Quote from: Best-mary on November 20, 2023, 06:24:20 PM

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

Something came out in my mind recently:
How would the price of Bitcoin change if there were no other cryptocurrency than Bitcoin?
Would Bitcoin develop faster without a competition?

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.

Nah.. Bitcoin has no competition. In fact, I see bitcoin has currency like saying USD and EUR have competition..other coins are for profit-making whereby we take advantage of it to make money just look at Pyth and how people are talking about it "The hype" and"The season"

Bitcoin doesn't have competition ok but if there is competition bitcoin can't compete with it and rise above it. In a flat market bitcoin is on top of all currencies and more popular The value of other currencies increases depending on the price of Bitcoin. Altcoins are good to hold with bitcoin but will not rise to the top like Bitcoin. Bitcoin rises in value based on its demand and supply Investing in other coins for profit is very difficult to guarantee but most of the time they are scams.