why so many currencies?

[dreamer81]

It's really a simple question, but the answer is very complex. In reality there are perhaps 100-200 different coins, the rest are clones of the real coins. Each dev team makes their own changes to the code to improve the coins features.

It's actually pretty logic. The hard part is finding out what is a shitcoin, and what is a real coin.
Genereally speaking, if the dev team wants you to invest money into their coin, it's usually a scam. So dont. A real coin with potential, is distributed fairly to all.

[Tungsten-1]

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.

Profit can be easily earned just now as new currencies are coming in to being. ICO was not very famous in past days but a small dump in bitcoin made people try something new but it is not good because bitcoin has gained huge level now and they knows in future bitcoin will become number one currency so it is good to stick with one for long time and will get success than trying many without earning anything.

[Dreherns]

we have real currencies and virtual one. every currency have advantages and disadvantages
Bitcoin: global paying - no ID needed // High fee - limited supported

[denzkilim]

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.

But til now there are still a lot of scam ICO's specially on the ethereum network, those scam tokens runs an ICO with fake teams, white papers and lots of other fake stuffs to make it look real and a lot of people still fall into it.

[kenjie]

Currencies are like houses. You chose what suits your need-1 BHK, 2 BHK or a mansion, whatever your pocket says. Also when you are low on money, you may have to move to a more decent home than earlier.

Same is the case with currency. Having so many currencies has certain benefits. Different countries have different habits. They are big old boys, some gentle, some badass. Accommodation of such habits needs many currencies and individual political system.

[care2yak]

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.

There might be a time in the future where bitcoin users will be begging for the anonymity some of these coins offer.

if you ponder on that further, you'll realize that all these "currencies" (the ones that have ongoing development at least or the ones  whose blockchains are never abandoned) somehow complements and supplements bitcoin. with bitcoin's limited supply, you can still have your supply of bitcoin or another cryptocurrency parked as one or other crypto like ltc, xmr, zec, eth, or any other crypto you hodl. you can just trade one for the other to have that other asset you want to shift to. the crypto space is amazing. just stick to those assets whose blockchains are not abandoned and have ongoing development. stay away from the scam ones 

[sv624]

How do I tell which ones are scam?

[MrJake]

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 the alternative currencies aren't primarily made to profit us but to allow investors to support Cryptocurrency. By having having their own currencies and run campaigns they get to have people consider where a specific token could only be used. What we can take advantage of here, is the flow of value from one currency to the other by understanding which of the investors are widely accepted.

[stunningpeggy]

At what point do you consider a cryptocurrency a legit curency? I think it's all about trust - the more of us trust bitcoin the more potent it gets as a currency. Same goes to other crypto currencies, the more people possess one, the more legit it is.

[DanWagner]

A lot of different reasons , some people think they can grab some quick money . Others want to learn about developing. And some think they can really add something to this technology.

[cryptokudi]

There are many coins yet not all coins are monetary forms, some are tokens. Monetary forms are those which can be mineable and can also be utilized for installments. Bitcoin and Ethereum is a case of monetary standards. There are a couple of different monetary standards out there. Enormous appropriation of monetary forms figures out which money will keep going forever.

[tiger2monkey]

One of the reasons why so many alt coins is that Bitcoin is open source and it is very easy to clone and create a new coin.

[Mymikagab]

Not all currencies released is legit pick the top coins before you invest.Everyday scammer released fake project to encourage the investor and the end they disappear like a bubbles

[theo1001]

I don't think we have many currencies, all we have is just a lot of altcoins or alternative cryptocurrencies.

[Leopardon29]

Since nobody regulates how many coins can float around, then it's just normal for people to take advantage of such opportunity by creating their own coins.

[rememberme15]

It might be because of the various ways to earn them. People go for currency which offers easy/simpler methods for people to earn. Like services that are not beyond the capabilities of traders.

[senin]

Crypto currency is now really a lot, their number has long exceeded more than a thousand. Their number is constantly changing, as some of them disappear due to lack of demand and are unsuitable, others appear. In general, there is a normal process of creating different types of crypto currency and this process is useful and necessary. I think that in the future digital coins of coins will become even more and they will serve our life in various spheres of our activity. They all differ in functional qualities and technology and universal coins such as bitcons and ethereum of these all functions can not technically perform.

[Dudeperfect]

There are many companies out there planning to launch their own coins. The blockchain is something that can really transform their current process and optimize the infrastructure that will lead to higher revenue for them. In my opinion, I think that they want to take benefit of decentralization but still, they don't want others to interfere with their process and that's why launching their own coins might help them to achieve this. I think down the road there will be many currencies dedicated to each sector such as food industry, medical industry etc.

[cryptotaste]

Currencies are like houses. You chose what suits your need-1 BHK, 2 BHK or a mansion, whatever your pocket says. Also when you are low on money, you may have to move to a more decent home than earlier.
Same is the case with currency. Having so many currencies has certain benefits. Different countries have different habits. They are big old boys, some gentle, some badass. Accommodation of such habits needs many currencies and individual political system.Moreover many people have the blockchain technology that is how they can lunch a cryptocurrecy.

[s31joemhar]

Electronic coin is the new type of investment in our century so what is the trend that will be introduce by the business men and I think that is the reason why many currencies here in the world.