Can altcoins survive without bitcoin

Not much is known about the overwhelming majority of 1, coins available in the markets today but they are still being bid up to multi-billion dollar valuations. The situation in cryptocurrency markets is not dissimilar. Every week! Bitcoin is the original cryptocurrency and is fast emerging as a store of value.

Join the conversation

By iamsheikhadilOctober 19 in Bitcoin. I do understand how bitcoin works and the underlying bitcoin technology but it is kind of hard for me to try to understand when someone says that bitcoin can «easily» survive even without other coins. Now, I fully know that bitcoin is an independent coin and it is can altcoins survive without bitcoin dependent on other coins in terms of functionality or use. But, bitcoin is definitely a gainer from the emergence of other coins because the hype and investor of other coins surely gave a boost to bitcoins because of engaging with it in trading. Hence, crypto community minus alt coins might be a very sloth like bitcoin like it was before

Over the past months, there have been plenty of developments highlighting the potential of the underlying technology of bitcoin, which is the blockchain. This refers to the public ledger of transactions associated with the cryptocurrency, which requires a network of computers solving complex algorithms to complete verification and add a new block to the blockchain. With these characteristics, blockchain is rendered secure and immutable, as the entries cannot be altered. This has given rise to the use of practical applications, such as creating a database of land titles or enhancing security of digital files. However, many have wondered if the underlying technology could persist even if the digital currency is no longer in existence. After all, bitcoin is having trouble shaking off its negative associations with money laundering or underground markets like Silk Road, and may be unable to gain the trust and confidence of the general public. However, replicating the blockchain protocol on other types of digital currency, such as litecoin or dogecoin have already been attempted.

Over the past months, there have been plenty of developments highlighting the potential of the underlying technology of bitcoin, which is the blockchain. This refers to the public ledger of transactions associated with the cryptocurrency, which requires a network of computers solving complex algorithms to complete verification and add a new block to the blockchain.

With these characteristics, blockchain is rendered secure and immutable, as the entries cannot be altered. This has given rise to the use of practical applications, such as creating a database of land titles or enhancing security of digital files.

However, many have wondered if the underlying technology could persist even if the digital currency is no longer in existence. After all, bitcoin is having trouble shaking off its negative associations with money laundering or can altcoins survive without bitcoin markets like Silk Road, and may be unable to gain the trust and confidence of the general public.

However, replicating the blockchain protocol on other types of digital currency, such as litecoin or dogecoin have already been attempted. These types of currencies have failed to gather enough mainstream acceptance though, with most companies still focusing their efforts on bitcoin. The problem is, the bitcoin network has grown so huge now that trying to replicate the technology to serve a similar purpose and have the same level of security would be far too costly.

All Rights Reserved. We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy. Crypto Credit Lines Can altcoins survive without bitcoin. Blockchain Minus Bitcoin? Can Blockchain Survive Without Bitcoin? Get Started Now. Nick Chong 4 hours ago.

Cole Petersen 5 hours ago. I accept I decline. Privacy Center Cookie Policy.

Many big names in the space disagree here, but in my mind, Bitcoin will come to fan things like a k, or an traditional investment account. Bitcoin What Determines the Price of 1 Bitcoin? The question, then, is which digital currency is most likely to have a chance withouf this success outside of the can altcoins survive without bitcoin niche crypto-enthusiast community. The coin has no clearly-defined use case or characteristic to justify that value. I do acknowledge that there are several alternatives for this survivor slot, most notably, in my opinion, Litecoin. Without getting technical, it seems best to me if we just let Bitcoin remain what it has become: a long-term store of value. Hackernoon Newsletter curates great stories by real tech professionals Get solid gold sent can altcoins survive without bitcoin your inbox. But identifying survivors in the cryptocurrency markets is easier said than. Its blockchain and codebase altciins spawned offshoots, such as Litecoin and Bitcoin Cash. Altcoin Altcoins are alternative cryptocurrencies launched after the success of Bitcoin, and refers to any of the hundreds of cryptocurrencies that exist that are not Bitcoin. When that mania subsided, companies without a biitcoin model and with multi-million dollar valuations went bankrupt.