Are altcoins useless?

[Butpow]

as the marketplace is not great, various add that altcoin is vain and vise versa when the marketplace is in great shape, various approval the altcoin as it buoy be bankable. I anticipate altcoin is yet worthy, all the more I adorned my cash in various altcoins much as eth, eos and Neo. altcoin is worthy as the cost is low-cost.

[Zuxe]

Well to me I would say that not all altcoins are obsolete, as a matter of fact many of them on CMC are beginning to show some green as for this market trend.

[bitcoinmar]

If proper screening is done for all alternative cryptocurrency just few will pass because few have real world use case, i think majority of altcoins have whitepaper use case only.

Altcoin has no value will be eliminated by the market over time. Garbage projects born in 2017 and 2018 are slowly dying because there is no volume, then they are removed from exchange by delist. There are potential projects that have completed their work well so that everyone in the future can use it

[Mikell556]

To say that altcoins are completely useless is wrong. Altcoins have the right to life, and many of them bear the benefits of the cryptorink and its inhabitants.
At the start of the growth of the crypto market, altcoins, as a rule, do not have time to grow in price for Bitcoin and they always become cheaper relative to it. Than you can use and buy them cheaper at a time when Bitcoin has risen in price.

[Ultimist]

I don't think we need a lot of altcoins. Most of them are very useless. I believe that they will gradually die and there will be only the most necessary.

[Chrystora123]

I respect your opinion about Altcoin, come back to the real world.  coinmarketcap.com shows data that the crypto capitalization of the currency other than Bitcoin is around $ 108B this is from 2180 different types of Altcoin, The altcoin has helped the economy of many people and I will continue to say that Altcoin is very useful.

[Innocant]

For now some altcoins are useless i think it because of no value in the exchange and some of them are not worth to sell. But they have some altcoins also are have some good potential if they are listed in the nice exchange like binance or kucoin and the other better exchange.

[Robotbitcoin22]

I don't think we need a lot of altcoins. Most of them are very useless. I believe that they will gradually die and there will be only the most necessary.

yes indeed we don't need a lot of altcoins, but this is a world of competition where coin coins will compete to be the best and most popular. only those who are weak will be eliminated and the strong will survive.

[Tosyn2]

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?

From my own point of view, it is not altcoin that are useless, although majority of them are just being used to raise money during ICO. What happen to the coin on the exchange afterwards is none of the team's concern and that is why a lot of them are worthless.

[Boh manok]

Indeed, there are quite a lot of bitcoins that are not in line with bitcoin in terms of price changes, sometimes bitcoin rises drastically and altcoin doesn't have significant changes, but we also need altcoins even though bitcoin already has more enthusiasts than altcoins, why do we need altcoin  people like changing bitcoin and if we have small capital, it is better to choose altcoin to trade

[Bladebinder]

It is hard to add representing each the schemes that are presently on the marketplace. On the other hand I anticipate that thither are so various lucks to yet get valid possibilities to judge and approach to the closing that various juts are just dreaded and vain.

[Abiky]

a lot of alt is just a simple repetition. they duplicate the code for Bitcoin. they bring many new people to the world of encryption. they are good for the market. but, i like to have truly innovative coins. they will drive the development of encryption.

Exactly. That's the cold-hard truth. Most of the altcoins are simply useless because they're only created as a mechanism to make developers rich, instead of being indispensable for the world. With no active development or innovation at all, most altcoins end up being completely abandoned or remain as a speculative cryptocurrency on the market. One good example of this, is Dogecoin which is practically useless considering how many altcoins there are on the market with cheaper fees and faster transactions than it.

Which is why, that only a few select altcoins with active development and innovation can be considered useful. My recommendation is that you go for Ethereum, Cardano, and EOS as they're highly active smart contract platforms in the crypto space. Considering how many dApps have been launched lately on said platforms, the underlying cryptocurrency used as "fuel" for the execution of smart contracts will have real utility instead of speculation.

Nonetheless, there are many altcoins which come and go. But you should do your own research in order to help determine which altcoin is useful for your daily needs. Just my opinion

[smyslov]

For me, it's enough that we only have 20 cryptocurrencies, but since it's an open source and people can build their own token for their products and services, we will see many more new tokens coming in the market, it's not the coin it's the company or the developers that build them and it's up to us if we want to support these new coins.

[FastSlots]

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?

Well, right now, today we don't need altcoin garbage. But in the near future, the 4.0 era really embraces the whole world, when paper money is no longer used.
Each altcoin will have its work. Altcoin is now a profitable tool, don't discuss it further.

[Wintersoldier]

Similar questions have already arisen. But I don’t think that in general this is true, because there are all chances for us to save our deposits today in altcoins, which today are still very attractive for investment.

If you could take into consideration, the market of altcoins nowaday have a huge potential. How can I say that? Since we are going to invest not on the high price of bitcoin, where else can we buy? That simple, in that case, we can assure that many investors will going to pursue investing on altcoin as well. Makes sense?

[Litzki1990]

Not all the altcoins are useless i have some altcoins are giving massive high prices i think it all happen how to find good altcoins because some them are are shit altcoins and they have no value at all, we have to spend more time to find good altcoins.

[Astvile]

Each coins has been made in a purpose no coins is useless in the market noe.If you are just seeing being useful as being able to spend it buying stuff then you are looking at cryptocurrency in a very wrong way.Each of them specialy ICO coins comes with a purpose their not useless

[kleshovab7]

No, altcoins are not discarded. To me, the just discarded altcoins are ones which assume 't get whatever real affair to propose. So far-away an altcoin is determination a imperative matter, so it is important or with age desire be important (that is, whether it is an approaching propose ).

[Abiky]

For me, it's enough that we only have 20 cryptocurrencies, but since it's an open source and people can build their own token for their products and services, we will see many more new tokens coming in the market, it's not the coin it's the company or the developers that build them and it's up to us if we want to support these new coins.

That's certainly true, mate. It's inevitable that new cryptocurrencies emerge daily, due to their open source nature. For lazy developers, it's easier to copy an existing cryptocurrency's codebase than designing one from scratch. But, only altcoins with true usability are the ones that will survive for a long time. The number of coins which meet such criteria are not many, leaving us with very limited options. In the bright side, altcoins which don't serve their purpose well, will become forgotten as people switch to the next big thing in crypto.

But investors who have bought a specific altcoin which turned useless over time, will be left "holding the bag" (another word for this is a “bagholder”). This happens most of the times, which is quite frustrating for anyone who had invested a hefty sum of money into a cryptocurrency project. Which is why, it's recommended to do your own research into an altcoin of choice before deciding to invest into it for the long term.

Nonetheless, while most altcoins are useless, others are indispensable (like Ethereum, Monero, and Litecoin). What matters is that you diversify your investment if you decide to begin this risky journey. Just my opinion

[Goodvalony]

there are many purpose the blockchain technology offered us. from the financial revolution system to the technology aspect. as we all can see, the blockchain can be applicable in all things. this is the main reason for having altcoins. not just for payments just like you mention with the likes of bitcoin, ether, monero  but can be use as an incentives for people, they can then exhange whatever token that was giving to them with bitcoin.