Are altcoins useless?

[martin1221]

Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart.  I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

Altcoins create variety in the crypto world. Each one that is created advances the blockchain and at the same time develops it. So whether they do not have some obvious real or proven use, as long as they develop the technology I am ok with it. They create diversity in your holdings.

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[bittraffic]

Altcoins create variety in the crypto world. Each one that is created advances the blockchain and at the same time develops it. So whether they do not have some obvious real or proven use, as long as they develop the technology I am ok with it. They create diversity in your holdings.

Don't agree to it though.  I expect profit for each token I hold so if it doesn't really have a use case but I still got it, I will definitely make the initiative to sell them all than keep holding it. There ain't no use if its just for diversity for your holding, those token has to reason why it can have some demands in the market, if it doesn't then it has zero value.

[newbie0506]

Only those with meaningful use case and a competitive team can break through this over saturation of projects.

[Raizou]

In my opinion it's wrong for you to frame altcoins in this category, just because below the altcoins, there are shitcoins! But remember that market opening, free trade favors and increases profits, so far the position of King of Bitcoin has been unquestioned. The creation of numerous coins is precisely this possibility that Bitcoin initially provided that it's freedom to do what it likes without many limitations and bureaucracy.

[Prompyboo]

Only those with meaningful use case and a competitive team can break through this over saturation of projects.

now almost there is no project has any real use. just words and nothing behind them. So i thing that now ICO is useless

[masterrex]

Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart.  I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

For me it depends on the Altcoin's purpose and function if it has a true use case then its not useless, But most of Altcoins are indeed useles with no demand for real life application and utilization those characteristics are often found on new created coins or Tokens thats base on hype and not on real purpose.

[SuneEmber]

Quite the contrary. Altcoins, or at least "tokens", are in many cases much more useful than their cryptocurrency counterparts.
Tokens often have a utility, which means that even if they never become the preferred medium of exchange in the crypto community, they still have value because of the platform on which they're used.

For example, imagine if the premium currency in a video game were tokens. That'd create a constant demand for that token from players. And over time, more games could be launched using the same token. Now that's proper utility.

As long as an altcoin/token is used in a product or service where there'll actually be demand, then it's much more useful than traditional cryptocurrencies

[valek.bruno]

Of course, there are such thoughts, but I don’t think that there is truth in the fact that something can be changed here. I am sure that now a huge number of people are trying to still have the opportunity to not sell the available finances for a penny. Everyone is waiting for the waves.

[leslie4u]

I don't think Altcoins are useless. They offer some of the features which not even BTC has. BTC adoption is huge and this is why when it comes to Crypto everyone just talks about BTC/ETH but then it doesn't mean other coins out there are junk.

However I can understand about ICO's and ERC20 tokens. Many are just scams and fail to deliver as we all know.

As a trader I do buy Altcoins and then the time is right I sell them to gain BTC like what many of us do. With that being said I also hold some Altcoins for I see potential in the project.

Have a good one.

[mcnocon2]

I agree with you there, most of the altcoins are useless and never used based on their true purpose. Most of the altcoins are used only for trading, that's why their price are dump because they have no real use-case. But to point out that there are few altcoins that are used in daily transactions and used based on their purpose like BNB.

[Sebas.tian]

Alts have different usage than bitcoin. Like how xrp is to banks and eth is to smart contracts.  It is true though that a vast majority of alts are useless but once adoption prospers, the public will be able to use its services to the outmost.

[Adriano2010]

To answer just to title, i would say yes but not all, some of altcoins are useless, besides there are some altcoins i like, some of them can be sent and received instantly and without pay a fee (Nano for example), and there are some altcoins which are used in some domains.

[wuvdoll]

there are such thoughts, but I don’t think that there is truth in the fact that something can be changed here. I am sure that now a huge number of people are trying to still have the opportunity to not sell the available finances for a penny. Everyone is waiting for the waves.

Even majority of the people from this community also thinking like that still I believe we cannot have general opinion like this on all altcoins as there are proven coins existing and I believe altcoins are needed for crypto space at least for testing nee features. But, I guess no once could ignore the important role being played by altcoins in promoting cryptocurrencies to new people. I believe this one reason is more than enough to conclude that altcoins are not useless.

We cannot simply pass the thoughts of "altcons are useless" because may altcoins are here for no reasons. They are just clones of some other modified coin's algorithms. When many altcoins are failing, we cannot stop people to have a common opinion like why these many altcoins are being introduced.

[jack05]

I would ask who needs altcoins? In my opinion, most of them are completely unnecessary, but for many speculators and traders, this is a source of income and it is they who need them most. In a normal world altcoins will be useless.

[@prashant]

yup majority of them are useless there are just developed to earn money and no genuine usage,many coin are payment based coin which i think is just scam strategies as we do not need so many coin for payment.whereas some of the altcoin are good project i would say better than main stream crypto but as they are not popular thus they are getting users and trader attracted to them but have solid team and innovative technology with them.

[kidbounty]

Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart.  I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

I don't think it's about enough or not. blockchain is open source technology, it is not normal for many teams to develop. so we can't think of crypto only for ethereum, bitcoin and other old coins. sooner or later the coins will increase and because of this growth can occur.

[Pffrt]

Almost all of the altcoins are shitcoin and there are no use of these coins. You already have mentioned the most 3 used cryptocurrency. Other than those, some altcoins are putting some importance into real life usages which may be worthy to invest in.

[Minor Miner]

Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart.  I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

I tend to believe that we need only few crypto projects plus some reliable stablecoin. The only purpose of such a great variety of altcoins today is evolution. There just must be a lot of species, because only this way can bring us to progress. Some alt implement one protocol, another alt proposes some innovation and the technology race is active.

[blu.storm]

instead the altcoins are very useful through the icos and through the trading make us earn and anyway can be changed if it is need in btc

[Brunus]

At the moment they have practically no value anymore. And most of them died forever.
Perhaps some of them will resurrect.