Are altcoins useless?

[dataispower]

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?

This is the technology of the future and it is not really useful at the moment, but in the future each industry will have 1 altcoin separately and it is really necessary.

[Vaskiy]

The bulk of the coins are useless coins that have no real value. And the time will come when more than 90% of all coins "disappear." Then a simple user will know the true uselessness of such coins.

Nevertheless, at least 200-400 altcoins will exist. Thus, you cannot call them useless. People do not only make money trading these tokens, but they use them for different purposes. Smart contracts are also in demand.

Altcoins serve as a supporting platform, without this it is really a hard task to make bitcoin to stand unique in the market. When there is competence there will be growth. What we find with bitcoin and altcoins is the same. Also emergence of altcoins played a big part in making the cryptocurrency term more familiar all around. Also every altcoin has got some use case. Among that very few is much preferred getting it to be one on the top.

[gangem07]

In this current market situation most of the altcoins are useless but i think in the future altcoins will be more usefull and profitable like bitcoin,ethereum and monero.

[Aldrinx00]

There are lots of altcoins and most of them are useless but there are quality project altcoins that have use cases and many people are getting because it is useful to them. I think useless altcoins will not be on the market forever those that have quality product will remain and thrive in the long run.

[umbara ardian]

In this current market situation most of the altcoins are useless but i think in the future altcoins will be more usefull and profitable like bitcoin,ethereum and monero.

I think there is still an altcoin that is very useful as it happened a few days ago the price of doge coin can experience price increases until now it has reached 50%, it shows that when conditions like this there are still some very useful altcoins

[Jose Mourinho]

Of course, altcoins are needed, as each belongs to a certain company and integrates users on platforms for making payments ... there are empty altcoins that do not carry any semantic load, but not all are like that ..I think weak altcoins will be eliminated in the future, but to say that altcoins are unnecessary is at least not clever

I think we don't need up to thousands of altcoins, especially the marketcap is still small, this makes the competition very tight and certainly makes many altcoins die.

[deathcode]

I think we don't need up to thousands of altcoins, especially the marketcap is still small, this makes the competition very tight and certainly makes many altcoins die.

altcoin that is useless and has no growth is supposed to be dead and discarded from the market. because this market moves very fast, if there are assets that are not able to keep up with growth, it looks like they really have to be abandoned.

[levvv]

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?

This is because there are many speculators who want to get quick money, they turned altcoin into a speculation asset.
But there are some altcoins really have usage like XMR, it is used as a privacy currency.
New altcoins will be hard to survive in crypto world because we have already enough altcoins.

[Coin-Desk]

Not altcoins are ever worthless. There are requirements of Altcoins like Bitcoin. We know that without Altcoin it cannot be traded. Altcoin is needed for trading. Trading with the only Bitcoin is not possible. So I can say that bitcoin's role as well as the role of altcoin in order to preserve the normal process of cryptocurrency. We know there is a price of all Altcoin. So Altcoin is never worth it. Waves coins, Dogecoin, Litecoin are some of the best in Altcoin. So we have to give equal importance to Altcoin as well as Bitcoin. Many investors just invest in Altcoin and they are profitable.

Thank you

[valek.bruno]

I would not say that all projects are useless. I am sure that among them there are those who have the right to life, so I think that they are being developed and will continue to be improved. Therefore, in general, I do not think so.

[leslie4u]

Altcoins aren't useless, actually, they are the way for many to get more BTC in our bag. Some of them do have some really good features which BTC doesn't offer but then the problem with these Altcoins are that many a time the project scams or the dev leaves the community out of nowhere.

The good thing is since all of these are open source, the community or someone can pick it up and run the show however that's not always the case.

[ZloiRediska]

We can not say that altcoins are useless. Of course such a huge amount of what is present in today's market is not necessary. But this does not mean that all altcoins are useless. There are many interesting and promising projects, such as Sound Money Coin.

[Script]

At the moment, the cryptocurrency market is filled with useless coins, which are created only to collect money. Only detailed research will allow you to extract really promising projects that will be successful in the future.

[Kay94]

No. There's no way I'm going to say that though cryptocurrency is filled with useless coins somehow. I still don't agree all altcoins are useless. Some are great.

[Aleksandra Gurskaya]

Yes, of course, many altcoins are actually useless ... But there are many altcoins that are widely used in everyday life. Not many projects have a finished product or platform for their coins.

[crenfrosck]

That really depends on a purpose of a particular coin. If it is just a payment tool like BTC, LTC and Monero, I would not recommend holding it as there is very little potential to actually fulfill its usability. On the other hand, security tokens or other forms have a chance as every single coin stands behind a platform backed by a company, and many times it can be considered as a "stock." No one knows what is ahead of us, but some groups have better chance at succeeding than others. A part of them have a chance to make investors absolutely carefree and we should try to find at least a single one of them.

[shoreno]

Yes, of course, many altcoins are actually useless ... But there are many altcoins that are widely used in everyday life. Not many projects have a finished product or platform for their coins.

What use ? For paying and buying ? Or in short as a currency use ?   Or maybe for investment ?   But bitcoin can do that already    .  what alts can do btc can also do  . only one altcoin is different and has a real unique usage  and that is eth because eth can be used as gas to trade alts and erc20 tokens  . eth can also be used for ico to create their own token  . overall,  id say 1 alt is useful and others are only a replica of btc 

[daarul50]

I think bitcoin, ethereum, and monero are enough to use if we use it as a transaction tool. but, in the world of investment, The three coins will not be enough because the market needs more choices for investors or traders so that market activities continue to run smoothly. If there are only 3 cryptos on the market, a crypto market will experience minimal activity. So, the affirmation is that the 3 crypto transactions are enough.

[Semar Mesem]

Yes, of course, many altcoins are actually useless ... But there are many altcoins that are widely used in everyday life. Not many projects have a finished product or platform for their coins.

The number of altcoins that are too much in my opinion is a big problem, this brings competition that is so tight that many altcoins are dead and useless.

[mrdeposit]

Yes, of course, many altcoins are actually useless ... But there are many altcoins that are widely used in everyday life. Not many projects have a finished product or platform for their coins.

The number of altcoins that are too much in my opinion is a big problem, this brings competition that is so tight that many altcoins are dead and useless.

Considering that Bitcoin is in very high step, that is normal. So, creating altcoin today is not a big problem. And considering this is a decentralized system, it is normal to have so much altcoin.