why so many currencies?

[Dubska]

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.

Can you kindly explain why Eth is not a currency even if it can be converted into fiat. Thanks.

[1714109957]

1714109957

[1714109957]

1714109957

[Cryptrx]

I wish the number of altcoins can be moderated, every now new coins sprout up. There is no way to even keep count of the many tokens, coins available.

[ershovspa]

I wish the number of altcoins can be moderated, every now new coins sprout up. There is no way to even keep count of the many tokens, coins available.

There's no need for that.
The bad alts will disappear as fast as they were created.

[kicksay]

now too many coins for choice. but not all have a nice future. you want to make a profit on some coins. you can pick coins that have good projects and keep growing. it will give me many advantages. only now it is hard to find such coins. better buy old coin coins. because it has a good future. such as eth, ltc, str, xrp, waves, nxt.

[Jeex]

I wish the number of altcoins can be moderated, every now new coins sprout up. There is no way to even keep count of the many tokens, coins available.

There's no need for that.
The bad alts will disappear as fast as they were created.

Unfortunately, during the existence of bad alts, someone will have time to buy them. The more the alts becomes, the harder it is to understand all of their diversity!

[huhhuh18]

That's a nice one. I rhink that even makes show distrust and dissatisfaction towards cryptocurrencies. The many many currencies being created now and then won't do us any good, but well, maybe for trading reasons they can be good.

[BenR]

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.

I agree with your thought process. But I think that 50 is way generous.

[pandacrypt]

I think too much digital currency will definitely confuse users. Users will definitely prefer the bitcoin and eth which is certainly more reliable. It is very inconvenient if online stores and wholesalers only use their coins for transactions.

same we have with fiat money, each country has its own, ppl usually prefer USD or EUR in crypto world it would be bitcoin always and some other players.

[pandacrypt]

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.

the reason why haters appear that they don't understand how to deal with that amount, HODL)
I wish I could easily catch the situation and know what to invest today as all of those who want to get reach fast and die young)

[secretgarden]

i see...

i had the question,too.
It was very helpful

[Salesman4coinZ]

The problem is, that everybody thinks nowadays they could create soemthing like the second bitcoin. SO if you have some computer skills and know how, its no problem to create a token on ethereum base. So they use it to make some shit token which they can distribute via airdrop and sell the biggest amount they hold on the exchange. The same you can do with coins with own blockchain. And thats why the market is flooded.

[darth_sue]

Good thread. I have read about other altcoins though I don't think they will dominate more with Bitcoin. For sure Bitcoin is stable.

[ershovspa]

There's no need for that.
The bad alts will disappear as fast as they were created.

Unfortunately, during the existence of bad alts, someone will have time to buy them. The more the alts becomes, the harder it is to understand all of their diversity!

But if you already know that some alt is bad, why would you buy it?
And if no one buys some alt it's volume will decrease and it'll eventually lose it's value and die.

[JostikSSS]

On me so I have such same opinion-now on site https://coinmarketcap.com/ - more than 1600 tokens and more than half of them do not have any prospects - it's just garbage - it is necessary to exclude them from the rating and will be much better.

[kuzawi]

Till will get no regulation a lot of new uselss coins will born (also a lot of scams will run). We need a sort of regulation to improve the quality and eliminate useless coins and scams.

[gstar - ross]

Most importantly, you have to check the use-case of these tokens. That's the huge factor in determining whether the tokens are creating value or not

[Jeex]

There's no need for that.
The bad alts will disappear as fast as they were created.

Unfortunately, during the existence of bad alts, someone will have time to buy them. The more the alts becomes, the harder it is to understand all of their diversity!

But if you already know that some alt is bad, why would you buy it?
And if no one buys some alt it's volume will decrease and it'll eventually lose it's value and die.

Even gurus who are well versed in the crypto industry are sometimes mistaken! Therefore, you never need to invest in alts funds borrowed! You can risk EXCLUSIVELY a small part of your own funds, which is not critical to lose!

[Airdropmya]

It's because it's so simple to create a crypto, and they all want a piece of the cake. But as you may know already, only a few of them have an actual use case.

[marianna2020]

I guess we are still in a new era where cryptocurrencies are finding their path to a future existence. That's why  in this new era, there will be more competition to prove which currency is the best among the same sector. Will see what happens in couple years.

[Qunenin]

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

We only have few legit coin here, number one is bitcoin and followed by Eth and Litecoin, and there were still some but to say that every single merchant will gonna make their own coin it is impossible to last because it will just make it and end up with scamming. I am telling that is true.