Altcoins aren't alternatives to bitcoin

There is a prevalent mindset in the crypto industry, one that I have also helped to propagate. However, I want to use this post to share my thoughts on the issue. By the way, I got my inspiration for this article from reading @chekohlar's post, The Crypto Great Filtering.

One of the first things you will notice in the crypto market today is that a lot of price actions are propelled by greed and misinformation. There is not much in terms of utility. This is one of the reasons most bitcoin maximalists consider altcoins to be worthless.

Like chekohlar said, a lot of these projects live off the hype and buzz around the bull run and bitcoin. That's certainly not something a smart investor would want to hedge against. They would rather invest in bitcoin. We've seen this play out in the last couple of months with major Tech giants and financial institutions endorsing bitcoin.

However, I want to point out that altcoins aren't an alternative to bitcoin. This dichotomy is unreal and although it does serve its uses (in creating conversations about different projects), it should be taken with a pinch of salt. The fact that you've invested in bitcoin does mean you cannot invest in altcoin.

Currently, I do not own any bitcoin, and that's mainly because I am focused on building my alt portfolio. It is easier for me to invest in alt given my financial background. Without hive or leofinance I probably would not have much of an investment. They are my entry points into the crypto sphere.

This doesn't mean I will never own a bitcoin. On the contrary, I am making an effort to see I have a sizable amount of bitcoin soon (for the long run). I think it is imperative to hold bitcoin and I am shooting myself in the leg for not doing so.

The crypto sphere is dynamic and there is still a lot that is yet to come. I agree with chekohlar that a lot of these faux projects will be filtering over time. However, there is still a lot to come in this space. Thus, the best way to capitalize on the opportunity available in the crypto industry is to be open-minded and do your research (very important).

In a nutshell, alts are not a substitute for bitcoin. They have their place and time. I will mostly explore alts due to its diversity and inclusion. We don't speak much about how alts have captured different markets (gaming, art, social media, etc) and demographics. It is setting the frontier of what is the new world. A world that is decentralized with little or no barriers to entry. A world where everyone has a stake.

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