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RE: Bitcoin Dominance and the Emergence of “Others”
The only reason why Bitcoin is the king of cryptocurrencies is because it was the one introducing the new paradigm. If you look at btc and other alts, It's mostly likely that the alt performs better. Why? They probably forked btc, enhanced it and boom. Or as in many cases, it just inspired better ideas which make btc technologically deprecated.
At the same time, most of the altcoins are bought with Bitcoin, and that's why whatever happens to it the alts get similarly affected.
Now think about how inflated the cryptocurrencies marketcap is. It says 210 billion USD or whatever on coinmarketcap, but most of the coins are only bought with btc! which means they are counting the same usd multiple times...
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And I dont' agree with your view on bitcoin.
At first you can't compare most altcoins with bitcoin, which goal is to be used as currency, as the aim at different use cased, mostly to pay the service offered by the blockchain.
And for the use as currency trust and adaptation is most important and no other currency like crypto comes close to bitcoin.
Bitcoin also gets improved over time so I still can compete with the altcoins.
And I don't know what you mean with your last point.
What does buying and selling of altcoins with btc to do with the marketcap and why are they counted mutltiple times ?
Are you talking about the volume ?
Well of course, you can't compare Bitcoin with Ethereum for instance, but you could do it to other altcoins that are meant to be used as a currency such as Litrcoin or Dash.
Well for my last point I'm not talking about volume but true market capitalization, allow me to illustrate: there is $100 billion in BTC and only BTC. You create an altcoin that nobody wants but gets somehow listed in a random exchange with the pair Xcoin/BTC. Out of thin air, the marketcap went from $100 billion to $100 + something. That something is not usd. No new usd entered the economy, instead the value of that coin is being calculated based on what a BTC costs, but it actually is traded via BTC, which means that cap is kind of imaginary. Trying to find a medium article on that I read once.
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