why so many currencies?

[emezh10]

Well this is what I've been trying to show people in this community for the longest time, we won't in any way shape or form benefit from having multiple currencies. It's not going to help anyone that we have tens of thousands of altcoins that can do this this and this, but aren't used by a single soul. If all of these people rallied behind Bitcoin and provided news time for Bitcoin we'd be even higher in price and we'd have more people actually using it, but no, we have tons of Altcoins that are shit.

No reason, just greed for the developers that make these shitcoins and sell them in mass amounts.

If you are referring to all the currencies in the market including regular national currencies like dollars, peso, euro, and etc. They are there for national identity, use for stocks exchange worldwide. They are controlled and centralized, unlike digital currency like bitcoin and alike, they are developed to compete in the digital market. A different arena, but serves for the same purpose as physical money. Bitcoin success leads to development of other altcoins.

[shone08]

Theres a lot currencies but only few have a real product haha this only indicate that creating altcoin are easy and the developer are creating this to earn money because if their project attract investor so the price of there product will become expensive like what happen to bitcoin and ethereum.

[bribed]

I agree with the OP that the big amount of currencies that are availible is overwhelming and its currently a hassle to use the ones you need because you have to go through an exchange to convert your crypto to the needed currency. This is costly (in terms of transaction and trading fees) and time consuming as well. I hope that in the near future we will have working ways to use atomic swaps. If this way of exchanging currencies will be up and running there wont be an issue with having a vast amount of curencies as exchanging will be easy and cheap. I think then the diversity will be great, but for now, its just a hassle.

[weblouartisan]

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

The reason for altcoins to be created by those ico's is to compete with bitcoins and also to have their own profit. Most of us are only investing on ico's because we are hoping for their coins to increase its value as the time goes by and that's the benefit we can only get.

[Raline]

when I read this thread ,, as if answering my question also so far why so many kinds of cryotocurency, which I know one of the causes is the development of technology that can not be in dams and human needs for everything that is online makes the creators of new ctypto continue to bring up the idea of ​​a great idea, now is the age of digital currency. we all know it and may be one cause as well

[nevafade]

Actially, there are many cryptocurrencies have for its competencies in terms of its values, supplies, demand s etc and its role in the crypto world. There are also upcoming ICOs and tokens used them for trading and exchange to BTC and other cryptocurrencies they want to convert.

[highperspective]

As someone mentioned, these "altcoins" are not all currencies. Some of them are "tokens", and these have utilities. This means that they give you access to a service. An analogy (which is not entirely correct, but I think it is a fair comparison for the sake of understanding) would be to view these utility tokens as any gift card or membership card you may have.
Membership cards gives you access to some kind of service as well, the same will the utility tokens be doing, once the service is functioning. The difference then, is that there is a marked for these 'membership cards'/utility tokens, where you can sell your right to use a service, to someone else who wants to use it.

[jsmith85]

They are so many because anyone can make one which means there are also scammers out there so be careful and engage yourself in the ones that are know to be legit.

[AdarWeinreb]

We won't need all these different currencies but they have opened the door for everyday people to fund projects they believe in. Billions of dollars are pouring into blockchain tech because of these different currencies, tokens, and platforms. In a few years the noise will die down and the best of the best will still be standing and the world will be a better place because of it all.

[junoreactor]

"Why so many currencies"?
Well here is a picture that I found on Twitter and that will help many newbies
> Top 100 CryptoCurrencies described in 4 words or less!

[ETHAppCoin]

I think you could ask: why so many companies? Many of the startups will fail but some might develop into next Google, Facebook or Amazon. Freedom .

When internet was introduced to the masses we also had a gazillion startups and a .com bubble. Most of those companies are just a memory, internet however, isn't. And other giants emerged like those mentioned above.

[luka red]

creating a new cryptocurrency is easy. most of them are only barely different from one another.but It takes  little in terms of corporate resources to toss a few programmers and some hardware at a new currency. In return, you control a huge amount of that currency. even if the probability of it become as popular as bitcoin is pretty low, the reward is potentially so high that the expected value is actually pretty good.that is the reason why so many companies create new currencies.

[elbimbo012]

there are so many currencies creating day by day that is because for me every coin wants to prove they are unique and have the best service , application and fastest among others some have good intentions but many are  want only taking investor money. the sad thing is  making coins can't be regulated so anyone can create its its own coin

[JohnnyBrown]

just like there are lots  of money in the world. Crypto also have a lot of currency, because anyone can make crypto but sometimes most of the ico are scam so be careful.

[dificanovi]

"We" don't. But the people selling the currencies do.

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

because it is easy to make it, so this is one strategy to commit fraud, with the number of coins available then they will be hard to distinguish real coins by fraud and some of them invest in fake coins. then they will incur losses.

[ocid]

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 a lot of people make blockchain because this is creativity to create your own work field that will dredge so much profit, (like playing games) You pay attention to the amusement park in your country (casino machine) when you want to Play Casino must buy coins first with eyes real money so you can play, so the world of digital currencies like that, so many people make this digital currency, to generate greater profits.

[cybersofts]

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

Yes, you are right. Using one to two major currencies is the best idea e.g. bitcoin and ethereum as a form of payments. I think the majority of online merchants are currently using bitcoin and ethereum at the moment because put other currencies that is not bitcoin or ethereum will mean losing a customer to them that is why they use these two coins for now.

[Cassy14]

There must be a thousand cryptos right now. Answer is: because anyone can make one. It also mean loads of them are scams.
If you invest, I recommend to stick to the 50 biggest ones.

before you can create a coin and make an ico and can easily scam people unlike now you need to spend money and make a good platform first and some duties before having ICO or currencies.

[EVYFZ]

Now a lot of altcoins, a lot of ico , the issue of coins . Development is going well and everyone uses it

[readygoaw]

We are at the very beginning of the era of digital currencies, There are no restrictions yet here. With the time most powerful and reliable currencies will survive. Of course there will be Bitcoin , ETH, Ripple and some others.