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.
I also agree with you, because usually in competition there is something called comparison, the same is true with Bitcoin and altcoins. With this, it will definitely cross investors' minds to choose which asset to buy. Therefore, bitcoin and altcoins have become rivals, which in essence indirectly makes bitcoin's name even better. Because for example altcoins don't exist and only bitcoin exists. I don't think the crypto world will be as popular as it is now. Therefore, altcoins also have an important role in the development of the crypto world and the development of bitcoin. Because altcoins become a benchmark and comparison against Bitcoin, the quality of Bitcoin is increasingly visible.