I only hold Bitcoin and do not involve myself with any other digital currencies, but I never belittle other cryptocurrencies—no coin can achieve success by disparaging its peers. Bitcoin only needs to focus on itself and does not need to pay attention to others; many other cryptocurrencies also have their value; it's just that Bitcoin's value is more prominent.
I have completely liquidated all my holdings in Bitcoin forks. Some people promote '1:1 holdings', which actually reflects a lack of confidence or a vague value system. The values of forked coins fundamentally conflict with those of Bitcoin; those who truly have confidence in Bitcoin and practice what they preach will never hold both. However, I do not oppose anyone holding any cryptocurrencies, even Ponzi scheme coins.
Bitcoin: The hardest choice to make
For long-term holders, the core question is: Will the currency they hold survive in 10-20 years? The answer is obvious— Bitcoin has the highest survival probability. It is the most decentralized, the most robust network, the most secure system, and the simplest function of all digital currencies. This does not mean Bitcoin will definitely survive, but if even Bitcoin cannot survive, other cryptocurrencies have even less chance.
Some compare buying other cryptocurrencies to 'insuring Bitcoin', which is completely wrong. If Bitcoin fails, other cryptocurrencies will only perish faster; for other cryptocurrencies to survive, they must first pray that Bitcoin continues to exist. The reason various cryptocurrencies exist today is simply that countries have not yet found a way to eliminate Bitcoin—if they cannot shake the giant, they will not bother with the small fries. Once Bitcoin is conquered, other privately issued currencies will find it even harder to survive.
For long-term holders, one must choose the one that is the hardest to kill.
Bitcoin: The largest vision in the race
Cryptocurrencies can be divided into two categories based on function: currencies represented by Bitcoin, and applications represented by Ethereum. Currency itself is also an application, and it is the largest application—store of value is a basic human need, with the global store of value market reaching $134 trillion.
Application-based cryptocurrencies are similar to stocks; even if a project reaches the scale of Apple or Amazon, its market value would only be around $1 trillion. The vision for the store of value market is at least 100 times larger than that of blockchain applications.
Bitcoin will dominate the market.
In the realm of currency, Bitcoin will undoubtedly dominate the market. The fewer types of currency there are, the more efficient they become, just like the logic of Emperor Qin's unification of measurement standards still applies today. If both parties in a transaction require payment in Bitcoin and Litecoin, they must exchange through an exchange, which reduces efficiency.
Bitcoin's lead in decentralization and security has attracted a large number of excellent developers and committed value-holding users, making it unlikely for other currency-like cryptocurrencies to stage a comeback. In the future, there may be 3-5 types of currency-like cryptocurrencies that persist, but their total value may only be a fraction of Bitcoin. The status of Litecoin is also precarious; holding Bitcoin is sufficient.
Application-based cryptocurrencies will flourish. From BTS's '2.0' to various '3.0' and '4.0', applications must continuously iterate to meet the demands of 'fast, large, and fun', much like how Apple phones need to be continuously updated; whereas Bitcoin is like gold, remaining stable is sufficient— the fewer functions a currency has, the purer it is, and adding unnecessary functions is just gilding the lily. People will ultimately choose the 'clean' Bitcoin.
Why do I only hold Bitcoin?
The vision of Bitcoin deeply attracts me: it will dominate the market and is the hardest to kill. The visions of other cryptocurrencies fail to move me; I am unwilling to invest against my will—just like I would not buy stocks in traditional Chinese medicine if I don't like it.
Moreover, holding Bitcoin is sufficient to achieve financial freedom without spending time and energy on other cryptocurrencies. The biggest cost of investment is time and effort; most people flit between various cryptocurrencies, and in the end, Bitcoin becomes scarcer and more valuable, which is counterproductive.
More importantly, Bitcoin is the 'base currency' in the cryptocurrency world. Just as one would cash out and convert to currency after making profits in stock trading, in the cryptocurrency world, regardless of gains or losses, funds will ultimately flow towards Bitcoin. The more you earn, the higher the demand for value storage; the more you lose, the demand for value storage by the profit-makers will also increase. I only need to hold Bitcoin to reap the benefits.
Why do I not oppose others holding other cryptocurrencies?
I do not oppose issuing coins or engaging in Ponzi scheme coins because I am a liberal—morality is a tool for self-restraint, not for attacking others. Even if you do not believe in Bitcoin, I support your choice of the currency you recognize. The core values of Bitcoin not only respect individual financial freedom but also respect individual choice freedom, which aligns completely with me.
In a free world, everyone should be responsible for their own actions. Just like you cannot dissuade a girl who insists on dating a bad man, excessive intervention will only lead to suspicion. She may learn and grow from her losses, or she may fall into Stockholm syndrome, but giving her the freedom to choose, even if it leads to detours and harm, is the greatest respect.