Bitcoin Forum

So many altcoins exist, out of which some are more known and used than others. Many of these coins claim to have an utility - for example, Siacoin exists, praising themselves as a Storage Platform.

But what truly bothers me is that, if I think about all those alts I have ever purchased and held, I have never used them for what they are supposedly created for. Besides Monero, where privacy is basically the default, most coins I have ever held have only been used for exchange deposits and withdrawals.

Hence, I thought it'd be a quite interesting idea to create a poll and find an answer to the following question: Do you really use the altcoins you own for the purpose they're supposedly created for?

Truth to be told, there are only a few coins that I really use for the purpose they're created for. I mostly buy them to trade and increase my BTC bag. The only coins I really use are BNB (for trading discount) and Monero (anonymous transaction).

Honestly no. Maybe i'm a type of person who just uses cryptocurrency to place bets and to play gambling games using it to play bets though it would be much better if I use that certain coin based on its real purpose however my knowledge is only limited to some altcoins so I think that's one thing that's why I don't use them based on their real use.

I actually use Altcoins just for investment and trading I don't quite really sure what's their use for some of the Altcoins I'm buying I think for me their value matters rather than their actual purposes.

None to my best understanding actually served it purpose in this industry. Some of those coins and tokens am currently holding are just for the sake of trading them with others in the market, though there are some very little projects with their whitepapers been followed to letters, EDU coin is one which am holding because I used it for learning on their platform than just buy and sell like other projects do.

After reading op, i thought about what alts i used in the past for what they are really supposed for, and found nothing but the one mentioned in this reply:
_Monero for a private transaction instead of using a mixer to send btc.
_BNB for paying low withdrawal fee in Binance exchange.

+ eth which i used to pay gas fee when sending ERC20 tokens and sometimes for peer to peer crypto sales when i mining fee for bitcoin reaches a high level.

Almost all crypto users are either traders or investors who have the only goal of buying and selling them for a profit purpose. Somehow disappointed but true.

Sincerely, it will be difficult to see anyone who purchases altcoins and use it for the idea behind it, most of those buying into altcoins are doing this because they want to use it as a pump and dump and probably make something for themselves. The idea behind some of these projects are great but no one cares about the usage, the majority only cares about the pump and dump.

They are more use in trading purposes, I don't know if many still do invest in long term in different altcoins since I'm only focus now in some top altcoins as ETH and XRP, though I have different alts used only in trading not particularly because of their usage or because I will use them. But their uses and purposes will be a basis whether these altcoins can have a chance to be tradeable.

No / I only care about the money, this is I choose because in the fact it is. And I think almost everyone does.
I buy a lot of altcoins and I don't know anything about the purpose behind it, I think this is funny but for me, the community and market which listed are reason enough to buy it

I also think the same, Altcoins today have low value, I keep a huge amount of Alts, but actually I like having them there because they promise many innovations and features that have to do with advancement in technology, in fact it is not a bad idea to accumulate alts , because when Bitcoin is in the Bullish trend all those highs will go up as they follow the movement of Bitcoin and have direct dependence on the King Dad Bitcoin.

The true story is people will use the altcoin as a way to do speculation in the market and they were only using one or two coins from their assets with its own utility usage.

I also rarely seen people were holring their alts caused by the technology as their belief.
I have participated in so many icos, ieos, launch pad and i personally only dump it when i had gotten really nice ROI from there. it can be said everyone will always have (usage)50:50(speculation) as the result for the reasons in holding their altcoins.

Honestly I invested on them that's why I use them.
The intention to invest was first because these coins needs adoption in order to be very useful, but investing means seeing that potential in the future.

For me, those are the real purpose of altcoins, investment opportunity at the beginning, then it's real use case.

We definitely have major coins to use already, like me, I'm using bitcoin most of the time, and some altcoins when gambling, so it's still useful somehow but now for the majority of people as they'll always prefer the most stable coins in the market, and that is bitcoin.

So in your case for example, what particular alt have you invested that you are using up until now owed to its application in the market?
I am curious as well as most of us actually are using alts for trading purposes.
Like XRP and DOGE, we usually used them for transfer purposes because of the very minimal fees involved.
How about those hundred of alts claiming to have other usage aside from trading?
For sure, a lot of alts presented them as payment method. But are we really using them as payment method?
Still, btc is the popular one for payment purposes. But a lot of them are just having their front of payment method as purpose but no actual usage in the market.

One big investment of mind is ETH, it's the most popular altcoins in the market, and I'm sure we've seen it's real used cased already.

I used these altcoins in gambling most of the time, before I also used ETH but due to its skyrocketing fees, it's not good for gambling at the moment.

Majority of the altcoins are scam, they claim something but they can't prove their claim, the best way to treat them is just to disregard them.

Im fully using altcoins as speculation but there are some exceptions for the altcoins with real products or use case.

The majority of altcoins need a very long time to develop a proper product but sometimes the result will not be the same as what already stated on its roadmap.
It's only a very small percentage of coins that can be used for supposedly they to be created for.

I've used Litecoin for cheaper transactions before, but Dogecoin is just as useful for this. Mainly I just use altcoins for gambling. I prefer them over Bitcoin because they are worth less so it minimizes my losses if I have a bad streak.

I used ETH a few times in the ICO days for investing in new ERC-20 coins and did a bit of trading on ForkDelta. Eventually, I converted everything to BTC and haven't touched it since aside from a few tips I've received at casinos.

I would have to think that 99.9999% of the people don't.  Alts are mostly just used to speculate to hopefully get more bitcoin.  I do think there is a space for alts and see merit in some but for the most part they are created/sold/traded for more bitcoin, period

Interesting replies. So far, not even a single vote towards the first option. :) The thoughts I previously had are now confirmed: altcoins are really only used for trading.

The sad idea that I wanted to shape is that, while altcoins advertise themselves for "revolutionary" tech and features, at the end of the day for the majority of us the only alts we use the way they're supposed to be used are privacy-focused ones - and that is because privacy is the default.

This particular reply has caught my attention:

Altcoins are 99% of the times praised for their tech, and investors/developers always link that to their potential value. However, so far, the voice of the community says something else.

It's almost like we're misleading ourselves to believe that a certain coin has more value because for its utilities, although almost nobody ever really uses it. :)

Honest answer is no, Maybe used them on gambling sites on few occasions but apart from that tokens and shitcoin have no real utility in the current space. So most of the users only use the tokens and alts on exchanges for trading purposes.

No, I have never used their service, Rather I think many people buy altcoins so that they can make a profit from it. maybe I could be wrong.
Yes, if I need a service anywhere in the future that is providing my altcoin, then I am sure I will use it and would like to test it.

To me, all these altcoin was created just for the purpose of trading, withdrawing and depositing, so many project lied to investors for their use case but at end cannot deliver what's written on white paper, its only takes a few good project to the opposite.

My use of altcoins is limited which is trade and make profit with them but there are some altcoins like trx and xlm which I use to move my fund because of the cheap transaction fee and that's one of the major use case of these two altcoins.

What you do is something that other people in general, including myself, also do, because trading with altcoins and being able to make a profit is very extraordinary, so is using altcoins to minimize gas costs for transactions.

The truth is 90% investors don't care about the purpose of altcoins anymore, many holders are in loss and now they care about taking profits ASAP, this is why few crazy investors intentionally invest in pump and dump coins or scam coins just to make some profits and get out.

I think the only purpose we use altcoins right now is just payments. The rest is still buying and speculating. The tokens for farming recently are probably the most used for the right purpose.

Haha, that's really funny question! I just trying to remember altcoins I used for their general purpose and nothing comes in mind. I guess the only alts I used for their purpose are the alts which main purpose is some sort of money)

Some are investments while others are for use case. Let's take for example Dogecoin, the only reason why I buy this is because it is one of the most well known altcoin out there. It's fast and cheap for transactions and many exchanges/wallets use them. For investment, I'd make kucoin as one of an example for making passive income.

I think this is why cryptocurrency is very popular to people because it's up to people on how they are going to use this.  

Imo, there should actually be no exact reason to use dex cryptocurrencies, it presents quite a lot of opportunities for it's users, and in whichever way anyone of those users choose to use it is totally fine. BTC for example can be used for a plethora of purposes, some users simpy just hodl it and have not capitalized on it's feature as a payment option, but it really changes nothing on the network, everyone cannot use a coin for a particular purpose, it'll serve many purposes for many users at different times.

For altcoins, many of them aren't really true to their use cases, so most investors are only out to make profit from it when they can, plus the value can dump pretty fast, I think I can say that for users to use a coin mainly for the reason it was created, they need to trust the coin, it's value, they have to be sure it's not just a pump and dump coin, without that trust, they'll only just buy, try and make some ROI and sell immediately, so they don't meet any losses.

Right now I can't think of any alt that we can use directly . There are quite a few alts which you can stake and enjoy the benefits while running a node and the node serves the purpose for which the alts weree created.

Honestly for me, since I am more into Bitcoin. All altcoins that I owned lately are only for money, I bought them because I have some analysis and speculation.
I think some the people also are only for Money, especially these days, we are still early in cryptocurrency and some of the people boarding are into money only, I know it is not advisable, and learning first before buying something is the best practice.

This is explained very simply: In this thread, it was mostly traders who answered, not investors. If investors answered about their choice of altcoin, they would write about the technology and functions of these coins. For a trader, volatility and liquidity are more important.

I only use some of them for their main purpose most of the time I only buy alt-coin to trade so I don't really use them for anything else.
I would only buy them to hold or wait till I gain profit because they pump up most of the time it is only for a short trades.

I think that most altcoins are only used for trading in order to make money. I also hold several altcoins in my portfolio with the hope that they will rise in value in the future. But there are only a few of them, and mostly I use altcoins only for trading with the purpose of earning.

Not at all, those altcoins i have ever hold are mainly for the purpose of profit and not for the purpose they are meant for. Most of these altcoins do not have case use or not made for a specific purpose, so, for anyone to pick on them for profit taking should be the very best. In actual sense, things should have been done otherwise if we want the progress and the actualization of a global adoption in the industry. No altcoin actually meet the requirement of what they're meant and created for.

what exactly siacoin mean as a storage platform ? all cryptos are already like that . they can store a value if you hodl them  but for monero it can be different because not all cryptos are totally anonymous .

monero is a coin that people can use its real purpose while at the same time people can also use it for investing , trading and everything else .  for others that said to have a utility  , its hard to use them for that purpose but people just invest on them to be able to make profit .

i'm using Litecoin for PlayStation4 Digital Games purchases from eGifter.com (PS4 charge cards).

mostly i buy cards for $20, sometimes for $40. i don't see it's fair to pay additional $5 or more in bitcoin for fees and sometimes i wait really long time for confirmation.
I pay very little fees with Litecoin (~$0.0005) and my transaction complete within 3 minutes without any problems.

Litecoin will add privacy option on it, this will be good to use for anonymous transactions as well.

Not all altcoins have the potentials to give profit to everyone in the future. Because there are some are only design for pump and dump only but don't have any plan good development in the future. But there are also some of the altcoins that have a good plan development in the future as well, just like for example Link, Bnb, Dot, Xem, and more.

To be honest, I don't use them for the purpose for which they were created. So far, I have gotten the token from the bounty. well, I also used some of these altcoins for shipping because of their low fees. but so far, there has been no function that makes me interested in using it other than bitcoin and ethereum.
however, some people may actually use it according to its function.

I thought of this too, did crypto people really use alts for it's own purpose. I bet the majority would be no. I bought major coins in exchanges just to profit from it, and while typing I thought of this monetizing site I use like LBRY, where I can send LBC coins to people who make good video contents, same with other apps that offers monetizing social media and rewarding people w/ their coins. 

Yes, but we also have to keep in mind that every use of any Altcoin cannot be separated from the name of the risk, including the token for farming which has recently been used the most for certain purposes.

In the past, I held many different coins and tokens but now I decided to concentrate a large part of my funds in Bitcoin and Ethereum because I find these cryptocurrencies reliable and promising.

I remember a couple years ago I used the Republic Protocol (https://coinmarketcap.com/currencies/ren/) (REN) for its primary purpose. It is an ERC20 token used for cross-chain trading between BTC, ETH, BCH and ZEC. I liked RenBridge which enables users to connect via Metamask and mint listed coins, but the fees were pretty high, in my opinion.

Typically, I buy undervalued altcoins and sell them at high levels making a profit, but sometimes I try to exploit their unique features to the utmost.

Me too, as an investments, yes. but not for specific purposes as for privacy or something like that. maybe some altcoins really have good technology like cardano and litecoins but for me it's better for just investment

That's right, most of us are here more towards making money, sometimes we don't think about what the token / altcoin they actually make. I have used an altcoin / token project which is useful for betting, and at that time because I was fun with the benefits received if we used their tokens, so I used them. Actually why don't we use tokens / altcoins properly? that's because there is no bridge that allows us to use it according to its purpose.

Only few out of which you have mentioned are actually used for the purpose of which they are created for, i mostly used bnb too just for discount, the rest of the alts i buy is to maximize profit and accumulate more,
many of the alts being created don't have a use case yet, most of them their use case are yet to be launched so in the main time, people only engage in trading and price speculation and nothing more.

Honestly, I’m not using any token for its purpose I don’t know why but I see cryptocurrency more on investment side because of its volatile price movements and I know I can’t make profit on that. Besides, very few tokens really have the service for ordinary people and limited options to spend cryptocurrency so I’d better hold on to it or trade it sometimes.

I use some of its altcoins for its purpose as if it's for staking, I stake those tokens to earn more from it. 

I just have to give my idea about Siacoin or projects like Storj as I can't help it. Don't you think this Sia will be outdated because of the Filecoin progress? As far as I know, Filecoin works the same way as storage but broader actually

To be honest, I don't use altcoin for anything besides making a profit from trading.
I am not sure if the altcoin will have real purposes, which can work as what they want because they need many things before they can apply in real life.
Or the altcoin really has real purposes, but the altcoin project needs to finish every phase on their schedule.
The project itself still needs to run its plan, which will need more time to go that way.
As long as the coin can give benefits to us that is make money, people will still use the coin to trade because the coin still far away from real usage.
Maybe some people use the coin for real usage, but we don't know how many of them, and even if there is data about that, I am not sure if the data is real data.

Recently I bought a few  hundreds of MYST tokens to give a try to dVPN run on Mysterium Network and payed it for bandwidth I have used. I liked paying out for actual online  time rather then to spend my money for full  days and nights in the month.  I sleep at night, so why to pay for that time? In my case MYST which is utility token proved to be quite useful.

wow your a real crypto user because you dont use your crypto for profit making but you use it to help your life or hobby . this vpn is different from other vpn because it runs on a blockchain network ?

i wonder how fast it is compare to normal vpn's .  i never hear of a vpn that is time based but all premium vpn that i see requires month or yearly payment  .

 i tried time based internet before on my provider but its costy compare to longer day subscription but its your choice if what you like .

Only a few, the reason is that many altcoin projects don't do what they say and because of that I only use them to trade. Maybe only XMR really works fine for me to make transactions that are anonymous and quite secure.

many altcoins have become inconsistent to follow trends in the market. like an ordinary token which eventually turns into a stable asset. In fact, some of the plans that have been done are actually not following the roadmap that has been made.

The only crypto projects I really use for their use cases are gambling coins only, the answer you asked is no, I'm here to take advantages from any good projects available, invest and get fast ROI back, I believe there are many who think same way like this

Although investors may know the tech and functions of a certain coin they invested in, investing financial resources in it doesn't necessarily mean they're using the coin's said functions. I've personally been holding a few coins for more than 4 years and I've never used them for their real purpose.

I think most of the people use altcoins (based on your post, I think you are talking about tokens from projects) just for holding and making profits. There are some people that use it for making cheaper transactions when the bitcoin network is a bit overloaded, though most of them use it to make profits. But I think people rarely use those coins for their use cases. I bet they don't even know what those tokes are for. They just follow the hype and invest in it to make some quick profits and care about the money only. And as far as I know, most of the projects failed to provide exactly what they promised but somehow the tokens still have some values and are being traded just for their values.

it is because the understanding of investors and the market is different. investors select assets for increasing their value. but the market is very important to the use-value of the platform and the tokens created. but I believe, most of us only hold assets to increase value, not for functional assets.

Biggest use case for blockchain is money. That is why people mainly used coins that are there to be a digital money. Bitcoin, Monero, Litecoin, Doge, .... I do not see that to change in the future. With other coins people mainy speculate about its future value. They speculate someone, not necessary them, will need to use them.  Everyone will need digital cash.

The only altcoin that I have ever used for its intended purpose is waves, I made a few trades there and you need some waves in order to pay the transactions but besides that the answer is no, and this should just show you how weak is the argument for those coins, except for privacy coins that are actually better than bitcoin at something almost any claim about a coin about being better suited to be used for something instead of simply using bitcoin is simply a lie.

When I made this realization that is when I finally decided to drop my interest in new projects as I know that for the most part I will only be interested in them from a speculative point of view and not on whatever utility the developers could claim their coin to have.

I think if you see an altcoin project that does not match what is planned in the roadmap it is very reasonable because currently there are many cases like that, while what will happen in the future depends on the project being developed, when it has a request. and can be used to make a profit then the project will survive, but when it is not very attractive it will make investors leave the project.

Well most of us main use altcoins for investment and most of this altcoins aren’t really useable in the outside world because most people still don’t understand what crypto is about but for me personally i use BNB for cheaper binance transactions and also use Monero for a private transaction instead of using a mixer to send btc

That is actually a good initiative you have done in order to make a good use of altcoins. actually you are right that altcoins are largely not useable outside and it is just about for money as what OP did put some in the choices. Cryptocurrency is more about money and that is the thing why most people that are here in this forum to learn about cryptocurrency and to earn at the same time.

Learning cryptocurrency is not easy. It take some time before one can actually learn and apply it the world of cryptocurrency.

The big problem will always be that crypto will be used for wrong reasons by some people. that is something that you can not stop and you just have to accept these things happen.
that does not mean at all using crypto for anonymity is a bad thing it gives a lot ofr freedom that nobody will monitor your transfers, well they can see all the transactions but at least they can not link a name to it.

I always want to use the token according to its function. in fact, it will be very useful when the token is associated with a VPN or other useful application. however, at this point, I am just holding onto the coins and still waiting for a good function token to be used according to its function. So far, I sometimes use bitcoin or ethereum to buy a domain or some web hosting that I own.

I'm not using it from what it is intended to be used because some of the coins I've received are pump and dump coins, the only coins or tokens  I've ever used to buy stuffs are Bitcoin, Ethereum Tron and Litecoin, some of the coins I've received or invested I quickly dump because in the first place I cannot used to places where I can use the top coins, and I'm afraid that it will lose value, just like all the other new coin.