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.
- As far as I know and understand, even if there were no other cryptocurrencies outside Bitcoin, the market value of bitcoin would still rise. As a result, we cannot assert that its pricing is the same as it is now. It is possible that its worth is lower than the one it now possesses.
Then, first and foremost, Bitcoin is not actually competing; it is the other cryptocurrencies or altcoins that have emerged that are competing with Bitcoin. Do you understand? Isn't there a long history of new cryptos claiming to outperform Bitcoin in terms of price, such as BCH, but failing to do so? These are, in fact, bitcoin's competitors.