Altcoins also play an important role in attracting newbies to this market, so without altcoins, it would be difficult for the cryptocurrency market to reach the level of popularity it has today. And if the market doesn't become popular, not many people will know about bitcoin. I think both bitcoin and altcoins are important in helping the cryptocurrency industry become more popular.