I think you may have been in crypto for too long. If you ask the average joe on the streets to name a cryptocurrency, almost all could name Bitcoin. I don't think you could say the same about any other one, even Ethereum. Until the large public is aware of more than Bitcoin then we can stop calling them altcoins. Plus there are very few ETH pairs out there. It is definintely a tiny minority of all crypto pairs able to be traded.
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I see it as cryptos and alt-coins, the difference being if you hear it and have to look up its website, its an alt.
I dont think this is necessarily true anymore..
I know this is a small sample but just from personal experience, lot of my friends got into crypto only a month or two ago and due to the FOMO going around, they are already invested into a diversity of alt coins even if they dont know or care about its whitepaper/tech behind the coin. However, they all started by going through coinbase and after a couple transactions and high fees later, they all became "experts" on ltc and ethereum.
I guess my point is, majority of noobs come through coinbase and coinbase already has ether/usd, bitCASH/usd, and ltc/usd. Noobs might not necessarily know the tech behind all these coins, but they certainly do know the names litecoin and ethereum. So I also wonder if the altcoin crash would really lead to a migration towards ltc...ether...or maybe even but hope to the crypto gods not...bitCASH!?!
I would agree with most of what you are saying but on most exchanges there are not too many coins paired with anything but Bitcoin. Especially the newer the coin is the less likely there will be other pairings outside of bitcoin. Therefore you will have to go through Bitcoin in some fashion with the exception of a few pairings with ETH. Something like ADA or Ripple would need to be sold to Bitcoin just to be sold for LTC or ETH or whatever. If transaction fees are really a worry will they take that chance of double Bitcoin fees to move, for example, ADA to ETH? (ADA to Bitcoin fee and Bitcoin to ETH fee).
Ripple can me traded for ETH in many exchanges as far as I know
I think I acknowledge the fact that there are some coins that can be exchanged for ETH directly but that is definitely the exception and not the rule. The vast majority you would have to go through Bitcoin. I would venture to say the majority of exchanges (well over half) you would not have an XRP/ETH pairing. I did not search through all exchanges but I am fairly confident in this statement.
I see your point but just a question...
Why are people even using btc right now when ether is a choice on that exchange? For example just taking tron as an example..on binance there is ether/tron pairing and bitcoin/tron pairing. According to coinmarketcap, btc pair is doing about 3 billion in volume while ether pair is doing about 700 million only on binance.
I guess its just confusing for me because assuming this sudden increase in the market is due to the influx of noobs, after looking at transaction fees, why would anyone choose to use btc when they clearly have a better choice at the moment in ethereum? Applying this same logic, I guess if there is a massive dumping of altcoins, why wont people just choose ethereum over bitcoin?
I am bull on bitcoin on the long run....but just trying to make sense of this craziness of today...and i admit..I am also a noob..any insight would be great =)
I pretty much agree with everything you said again. I think this has divulged further than I was originally intending to go with all of this. I was simply backing the point of Bitcoin vs Altcoins and giving my justification for that. Mainly focusing on more pairings in Bitcoin. As far as speculating on what people will do in the future your logic sounds perfectly reasonable and it could easily play out that way. Then I will eat crow and stop calling ETH an alt coin. lol
I am bull on bitcoin as well and pretty much cryptos in general. My main concern lately is when you see this 2x. 3x and so on gains in a weeks time people will want to take their profits. This will 'crash' alts in the near term and I have seen people run to Bitcoin in the past and continue to think they will even given all the known flaws of it. I simply believe this because people mainly chose what is familiar and the path of least resistance over all. Taking your binance example I see people are 30 to 7 more likely to go to Bitcoin. Again this could change based off of what you have pointed out though. Who knows just be safe out there!
haha yup for sure! be careful out there and thanks for your thoughts!
The CMC markets page Ripple shows that you're right. XRP/ETH is available on 6 exchanges while XRP/BTC is available on at least 20. The largest share of XRP/ETH traded is 1.8% of total volume, on Binance.