When coins are new or they are about to be listed on popular exchange platforms their price doesn't depend on bitcoin as such but after that bitcoin do have greater effect.
Crypto currency changes in price doesn't affect any country for now because it is not accepted as international medium of exchange yet.
It is right that it not accepted as international medium of exchange but peoples are doing it. Online network is working as a exchange for its users.
No doubt people are using but the fact that it is not accepted in most countries has not giving it a better chance to have any significant impact in the economy.
I think the top coin that is affected by the rise and fall of bitcoin is ethereum but surprisingly, most of the ethereum tokens like the graph, yearn finance aren't much affected by the rise or fall of bitcoin so you can definitely try that.
That's definitely a great concern but I think the defi tokens are not much affected as ethereum as I have seen some token still rising when bitcoin was falling and fluctuating. But definitely at that time ethereum was either stable or rising but not falling. So I agree with you mostly.
Most of the coins also rise when bitcoin is on the rise or otherwise, there are very few coins that doesn't follow this pattern.
Yeah but it's known that Cryptocurrency always tends to rise and fall at the certain months of the year. So idk if we can call it actually dependent to Bitcoin..
Yes it is not playing and significant role in economy of any countries. Only citizen of country earning with up and down in it. In my country it is banned but if some one earn with it, government will charge Income tax and also take other legal action.
It may be difficult for the government if your country to detect if someone receive payment from Crypto currencies except it is not peer to peer arrangement.
Yes it is not easy to trace when some one get it, but after getting it people will exchange it in local currency than it is not problem to detect it
Yeah, that's a valid point mate. But even with that backing sometimes it still follows the actions of bitcoin especially when there is a FUD news covering the whole crypto market.
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