There are so many cryptocurrencies in the market, what do they do?

[eddiies]

I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.

[fuer44]

some of them are fake projects who want personal profit and ignore investors and participants then they leave. some of them are those who develop the blockchain technology, or other technologies, which if successful the token will survive and if it fails then the coin will sink. because new projects will always come, so don't be surprised if there are lots of coins in the market.

[UnruffledST]

I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.

93% of coins out have no use other than being a copy and paste of a other project or not being able to deliver on their promises. Again this includes coins who are just out there to scam you as well.

Always read the white papers of a project but make sure the idea works, don't just always look at the team because some coins have a good team but shitty project and investors invest knowing that they will make a profit from the team being able to sell a shitty product.

Always do your own research and read the boring white papers use them as reference points, google if you need to. Do not know what zero-knowledge proof is but heard it in a project google and reasearch on every little small aspect that a project says they are to implement.



But now that I see you have 3xx post how would you not know about the crypto market by now  

[libert19]

Most are just used for transfers (some allow normal and some private transactions), some have dApps built upon them (eos, steem, ethereum, lisk).

[REYVAN]

Not all, it's mostly like hyip, but some of their projects have real products, like binance, eos, mywish and many more. disappointing and making the impression that they are like hyip are irresponsible developers, unable to deal with market conditions and have no real products. then leave just after getting profits from investors through ICO

[Debonaire217]

I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.

They are utilizing the use of cryptocurrency for their own businesses that's just the case, there in the market they compete, but the sole purpose is to pay investors with their own token which I quite find bad.

[Gi01]

Most of these cryptocurrencies have specific projects backing them. But the main reason why there are a lot of cryptocurrencies is because of crowdfunding which the crypto coin is  used by project teams to raise money to fund their project. These coins are used as fuels to support their services and project.

[bitcoinm3ster]

I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.

Yep, almost coins now are just used to transfer and trade to earn the profit and speculation for the future. Haven't seen clearly their uses in life yet

[yanto@1977]

I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.

They take challenge to survive, nothing's wrong with that. Hype is not good for us will create bankrupt people every day in high number, recognize this system before enter program. No ones can't stop cryptocurrency, just use it to change your life, that's the idea.

[supine]

I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.

People wants to earn money and there are various reasons why developers develop new projects. It is either they want to develop products that could possibly help users/investors to earn and use their products or to create an innovation that could improve how things uses to be.

[Little Mouse]

How hype is related to many cryptocurrencies. People are coming up a lot of ideas to make crypto as better although most of those aren't fulfilling the criteria and they are just copy version from others. The reason behind many crypto now is being rich by bringing up a crypto.

[dhiraj0977]

I think most of them 70-80% are of face cryptocurrency, which just pump and dump the coin for their own benefits, and fade away from coinmarketcap from time to time. Only very less cryptocurrency which really works for an definite concept for transfer money in the form of tokens.

[Mighty_crypt]

Many coins and tokens on the market are just copy cats of the good ones with no real use and they are just there to make profits out of your invested money I called this types 'pump and dump ' coins and yet there are good ones that I personally think they make a lot of sense to exist ,for example ABC coin a digital platform for decentralized Authenticity of identities, signatures and documents, using blockchain protocols which is something reasonable ,and that is a good use of blockchain

[Dart18]

I have been browsing a lot of crypto currencies lately and mostly are ERC20 tokens under Ethereum.
Their projects are also for their own company. The tokens will only be used for the application that they will make and will stay like that.
Although they will be listed also in some trading websites. But just a few are good enough to be listed in a trusted exchange.

Unlike bitcoin, ETH and LTC which are for transactions of everything that requires payment. I would really stick with that for starters.

[Minor Miner]

I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.

Yes, it is. I don't see the real use case for me except BTC and ETH. I use them to make payments between my friends and partners. Stablecoins are ok as well - they are necessary for hedging. The rest are just speculative assets, nothing more.

[Jadesola]

Most of the coin in the market are just useless, they have nothing to offer than pump and dump kind of game, that are just tools to scam people.

[palle11]

Really I'm tempted to conclude that we have already seen the best of coins in btc, etheruem, litecoin and very few others. These three existing coins are the ones with real crypto value and not coins that will be hyped or pumped after few days in the market, then the next week, it loses 90% value. A sign of shit coin, don't invest in such coin because it is going to its burial site.  

[andrejka]

I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.

The main role is to get all your bitcoins or fiat)) Joking of course) If you study all the coins with their own blockchains out there you will understand that they differ a lot and can benefit their users a lot. For sure some of the coins are just competitors but there are those which can complement each other. Just learn about top100 coins on the coinmarketcap and you will see everything by yourself.

[Pithaxz]

a lot of new altoin when entering the stock exchange sometimes doesn't have further growth, I also wonder why it's always like that or maybe it all takes a long process when coins it to really have great potential and are worthy of competing like other popular altcoin.

[CryptoAlphaStar]

They do nothing for now. There are so many cryptocurrencies, because the crypto ecosystem created an infrastructure for fundraising. So, 99% of the coins were created just for the sole purpose of founders raising funds and they don't give a shit about the coin or the investors after the crowdfunding period.