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

[senin]

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.

In general, tokens have the most diverse uses and they are very useful for humans. With the advent of cryptocurrency and blockchain technology, it became possible to unite all people on a global scale to distribute and use in a certain way any information online. The possession of such information is sometimes very expensive. Sellers and buyers unite among themselves, in general, information useful to people can be the most diverse. Therefore, you should not consider tokens useless.

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[der_troll]

The market is currently overwhelmed with scam project and coins that are used only for pump. Be pretty careful and research each and any project deeply before you invest your own money in it. A coin should have a good circulation supply, trading volume, listed on major exchanges and have a good team.

[kingpin4321]

Coming from a senior member this question is quite amazing and surprising ever coin has its uses that's why most of them have white paper to direct you on the purpose and future of the coin

[smoolae]

You are absolutely asking the right thing. A lot of coins and tokens are fully useless and shouldn't exist at all. I think that around 70% of the coins we have today are living purely thanks to some hype they have left with collaboration with small liquidity that is still around them.

[jacafbiz]

Hype is just part of the life cycle of a new industry, it happens with the internet and dot.com companies when people believe all they need to do is to put their business on a website and that is all, there are some interesting projects in the space, Augur and DAI are two projects that stand out for me now because they already have working platform and many more projects are coming up with little or no hype because they are just focus on building something great for users. Forget they hype and see the real use case and you would marvel

[Nivia1st]

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.

what they do is make the market worse. dump, scam, manipulation and other things that are common in crypto. so it's no wonder that many investors leave. only about 5% of total crypto has good quality and the rest is only shitcoin. only about 5% of total crypto has good quality and the rest is only shitcoin.

[cryptocyprus]

The role of such a large number of cryptocurrencies, is nothing, just many have successfully earned money in the wave of market growth.

[ataki]

Among them there are many fake projects and copycats without any use case, but also there are legit projects with unique ideas. Competition between ideas is good and the market will decide which project has future.

[2tang]

its original purpose was of course currency but in practice it was not like that, not because crypto deviated from its original purpose but because of the lack of support from many parties for example is a place to shop and sell
if only there were many sellers who would accept crypto as a payment tool, crypto would not be just a hype

[Flezy]

Yes there are many cryptocurrencies in the crypto space . Some holds true and genuine ideas in revolutionizing he world while some don't have any use case just to scam investors. So one need to be  careful, before investing do a good research.

[deodivine1]

To be sincere, I've gone through many whitepapers and seen project aims of many different projects. Some are just baseless, while others are copycats. I think many projects won't stand the test of time. Many teams are just interested in fund raising, and no product development. Well, let's keep hoping new projects won't keep popping up with irrelevant or already existing use cases, unless with revamped features.

[pedpedped101]

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 number of crypt I currencies with no definite usecase are much more than those that are really useful.
One of the most important things when it comes to the popularity, use and success of a coin, is mass adoption.
So many of them  cannot be adopted, let alone mass adoption.

[MI6]

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.

Actually some of that coins or tokens have their own reason why created. But don't know it is because of bad movement in market or maybe developer's hidden purpose when create that coin. Some of them not really follow their roadmap and seems leaved by their dev.

[Dreamchaser21]

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.

To make money and yeah hype the people to invest so they can have more when they leave the market. Most of the coins are just the same with other good coins, they create the same project over again because they know it can attract money. Don’t worry shitcoins will not go to the next round because investors are more educated now.

[surgexvb]

Most of them are created only to attract investment and do not have a finished product, but only plans and ideas that are not implemented, so expecting something big is not worth it in 90% of cases, over time you can understand which coins become valuable and which ones still stuck on that level.

[dobolspeed3]

It is very much crypto every day, always growing big every day. All crypto certainly has an important role for every coin that exists. Because we can't know one by one the crypto role. With the amount of crypto certainly will have a big impact on the growth of crypto.

[killerfrost]

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.

Many altcoins do not have any use.99% of the cryptocurrency will be zeroed in the future.And there are many speculators in this market.The speculation is very common in here, so don’t be surprised too much.

I also agree that 99% of altcoin will die in the future. Within the next 3-5 years I predict there will be only about 50-100 altcoin left alive and active. There are too many current altcoin scam and it caused the market to collapse in 2018 and 2019

[pundit]

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.

Every new ICO comes with an idea and launch its cryptocurrency inorder that token to be used to access their services. Its a fact that most of the new ICOs are not fulfilling their promises and their tokens are of no use in real life scenario. Its not surprising that new ICOs with new cryptocurrencies will keep on coming but the projects with solid plan will only survive. One should always study the project thoroughly before investing into it, a good project can multiply the investment many folds. Its like mining diamonds from coal minecraft.

[Little Mouse]

Those coins are nothing but shitcoins. People come up with copy paste another crypto. No utility, no real life usage, nothing in fact. Only for getting cash. It has become a good way to earn money and that's why a lot of new coin are there.

[tranthiky]

They are created for different purposes. But I think they have the same goal of taking money from investors. I still don't see any real products or applications from coins. It only runs in one cycle: ICO -> listed -> silent or dead.