CryptoCurrency

[NoviceCrypto]

Hello I am a novice at the cryptography,

I have been reading the talks here since couple of days, I have some questions (answers to those may lead to more questions  )
1.) Why there are so many coins and most of them are not used in the real world ?
2.) Mining of each type of coins require high-end GPUs' which cost a lot, what if the coin reaches to its maximum limits, how then mining works
3.) How do you prevent some one starts a new coin, pre-generate most of the coins, get it listed on some exchange and then suddenly abandoned ( ByteCoin, Infinite Coin for and example ), I am not able to find any active links for its developments.
4.) Lets say I want to start mining what will be the best currency for GPU mining
5.) What is required to start own pool ( I own few servers sitting ideal )

Thanks in advance 

[Decoded]

1) People think they can do better than Bitcoin, so they make their own coin. People think they have an idea that may work, they make their own coin. Then they realise that a very few are actually successfully, and dump their coins on exchanges.

2) It usually takes a long while for the coins to run out. If they run out too quick with a small userbase, then everyone will see that it is not sustainable, thus not investing and the coin will die.

3) Just check. If by the time that the coin is announced, half of the coins are already mined, then something is really fucked up.

4) Don't GPU mine. It's a waste of effort, returns very little and think of the potential high-performance gaming you could do.

5) Not much. All a pool needs to do is to have good bandwidth and a decent amount of processing power to be able to generate block headers fast and be able to combine hashpower efficiently.

[NoviceCrypto]

Will try setting up a pool for an experiment, have lots of processing power wasted sitting ideal ( octa cores processors )
Which currency pool would be a good for an experiment ?
 

[NoviceCrypto]

What is the Practical Use of the Crypto Currency? I assume there are very few who uses the Crypto Currency in practical world ?
Am i Correct ?

[Decoded]

What is the Practical Use of the Crypto Currency? I assume there are very few who uses the Crypto Currency in practical world ?
Am i Correct ?

The power of digital vs analog. With the internet, your millions of dollars can fit into a usb-sized stick. So can your hundredth of a penny. It's scalable. You can't say the same about cash.

Another thing is that for once, what you own is 100% yours. Your money is a representation of value, a promise only kept by your government, who churns out more every year.

[NoviceCrypto]

What is the Practical Use of the Crypto Currency? I assume there are very few who uses the Crypto Currency in practical world ?
Am i Correct ?

The power of digital vs analog. With the internet, your millions of dollars can fit into a usb-sized stick. So can your hundredth of a penny. It's scalable. You can't say the same about cash.

Another thing is that for once, what you own is 100% yours. Your money is a representation of value, a promise only kept by your government, who churns out more every year.

That's true, but is there any payment gateway to accept crypto currencies?

most of the crypto currency transaction are untraceable do you think it is not being misused ?

[rickgejr]

The practical use of cryptocurrency would be a way to transfer value via the internet privately and where you become your own bank.

But crypto is still young.

As far as how to mine it, that information is all over the net. Just pick one and download a miner.

As far as which coin -- that's a tough one.

You need to ask yourself what you think is best: Public or Private.

Do you have a right to keep your information to yourself or not? (Provided that your are not a thief?)

Public = Bitcoin and all its companions

Private = Monero and its little sister Aeon.

But may the best coin win.

[BTCRoyal]

The Answer to 1):

The reason behind this is simply because people want to be the ones to create 'the best crypto currency' therefor everyone attempts to do so. In some cases it may be because of malice intent (scheme/scam). But the reason why most of the alternative coins (even the more popular ones) aren't being used in the 'real world' is simply because of the same reasons Bitcoin itself hasn't reached mainstream success; It's a slow process to disrupt something so big as to what, many of, these coins missions are.

[NoviceCrypto]

There is transfer fee for each coin's transfer, who held those transaction fees ?

How it gets again into the market?
 I understand BitCoin is very good and deep concept and i very much would like to get more into it and may start accepting bitcoin for hosting and domain registration services ( given the case further discussion about it with consultants/accountants ) as well as for development fees.

[traderethereum]

Hello I am a novice at the cryptography,

I have been reading the talks here since couple of days, I have some questions (answers to those may lead to more questions  )
1.) Why there are so many coins and most of them are not used in the real world ?
2.) Mining of each type of coins require high-end GPUs' which cost a lot, what if the coin reaches to its maximum limits, how then mining works
3.) How do you prevent some one starts a new coin, pre-generate most of the coins, get it listed on some exchange and then suddenly abandoned ( ByteCoin, Infinite Coin for and example ), I am not able to find any active links for its developments.
4.) Lets say I want to start mining what will be the best currency for GPU mining
5.) What is required to start own pool ( I own few servers sitting ideal )

Thanks in advance 

1. not just other coins, bitcoin itself is not used in the real world for the most of people.
2. not really for the altcoin which have low diff but its works good with high-end GPU's.
3. to prevent this is simple, don't buy the coins and you are fine, this is only what i am thinking.
4. the best currency i think you can choose with eth, etc, dash, xmr, zec because this coins have stable price except eth.
5. i don't know for this because i am not start my own pool.

[JeffBrad12]

1.Crypto was familiar with the digital assets and that's why a lot of the was unfamiliar with the real life and I think there is no enthusiast.

2.The miners still collecting his profit from the transaction and this was also applying on the bitcoin.

3.There is no prevent act for this, just can make an awareness for all.

4.XMR and Ether

[Pursuer]

There is transfer fee for each coin's transfer, who held those transaction fees ?

yes, all the cryptocurrencies that I have seen so far have transaction fees, and they mostly have very small amounts for fees. and these fees just like in bitcoin, goes to the miners. the reward for mining a block becomes the set reward by consensus + all the transaction fees.

How it gets again into the market?

when miners who earned those fees sell their coins.