Bitcoin Forum

Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?

Yes, it's about money. Founders don't have funds, so they raised capital through ICO crowdsale to kick start their projects. Talking of Bitcoin, the first and most important cryptocurrency, actually Satoshi Nakamoto never intended to create a currency. It was purely accidental, what he wanted to build is a decentralized digital cash system without a central authority which he succeeded.

That's one reason, other are:

1. they want to challenge bitcoin's dominance
2. supposedly offer more privacy
3. solve real life problems in different industries/sectors
4. to scam people

And there could be more, but that's on top of my mind right now.

i agree too many altcoins, there should be a stop to any altcoins at this point. all are scams and fake promises anyway.
now should be time for in chain creation or app, not creating more scam chain/coins. this is an expert opinion. creating coin, chain, ico, ipo or scam should be long gone, time to focus for in chain, sidechain and app now. the only legit pump now is if the sidechain or app is really working.
often time now everything is like circle of life, repeating and rinse, repeat and rinse, repeat and rinse.

Besides creating a method of payment, new cryptocurrencies are also published for solving real-life problems. The cryptocurrency market is not only about money but also about the application in life and society. The fact that there are too many altcoins are listed because this is just the starting point of a new market, of course, there will be a lot of new things appear. However, we all have to be aware of frauds with those new coins.

Their main reason to create altcoin or token is to make money because they see that the cryptocurrency can be a new way to make money. They can invite many people to join their project as an investor so that they can get the money in the short term. But for some developers, they create the altcoin or token project because they want to give or contribute something to the crypto world.

Come to think of it, we are all in a decentralized space, where there is freedom to create a blockchain, invest in tokens, or basically be an onlooker. Having a broad knowledge of this makes me wonder why you are stilled shocked about the numbers of altcoins around; most altcoins are indeed a repetition of existing projects; some are better, some are with good upgrades and some are craps.

And yes, all founders of a project or the other are definitely creating for the money.

I don't really think it is a bad thing to have many altcoins... The problem is that there are no generally accepted good standards/rules to prevent bad or unnecessary projects from thriving. I think people should build unique and good projects that are based on the good standards/rules.  If such standards exist and generally accepted, it can become possible to easily research on a project and see if it truely follows the standards/rules. Those that do not pass the standards accepted safe level, could then be easily tagged and they're automatically downgraded.

We have many altcoins in crypto space and it's not bad at all, it's left for you to choose carefully among the coins, having too many altcoins is no problem, just focus on choosing the right ones for long or short term hold

On a broader scale, ease of payment is not the only objective for creating cryptocurrency even if its a core objective. Monero for instance falls under privacy coin category since it was created so that transactions cannot be traced. Some utility coins have different use cases ; for instance holding INTERNXT coin increases cloud storage bandwidth. Most altcoin projects were created to enrich the team, no matter how cool the project looks.

Yes, the founder of each altcoin creates their tokens for money, this is the general goal of every Altcoin founder, although there is a specific purpose but the general goal is to make money, and what makes Altcoin a different person is not the same person, so it is only natural that when This is a lot of Altcoin on the market.

Yes, there are developers who create coins for money, because it's easy to create your own token because of it's open-source, the trickiest part id finding coins or token that has a usage, Bitcoin can serve every industry but because there are developers that want to serve a particular industry on the coin they are making, so many coins or tokens are created and there is a new technology that revolves around Cryptocurrency.

I can't agree less, every altcoin project is created to make money as the principal aim, the project aim is just a secondary aim. However, if only BTC existed, it won't make much sense and by now the Bitcoin network will be super clogged. Also if ETH didn't come to existence, there won't be anything like smart contracts, think about it 🤔. My issue with altcoin projects is that most team members keep launching new projects for money, with no intention of bringing in something new or revamping the traditional system.

If you read the information about each individual bitcoin, you would probably understand that behind each individual coin there is a certain project, with a certain idea.
Not all of these projects have been implemented to the required extent, however, due to the specifics of the crypto market, all coins are financial instruments, while the functionality of the projects itself may be outside the financial framework. But such is the market now as it is. Coins can be equated to some extent with the shares of the project.
All of the above is related to non-scam projects.

I do and the main objective of crypto has already changed and it's not only to be focused to create a payment system but remember it can be used for various things.
Bitcoin is not scalable enough to be a payment system and you should see the fact any altcoins have different purpose.

They want to have their own project or crypto they want to have a successful name in crypto and gain profit from it.
And every crypto or alt-coin have their own advantages and maybe that is the reason why there are so many alt-coin right now each and every alt-coin is different from each other.

as an alternative and also as a market competition, because aside from being a payment, crypto is also an investment asset. therefore you should not be surprised if new altcoins and new projects always appear. the aim is as a crypto market investment competition. because in terms of investment if only one coin stands, it will not go well.

Most people now want to make more money than the tokens they make because their product goals on the altcoin project on average nothing works even though in their whitepaper tokens only for real payments they don't and still people use bitcoin and ETH as the intended payment.

Now if the project has gotten more money and tokens have entered the market, the team or the developer will no longer be active, they will usually abandon their tokens in the market so that they do not have good volume.

This has become a fact.

It is an open market and mostly new projects come up with the slogan of being better than the previous projects but i do agree that there are dozens of projects and coins that were not even needed and that is why they have suffered to maintain any kind of position or value in the market.

New projects only copy from old projects. That's why we see so many new projects appearing every day, but their goals are exactly the same. After a while, new projects will die and collapse

Youre right, new projects are copycat of some old projects they only upgrade the project but still the same shit and scam project, different in name but same agenda, conduct token sale and then abandoned the project.

Because they want to be rich by creating a new altcoin to jump of cryptocurrency bandwagon. Most of the new altcoins today didn't care if there is already a coin superior to their own coin existed.

Some may become money grabber but when it has a very strong vision and the new crypto can bring a new technology to be implemented into the crypto ecosystem. Mostly new coins were improving the old coins and this is the fact.

I think it is no problem if the crypto has many altcoins because we have more chances to select the potential altcoin that can bring us the profit. Although it may be difficult to choose the coin, we can analyze one by one of the coins, so we can find that coin. We don't have to analyze the coin if that coin is not in the top 100 coins list because that will need more time to get the coins. We can limit the number of coins that we need to analyze, so we can manage our time to get the coin.

too many altcoin in crypto market but most of this token useless and be shit project in my opinion, they only take investor's money and slowly exit scam when already listing in market.  to this project we must becarefull , its price could dumped alot and maybe could delist in market due their activity in developting product.

smart contracts on altcoins solve specific purposes, you may do it in a current coin, but making it using your own blockchain makes it more expensive and more cheap in the same time and more profitable.

besides having a branding with your own coin name too, it is a good solution for all online and ecommerce sites, when people pay you in crypto you almost lose no fees, unlike fiat.

the issue is if every company creates its token and only make it for paying for services it will be cheap and useless that's why they also  go and put it on exchanges hoping to get funds and the price to jump

But this is not bad. Take a look on how many refreshments are in the store, while all they are liquid aka water. Each has something unique. Like numerous brands that copy Pepsi or CocaCola. While Pepsi and CocaCola are original products, their copyist still buy and drink.

I'm ok with lots of altcoins in the market, even if the project behind them is a total crap. All of them simply create a healthy competition on the market and don't let strong project relax.

I think project admin and developers like to have a sense of ownership about their platform. Having your own altcoin is like branding and the more if you have your own platform to control. The amount of crypto that is currently in the market only means the industry is growing fast and developing faster.

now there are no altcoins that have become leaders and that is why new companies are being born that want to become leaders. I think that soon we will see new leaders and old altcoins will start to die

Everyone here wants to make money imagine creating your own money out of thin air and sell it for a promise, so many developers have done that they deceived investors in thinking that the have a working product and their project is the next big thing in the Cryptoworld, investors will only know it after the developers are gone with their money.

Even if altcoins number turned to millions it's none of my consign, what I'm interested in is quality projects that can bring good profits in future, that's what we should be hunting for

Because some one also want to have their own crypto currency and they want to follow what bitcoin do and plan  make  better than what bitcoin can offer as payment option.


Other want to give try to his own ideas while other is just a greedy persons that want this new technology to give them a lot of money by creating his own crypto currency.


Actually we are a lot tokens not Altcoins that use different platform such as ETH and EOS and many other platform that create tokens.

what do you mean ? Currently ETH is the king of altcoin and bitcoin is the king of this market. The newly created altcoins aim to overthrow the previous dominance and create something new. But it's too hard to do that job, most new projects will die after a period of operation and do not offer any products

Some altcoins are created for some use case which sometimes is meant for a community and then they work on it to grow the community.  It's not really that complicated to see they all want money but at the same time, teams like the ones who dedicate their work for anonymity are really working hard to make it worthwhile for their investors.

Earning money is just one of their goal for sure. Its also the goal of the investors but I wouldn't disregard the team's effort to give back to the investors what they deserved.

Not all altcoins are bad there are few which have really solved many issues which Bitcoin cannot. For example Ethereum has changed and allowed so many things that I cannot write it here.

Competion is always good and because of it we have Bitcoin lightning network, which is helping Bitcoin to stay in the race otherwise Bitcoin could have lost easily from Fiat.

Most are duplication of shit coins. Some are bunch of trash and we only end up drilling your investment. This is by you need proper research before buying and also not buying at once but gradually.

Literally most of the tokens were creating for money making but it doesn't mean we can only use bitcoin for payments.You can spend altcoins as well if it is accepted anywhere for example in gambling sites you have multiple coins supported so you can spend one over other depends on transaction speed and fee factors.

I feel like one of the main reasons is the human hubris that plays a huge role in doing this. Obviously there are too many people who will think that if they do a semi-decent project and have a roadmap, they could make tens of millions of dollars from it and they could get away with it, for 6 months to a year they will even work on it and get it listed and all of that but after that they will leave with millions of dollars unquestioned and will live an amazing life. That is one thing but I believe there is another, people think that they will make a coin that will be better than any coin.

Honestly I have seen so many people who start out thinking they will make a coin that will be "even better than bitcoin" and that is where they fail, even before they start, because they consider their own talents way too much.

The answer is absolutely yes.
Not all them are angels like satoshi which will do it for the benefit of others.
Most of them are just for creating money with ICO's and IEO's.

There is no stopping it and most projects are just being repeated. You will puke in disgust.

Because altcoins are easy to create, anyone can create a coin of their own for a very low fee.
Most altcoins on the market today are bad coins and they should not appear, only a few altcoins are really good and worthy of the investment.

Too many altcoins appearing lately because some are there to scam and just create to make a noise. Even there are many altcoins it is just and right to search which is worth of our penny to invest. Hence, let's not fall for a project that is not worth it.

This is actually pretty clear, if the altcoin is not providing anything innovative and the team is also not doing efforts to make it successful then it is going to be dead soon or maybe won't get listed on any exchange in the future. One must always search the right project that is having potential to grow, not only it gives profit for short term investors but if people are going to invest in it for the long term then it will give huge profit for sure. You can see ethereum isn't a project that developed overnight, it took so many years to make it this much successful that most of the new projects are using it to develop their token.

Most people are greedy and creating their own coins to take peoples money. Some people are trying to solving the transaction fees and time issue which called as scalability. And finally, Bitcoin isn't ready to use in daily life yet, unless you are using the lightening network, but that one is also just started and a lot of testing needed.

It's a free and unregulated market and it's both good and bad. It's always good to have more options but people and developers would also get divided for gain of individual project which may diminish the overall motive of cryptocurrency. With so much divergence on crypto, enterprises and government would soon dominate the crypto share of market as they have the capacity to bring better tech on crypto and advertise.

Most altcoins are tokens that serve some particular specific business. Such tokens have limited circulation and scope of use. Anyone can create new tokens, so no one can stop their development, including their number. We do not need to know all the altcoins, it is enough to select only a few of them, which, in our opinion, have good prospects for growth. A large number of cryptocurrencies are needed as this creates conditions for normal competition.

Yes that baffles me sometimes having gone through white papers and website. So many are created for money no real value.  In my own opinion I think some of them needs to be integrated with others.

Open for all and it's good in the sense that investors will be able to pick which project are suits for them, while also considering the
negative implications where it will divide thoughts about existing market if there are lots to choose from.


This can happened, big businesses and government can takeover and dominates as they have the rightful resources to take advantage.

No, take it as the whole point of decentralization.
Each one of us can have a coin and none is more (or less) important than the other.

For what purpose new coins are being created and how are being used is for another debate.
It is easier to just accept the fact that they exist and that they have right to.

Every founder of altcoin creating their token because of money. If they were able to create a good altcoin with features that we need that none other altcoins have then they will become a success. Other new altcoins, if they only have the money as the goal in their mind then they aren't going far. The market will readjust and those will become trash coins.

the reason why so many altcoins were created is to offer competition and improve on bitcoin shortcomings. unfortunately majority are just there to occupy space. we are entering a new phase and many are fading off already. time will come when all useless and valueless altcoins will fade away.

lol.
Yea most of the tokens are an attempt of making money, also at lease a half of them are dead tokens who were scams.
I hate that those tokens exsist and are in the top 1000 , or top 2000 because this stands in the way of those people who want to fnd legit tokens.

Heck, I think different that today there are fewer new altcoins being created than it used to be. The new altcoin has to be really good to stay afloat and pitch again old altcoins that already well-established with loyal followers. Meaning that if you don't adapt and improve, you will soon be overtaken by something new. Because of this, I welcome a healthy market of many altcoins where every one of them will need to do everything they can to stay competitive. Money is one of the main drives to push them forward so you shouldn't underestimate it.

When you understand people's mindset towards Cryptocurrency you will realise why there's many projects out there. People feels Cryptocurrency us about money and hence there's no regulations to regulate what tokens is being created and team behind the project they keep on creating projects for the sake of quick money. Reason why I always advice Everyone to do research before investing to avoid scam

Well, because if you just ask what would you give to bitcoins or satoshi, then no one will give, but if you offer to change bitcoin for an altcoin paper candy wrapper and convincingly tell the legend, then people will believe and change

You are right, all about money, see how many altcoins have died to date? almost countless.
and almost every day there is also a new altcoin appears to decorate the crypto market with a variety of goals that they offer, our task now is to be careful enough in choosing not to get caught into the abyss they have made.

So do you think if the king of altcoin will also die (ETH)? I think nothing there will be a new leader in Altcoin because ETH is too big and very difficult to defeat

Most of these altcoins only exist for the sole purpose of helping its creators turn a profit. Despite what their modus operandi is, it's quite obvious that this is the case, otherwise they wouldn't have an incentive mechanism built into their operation.

I try to stay away from any altcoin that already has a successful competitor. If you look in the top 20 by market capitalization, these are mostly the OGs that have a relatively unique use case and actually successfully executed on it. The ones below that are usually copycats trying to step on their turf, and generally failing to do so.

people and the market don't need a lot of altcoins. most projects are created simply to scam people and get their money. many projects will soon become a scam and everyone will forget about them except of those people who invested in these projects

Too many altcoins means several investments opportunities, several tokens to choose from the market and also, it helps you choose the best that you can from the market if you decide to go for blockchain usage.

Yes the main purpose of cryptocurrency is to facilitate payment.  But you have to know that altcoin is an improvement in the case of payment, meaning that when the network is too congested, it will certainly cause traffic jams, but with the presence of altcoin makes it the second choice for every crypto performer to make transactions.

To many altcoins but one of them are only display and dont have any value or its only a trash altcoins and not listed in exchange site.
Ill have in my some altcoins in this year unfortunately one of them have no value and abandon by the development of the altcoins. We can avoid this kind of trash altcoins if we search each of them if they are a potential altcoins or not.

It looks so funny to see people didn't even try to take a look at the reality rather than say something that doesn't make sense. The major platform was also doing improvement like what has already done by the new platform. That makes the major coin will exist forever whatever how much altcoins that exist in the market.

That's right but don't forget that it is through these altcoins that we are seeingall these numerous blockchain solutions which are driving cryptocurrencies close to mass adoption. Some are turning out to be shit coins i know but let's not forget there are equally good ones out there so let's not label all of them as worthless.

Of course, with many altcoins circulating because the founder of every coin tried to make money by creating tokens. Later they only
need fundraising from investors, by promoting their projects through ICO or IEO. Therefore many useless tokens in circulation,
no wonder it was finally used by scammers to deceive investors. There should be more stringent rules regarding making altcoins,
do not like now that is very easy to create altcoins.

That is so right we don't need any more altcoins, there are already above 5000+ altcoins and numbers of them are rising up day by day. Most projects are useless and people lose a lot of money by investing in such projects. Cause of that l'm absolutely against to create a lot altcoins. It is also so hard to see that they don't care about people who invested in their projects and then people start thinking so bad about this world.

Yes a good number of altcoins founders are creating their tokens just for money, although no one might know the actual number but a very good number of them are doing this, which is why there are many dead tokens in the crypto space with their teams no where to be found and thus the platform already dead. Also, Bitcoin has taken its place in the crypto space which is why it is highly trusted by everyone, in addition, most altcoins are also trying their best in their respective use cases such as Ethereum, Binance coin etc which is why they are growing too. So once again, yes, most altcoins are not good for investing and/or holding because the team are not even ready to develop anything.

People who are skilled and good at development have found it an easy task to create their own tokens and come up with a project. We can see large number of such projects, and in specific once there was a hype for tokens. It was during the previous bull trend when bitcoin reached its ath value. By the time many such tokens grew big and gained good earning to the developers. Now things have changed and people are aware of the right coins/tokens to invest.