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.
Even now I have not seen any coin that is competing with bitcoin instead they are the coins altcoins trying to meet up with bitcoin. If there was no any other cryptocurrency and it was only bitcoin then the price of bitcoin has gone far to the level $100k
Because at that time since competition everybody would focus only bitcoin but the irony of it is that there is no way a good project is launched in the world that there will no imitation. Therefore all the altcoins are just the imitation of bitcoin in different form.