Why we need Alternate Cryptocurrencies

[Pente]

I have considered alternate cryptocurrencies to be mostly a waste of time and energy. Sure, there may be some new innovation here and there, but if it becomes a true problem, then that innovation could be added to Bitcoin. Also, I have felt that alternate cryptos might have a small market for special needs, like total anonymity. Regardless, I have felt that the altcoin market should be only about 1-5% of the Bitcoin market.

But alternative cryptocurrencies have two major functions that are actually helping out Bitcoin.

1) As an internet meme, peope are learning more about cryptocurrencies in general. The small value of most of these coins allows people to play with full integers of them without fear of losing any significant money. Consider them to be educational.

2) As a message to governments. When governments see how easy these altcoins are to start, it will help show the futility of trying to get rid of Bitcoin.

It is for this reason that I have spent about $20 on a bunch of random altcoins. Eventually, most of these altcoins will die and take that money with them. In the meantime, I consider that money & time spent to be good advertising for cryptocurrencies in general. Eventually, it will benefit Bitcoin.

I hope that some of you reading this will consider spending a few dollars on some altcoins. Not to make money (expect to lose most of it), but to support cryptocurrencies in general.

[plr]

2) As a message to governments. When governments see how easy these altcoins are to start, it will help show the futility of trying to get rid of Bitcoin.

I hope that some of you reading this will consider spending a few dollars on some altcoins. Not to make money (expect to lose most of it), but to support cryptocurrencies in general.

They already know that some countries take it positively some negatively, they know it's futile to stop these companies, institution and individual from creating new coin so they prefer to regulate it some other ban it like India.

I'm already investing in altcoins because they are here to stay, because this proves altcoins has purpose and they have usage to offer to humanity.  

[BADecker]

What really is an alternate cryptocurrency?

People barter all over the place. Even kids in school, "I'll trade you my apple for your sandwich." This is like alternate money that is not controlled by government, directly.

The point is that government is trying to gain so much control over our privacy that they can tax us on simple things like, "I'll trade you my riding lawn mower for your go-cart."

[squatz1]

..... We don't need alternative cryptocurrencies. We need cryptocurrencies that are going to bring REAL change (in regards to technology) to the table that'll allow for people to be their own bank effectively and cheaply. No reason to just spit out random coins for no reason.

We have left the 'altcoin ICO bubble though' people are just spitting out random coins with shitty names and a whitepaper that is a lot of fluff with no real information on it. What people are doing now (IMO) are bringing new technologies to the table that'll be able to help the entire space advance from the standstill we're at right now.

I know not a lot of people in Bitcoin like ETH, but watching the amount of growth in the DEFI space is very interesting. Uniswap is one of the projects that amazes me as you're able to trustlessly trade tokens without an intermediary. What I really want to see though is cross chain atomic swaps.

[Spendulus]

I have considered alternate cryptocurrencies to be mostly a waste of time and energy. Sure, there may be some new innovation here and there, but if it becomes a true problem, then that innovation could be added to Bitcoin. Also, I have felt that alternate cryptos might have a small market for special needs, like total anonymity. Regardless, I have felt that the altcoin market should be only about 1-5% of the Bitcoin market.

But alternative cryptocurrencies have two major functions ...

It's necessary to clearly distinguish between electronic  currencies and crypto Currencies.

Does a crypto currency necessarily involve a blockchain?

Is an electronic currency not cryptographically secured?