Will alternate cryptocurrencies devalue or even put bitcoin out of use?

Will alternate cryptocurrencies devalue or even put bitcoin out of use?

To be of any use bitcoin has to stabilize at some point and be used as a currency i.e. not just for a quick profit but for buying and selling.

considering the plethora of other currencies that have popped up and that banks such as the bank of england are now making their own cryptocurrency, doesn't this suggest bitcoin may devalue significantly or even be made redundant by the good points of the other cryptocurrencies and their adoption?

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