Quote from: Stablexcoin on Today at 02:35:47 AM

Quote from: Gladitorcomeback on April 16, 2024, 11:31:55 AM

Quote from: Marvelockg on April 16, 2024, 10:32:04 AM

This begs the question, what if we had only Bitcoin? Wouldn't the level of adoption outgrow what it currently is at the moment?

Do you think that altcoin is a major distraction to bitcoins adoption?

No, I don't think so, I would rather say that altcoins have helped the adoption level of Bitcoin greatly because if there were no altcoins at all, it would take more time for Bitcoin to spread around and it is altcoins that make Bitcoin look better because people compare altcoins with each other and also with Bitcoin, and when they find out which one is the best, which is Bitcoin, of course, they become more interested in Bitcoin after that.

One more significant thing that altcoins have done is that their teams and creators promote their coins and tokens which in return makes people investing in their projects turn back to Bitcoin eventually because once they get in the industry, they start looking here and there and doing their research, and their final destination becomes Bitcoin. So altcoins indirectly have supported the adoption of Bitcoin.

Let me add to what you have said. Something has to lose value for another to gain more value. Bitcoin was the first in existence in cryptocurrency, the purpose of altcoin is to show the world the importance of Bitcoin and that no altcoin can have a blockchain that can be compared to that of Bitcoin. Altcoins has shown its weakness and most of them have failed in terms of trust and transparency but Bitcoin has not (More than a decade without any news of scam or failure). If there were no altcoins most investors would not see the importance of investing in Bitcoin instead of investing in Shitcoins.

Without any other projects to compete with, we will never know how good bitcoin is, competition is necessary for the crypto industry to grow and get better. But there are some old-fashioned, stubborn people who believe that altcoins are hindering the development of bitcoin, but without altcoins, how do they know how good bitcoin is?
Additionally, diversity is essential for any sector to grow because without competition and more options, the market will not be able to attract more users and customers.