It is my understanding that
1 bitcoin = 100,000,000 satosi units
That's trillions of units. So what is the point of bitcoingold, bitcoinsilver, bitcoincopper, litecoin etc etc. Why is all this happening and where is the value. It starting to look like what the Fed does with money printing.
Forget the subject of smart contracts and lets focus just on a currency. Why do we need anything other then just the bitcoin block chain?
Bitcoin is the original cryptocurrency. Bitcoin is good and can cater to a lot of our currency needs but it is not enough. Thus, the birth of altcoins. Some altcoins have real functions that bitcoin does not have. Like ETH have their smart contracts. Some altcoins claim that they are totally anonymous, others claim faster transactions and less fees.
But there are also some alts that are made purely to scam and others have no functions at all but to make money for their devs. Those are sh!t coins.
Though there are lots of altcoins in existence and more are created everyday, this does not mean it diminish the value of bitcoin. But I think compliments what bitcoin cannot do.