why so many currencies?

[RobertNykanen]

We really have a lot of tokens released. This has its advantages and disadvantages. Bitcoin was created with open source code, which allows everyone to create their own Crypto currency and this is a positive moment for finding and creating coins with more improved qualities. At the same time, this opens up the possibility of abuse of this right and the creation of absolutely unnecessary tokens and at the same time receiving their material benefits. As a result, the market puts everything in its place. The tokens are still in demand, and the unnecessary tokens are dying. This is the law of the market. So it should be treated calmly as inevitability.

[odranoel]

Currencies are like houses.You choose what suits your needs or a mansion or whatever your pocket says.Having so many currencies has a certain benefits.Avcomodstion of such habits needs many currencies ang individual political system.

[Dingdong7]

There are so many tokens being created now and then. But bitcoin has probably been the most popular and the most trusted digital currency by now. And I don't think it is possible to use a single currency for every transactions. We all now that it takes a lot of money to make a coin therefore those guys or the developers wont allow to lose all their investments. Sometimes it's a money thing.

[boltz]

Because people are coming with new ideeas for blockchain use and I like to see as many as posible to be honest with you. There is the point also that some of them are scams or some of them won't have a succesfull ICO but this is crypto , some fail and some not.

[BlackRacerX]

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

Not all tokens or coins have the same features comapred to the famous ones like bitcoins, litecoins, BCH etc. Some alt coins have little to no transaction fees and some are lightning-fast to transfer. Not all alt coins have the same capabilities as other alt coins that's why some alt coins have huge potential than others.

[lautantepi]

this is what I have tried to show people in the community, we will not know by the way the form benefits from having multiple currencies. It will not help others that we have many altcoins who can do this, but not used by anyone. If all these people gather behind Bitcoin and give news of time for Bitcoin.

[lamcouz]

we won't benefit from all these currencies, we'll benefit from the few (less than 10) that are currently established and offer unique benefits from each other.

Smaller groups of people may, may benefit from a specific currency based on their affiliation to the firm or entity that produced the currency, add all those small groups up and you have a lot of people benefiting from a lot of currencies but the relationship isn't one to many, it's one to one. E.g., think of hotel loyalty rewards points being converted to a crypto-currency token - now you earn the tokens at the same rate, but you can also buy more tokens or sell your tokens on the open market...you're not stuck having to use them if you don't need to

ICOs (initial coin offerings) are being used by companies (startups mostly) as a way to raise capital and serves as an alternative to having ads in an app or charging for "in app purchases", instead you have these tokens that are you can redeem for goods or services offered by the company but you're not tied to them, they can be traded for other tokens to get other benefits and other companies.

[Risktaker31]

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.

That is pretty much correct. Different country has different fiats or local money because it is their nations pride. Why there are different altcoin? its easy because different altcoins differ in algorithm and its uses and functions in the blockchain while fiat currency are mainly use for transactions and payments.

[Raven91]

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

You can easily understand that we have so many currencies because different currencies come from different countries. Also dont think that more currencies means more profit. No, there are only few that are credible enough and reliable. Choose wisely in picking. Make a research.

[queenhallmark]

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.

[coindawan]

Like so many fashion brands, many people who want to start business don't think whether there's demand or not in societies. It might be not important for them because they just want to start and own business for just satisfying themselves.

[Taki]

In the case of grocers I think you need to follow the same way as with bonus cards - use only those which are the most actual for you and your needs.
I also do not understand why some little companies trying to produce their own coins so much, they simply could use ETH, maybe it is a chase for fame or particularity.

[Moneypham5]

Many currencies are born, because they are profitable, their profitability is fast. However, to make the right investment, you should choose the top 10 most prestigious cryptos

[Traslavin]

There are so many tokens being created now and then. But bitcoin has probably been the most popular and the most trusted digital currency by now. And I don't think it is possible to use a single currency for every transactions. We all now that it takes a lot of money to make a coin therefore those guys or the developers wont allow to lose all their investments. Sometimes it's a money thing.

I'm also wondering why there's so many currencies exists, maybe there's already a hundred kind of currency today but above all of this currencies bitcoin is the common among them. And also the highest value kind of cryptocurrency, next is ethereum. So far this two crypto are the leading currencies today in digital currency.

[BILGPS]

There are numerous forms of money and a lot of currencies is circulating because of the usage and people interest like the paper money every countries have using different currencies which is acceptable in their countries. so many currencies are active and if we look at the digital currencies then bitcoin and many altcoin are circulating which is using by every one so because of usage and value people are following bitcoin in major and then the altcoin are also accepted and it can be exchanged with other currencies as well.

[ArnoldChippy]

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

You can easily understand that we have so many currencies because different currencies come from different countries. Also dont think that more currencies means more profit. No, there are only few that are credible enough and reliable. Choose wisely in picking. Make a research.

Here it does mean th fiat currencies, the op is talking about crypto currencies, most of the crypto currencies are decentralize and are not under control of the people, i think that most of the people are creating currencies for collect  money through it, while some people in real sense create crypto currency for running a project.

[GeorgiyBilyk]

every coin is a share of the company! It was correctly said, there are the main coins for which all the otsalnoye is traded! The first five coins on capitalization, these are just those coins that serve as universal money! The exchanges will not add all the coins in the world, they add only the five largest on capitalization!

[websoftwareengineer]

every coin is a share of the company! It was correctly said, there are the main coins for which all the otsalnoye is traded! The first five coins on capitalization, these are just those coins that serve as universal money! The exchanges will not add all the coins in the world, they add only the five largest on capitalization!

You are right, every coin has its own company that's running the ico and it is a business. This ico's are competing in the market in order for their coins to grow its value and people will be interested on investing so they must control the supply and it was a good thing for bitcoins because it makes its value grow even more.

[Shipitcinvova]

In this regard, they are similar to torrents - to block sites realistically, but it is impossible to completely prohibit the exchange of files. The reliability of such a system can be compared to the reliability of the Internet

[bryant.coleman]

Some competition is OK, as was the case until the end of 2016. But during the last one and half years, new crypto-currencies are popping up from every nook and corner of the world, and the unfortunate fact is that 90% of these coins are just copycats. The only people who are going to benefit out of them are the promoters behind these coins.