why so many currencies?

[CryptoRamp]

We have a lot of altcoins because it is the easiest way to crowfound a project today.

[CryptoScorpio]

Not all coins are currencies, some are tokens.Currencies are those which can be mineable and can be used for payments.Bitcoin is an example of currency and coming ELECTRONEUM is a currency. There are few other currencies out there but they are just competitors to bitcoin claiming that they have few advantages over it. Massive adoption of currencies determine which currency will lasts forever.Not all.

[jasonjm]

Because ICO is the easiest way to earn money now a days. If you want to earn handsome amount of money then make  a project and promote that effectively and earn money simple.

[btcprospecter]

Many people see the success of bitcoin and try to emulate it by making new currencies some have succeeded in making them worth nothing to been worth a couple of hundred. If people buy into it it creates a need for them and prices follow. Of course people will try their own ideas on block chain if it works out for them.

[CryptoLex]

Because pretty much alot of bussines models can be tokenized and with the massive demand on ICO's, alot off ppl would love to get a piece of the pie!

[deadsilent]

Because people wants something different. Altcoins created with different features and different usage. Bitcoin is still not fully develop. People wants improvement. That's why people are creating a cryptocurrency which suits their needs. For example:

Monero as well as Dash are created to add extra feature for full anonymity
Dogecoin is a joke coin or meme coin
Litecoin more faster transaction than Bitcoin because of LN

See, altcoins are created with features that Bitcoin don't have.
That is why Bitcoin is more likely to split again because Bitcoin doesn't satisfy others people. Also to generate money. Cryptocurrencies are no different with stocks. We only buy them because we want to generate some good profits from them.

[Xenrise]

Bro, we are so late in jumping the bitcoin train. And that is the main reason of alternative cryptocurrencies we have. Those cryptocurrencies has each and every potential in order to become like bitcoin. So, HODL and you can have a lot of money.

[jkoin]

The more crypto currency, the more competition. On the one hand it's good, because the strongest survive. On the other hand, it is not very convenient for ordinary investors. This hampers the search for the choice of which crypto currency is better and which one should pay attention to.

[jc89]

we don't have so many currencies.
* we have fiat and then we have bitcoin.
* then there are some altcoins like Litecoin and Monero that have been trying to act as a currency, they succeed a little.
* then we have lots of "tokens". just numbers on the screen created for trading alone.
* then we have lots of different "tokens" like ETH that are not even supposed to be a currency but people mistake them for a currency.

This basically summed it up. More tokens being developed which makes confusion especially for newbies who are yet to understand bitcoin. It's overwhelming for them. But what's good here is these new tokens gave other people who are late investors of bitcoin to have the chance of finding a good one earlier which might someday be a potential tokens.

[Rovie08]

It is because many of us already known about bitcoin and some of us invest for it that's why so many currencies.

[catvantuong]

Technology is 1/3 of what you need to replicate. The other 2/3s are developers, community and gradual distribution of coins over long enough time to draw all this community together.
Bitcoin technology was replicated many times in copycat clones, it didn't help them because there were not enough people and talent behind them. For one or other reasons people and talent have gathered behind Monero. Go ahead, take source code of Monero and try to replicate if you can. You will fail like Bitcoin copycat clones failed. Technology by itself is nothing.

[Fulmand]

Technology is 1/3 of what you need to replicate. The other 2/3s are developers, community and gradual distribution of coins over long enough time to draw all this community together.
Bitcoin technology was replicated many times in copycat clones, it didn't help them because there were not enough people and talent behind them. For one or other reasons people and talent have gathered behind Monero. Go ahead, take source code of Monero and try to replicate if you can. You will fail like Bitcoin copycat clones failed. Technology by itself is nothing.

The reason why so many currencies arises its because they have different requirement of different country needed as the token me exchange to each value they want. Due to the fact that bitcoin is really successful. That the investor have a lot of choices were to invest.

[k@suy]

we don't have so many currencies.
* we have fiat and then we have bitcoin.
* then there are some altcoins like Litecoin and Monero that have been trying to act as a currency, they succeed a little.
* then we have lots of "tokens". just numbers on the screen created for trading alone.
* then we have lots of different "tokens" like ETH that are not even supposed to be a currency but people mistake them for a currency.

This basically summed it up. More tokens being developed which makes confusion especially for newbies who are yet to understand bitcoin. It's overwhelming for them. But what's good here is these new tokens gave other people who are late investors of bitcoin to have the chance of finding a good one earlier which might someday be a potential tokens.

If you witnessed from the start its too crowded and confusing already. There are also  tokens from smart contract and Ethereum contract. Aside from that waves are issuing ICO's also for waves based token. There is a cryptocurrency boom this year and excited but also becomes saturated.

[McKane]

The more crypto currency, the more competition. On the one hand it's good, because the strongest survive. On the other hand, it is not very convenient for ordinary investors. This hampers the search for the choice of which crypto currency is better and which one should pay attention to.

There will become more currency in the world because we know that future is in the hands of crypto world. But about competition there is no one currency which having ability to face bitcoin because bitcoin having great market there are a lot of investor of bitcoin that they are willing to invest into bitcoin.

[Kotone]

Hi All,
Please help me understand in plain English how will we benefit from so many currencies?
I see so many startups with decentralized blockchain ideas with their own crypto currency.
Today I purchased oatmeal directly from a mill at their website.
This mill sells its products thru grocers and other online stores as well.
They probably gave 3% to the credit card company, which they could reduce by using blockchain.
But if every store and every business starts creating their own currency, then I will have to go thru an exchange to convert BTC or ETH to that coin to make some purchase.
Then we would need miners to process all those transactions in various coins.
Why can't they just use ETH? Just like all IPOs use dollars.
Thanks in advance

I think its because that some tokens are being created because some are being formed to be greater than the former. FOr example thernum has been getting some shift and speed as it is being compared to bitcoinbeing it can program itself to do things that bitcoin cant.

[andrew24p]

There are many different types of currencies because people have many different opinions on how a coin should be run. There are also people looking to just get rich.

[Red-Apple]

when we are talking about open source money, that means anybody in the world who knows basics of programming can create another open source money from another already existing project. the cost is a couple of clicks and changing a couple of lines of code.
and it leaves us with this many so called currencies which in reality are copycats and these days things are even worse. they create an delusional  problem and then try to solve it! and call it I.C.O.

[yishak]

I don't understand why you don't like the many cryptocurrencies there are today cause its really great for trading and making huge profit. Of course, there are many SCAM and SHIT coins which were developed just to make the dev rich but there are also many coins which have good project and aim that they are worth investing to. The reason so many exist is because there are many people with different ideas on how a coin should be so they will develop one.

[waynechong1995]

Sorry for bad english too.

I think new cryptocurrencies nowadays from various project doesn't serve as main stream cryptocurrency that linked to fiats directly, but rather as shares/securities or simply coin that are used within a particular ecosystem.

For example a group of hotels that share this same 'hotel' coin is beneficial as it would circulate among their ecosystem and it is helpful for implementing unique features or decentralized options. In your case there could be 'green' coin that links the agriculture industry and perhaps you could get your oat-related goods in a much more transparent, efficient and cheap way.

As securities like many ETH project, new project owners lease their token, represents like shares to their company by exchanging ETH with theirs, their project is funded and basically is how shares works, they earn you earn through dividends or the increasing price of that particular share. I think the reason these project use crypto instead of cash is basically more easy to fund (ICOs are prefect), highly manageable and very transparent to their investors as block-chain technologies are involved.

I'm afraid the market is already saturated and thousands of coins you see are actually competing each other, hundreds would raise or fail eventually and there wouldn't be more 100 of 'useful' cryptocurrencies.

[paul00]

in my opinion and based on what i have understand, we have so many currencies because we also have different nations. it is a need in the economy to have a competition and where will each country will grow. having different currencies means that we also have various value of money and each value usually depend on the economy of each country. this variation in currency isone of the factors on how countries would earn money since there are countries with higher values.