Are altcoins useless?

[BeManga]

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 not all altcoin is useless there are lot of altcoin that have different purpose
some altcoin have their own marketplace, exchange , blogging , ads , gaming and many more
where you can use or earn their altcoin in there website

[nikola22]

At least few atlcoins have good use case, therefore altcoins are needed, although many altcoins are shitcoin without any purpose in the space, amongst all altcoins, there are little which are useful and solves problem in real life through the use of blockchain.

shitcoins will appear again and again but it doesn't mean that all altcoins are shitcoins. there are some good coins appeared from nowhere, for example EOS or BNB.

[ra_pl]

I don't agree with that , all altcoins are not useless, though we can't sometimes differentiate between the good altcoins to the shitty one. I personally i invest in top3 altcoin and a good project too.

[Christinebeauty]

Altcoins are not entirely useless. I believe every project was launched purposely to solve a particular real world problem or challenge in the crypto space. Stellar is being used to send remittances. BNB is also the official coin for payment of services on the binance exchange.. I still think altcoins are worth investing.

[DigitalGemToken]

Altcoins aren't useless, I personally think that our altcoin is pretty good...

https://digitalgem.wixsite.com/home

[xysheeh03]

I think even if there are tons of altcoins, it is not useless because even popular altcoins started by not knowing significantly and later known and popularized, if there are tons of altcoins now, maybe several of them would shine in the near future or in the future market. So, there should not be useless altcoins.

[marks1976]

I think even if there are tons of altcoins, it is not useless because even popular altcoins started by not knowing significantly and later known and popularized, if there are tons of altcoins now, maybe several of them would shine in the near future or in the future market. So, there should not be useless altcoins.

It's not useless but so many altcoin are based on the speculation only and they have no utility usage or even accepted by the merchant to become a payment solution. I can tell you just like HNC coin which already accepted by so many hotels on greek. Altcoins are still lack of demand and if you are searching the one that can be the same as HNC and it looks so difficult to search that.

[Abiky]

Altcoins are not entirely useless. I believe every project was launched purposely to solve a particular real world problem or challenge in the crypto space. Stellar is being used to send remittances. BNB is also the official coin for payment of services on the binance exchange.. I still think altcoins are worth investing.

Agree. Speaking of altcoins, I believe that the ones that are most useful are exchange-based ones. Both BNB and KCS have performed well on the market for quite some time, while other altcoins have been stagnant in price. This is probably because, they have real utility than just pure speculation. These exchange-based coins can be used mostly for discounts when doing trades and earning dividends over time (like it's the case with KCS).

As for other altcoins on the market, their utility will greatly depend on their developers' effort, as well as, their community's support. If there's no adoption for a specific cryptocurrency, then it's doubtful that it'll be useful after all. Knowing that most altcoins are just quick money grabs by their devs, you should only seek for quality altcoins with a dedicated development team (like it's the case with Ethereum and Monero).

Nonetheless, crypto land changes at a fast pace. Which means, that some altcoins will become replaced by others which prove to be the next big thing in this emerging industry. Just my opinion

[Jushura]

The primary role of most entire Altcoins instantly is aloof keeping to attaining profits on the other hand in the forthcoming, when the cryptocurreny marketplace many get, the pertinence of Altcoin desire be shown

[crispyfry211]

There are a lot of altcoins and shitcoins out there so be aware and be careful in what we are investing because a lot of scams are around us here in cryptocurrency but we can prevent them by not investing on their projects,so investors invest only in reliable project like Dencoin and this project is legit so trusted by other investors and you may try to invest here.

[Wayan_Pedjeng]

Altcoins are not entirely useless. I believe every project was launched purposely to solve a particular real world problem or challenge in the crypto space. Stellar is being used to send remittances. BNB is also the official coin for payment of services on the binance exchange.. I still think altcoins are worth investing.

The problem is that Bitcoin can be used for most of these purposes. Remittances can also be sent using Bitcoin. Then why we need Stellar and hundreds of other altcoins which were designed for this purpose? Why can't payments in the Binance exchange be made with Bitcoin or Ethereum? Is there a need for all the exchanges to create their own coin?

[voloda1985a]

Personally, I believe that the essence of all altcoins is to create competition, or the appearance of competition, for bitcoin.

[bitkanu]

Personally, I believe that the essence of all altcoins is to create competition, or the appearance of competition, for bitcoin.

So far there is no serious competition for bitcoin thought, also many people still consider any altcoins to bitcoin as some kind of different classification. The altcoins market capitalization itself always circulating around the altcoins same goes to bitcoin market capitalization so I guess that the competition is for altcoin only.

[Runbitup]

Personally, I believe that the essence of all altcoins is to create competition, or the appearance of competition, for bitcoin.

So far there is no serious competition for bitcoin thought, also many people still consider any altcoins to bitcoin as some kind of different classification. The altcoins market capitalization itself always circulating around the altcoins same goes to bitcoin market capitalization so I guess that the competition is for altcoin only.

Bitcoin is the main coin so it's not so affected by the altcoin so I agree if competition is only for altcoins.
the proof is that the value of Bitcoin greatly affects the altcoin value but not vice versa.

[Mypanara19]

Yhe main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?

In my own personal opinion yes we do really need altcoins but not as much as we already have now in the market. Actually as I use the blockfolio to keep track of my holdings, as soon as you input the ticker to make a list of you new token you will see there that it says on the top as you add the token 'search over 8000 coins', meaning there are too much cryptocurrency that are truly existing. I don't think we need that much coins and tokens. A hundreds kinds of cryptos will still be good enough I think but 8000 kinds is too much, most of them are useless shitcoins. 😐

[abs350]

I believe that altcoins are flawlessly we need. The only thing that is important to talk about is that only those that are really productive and bring profit are needed, and those that are just copies and pull the money of those of course it would be better to exclude

[Netnox]

Personally, I believe that the essence of all altcoins is to create competition, or the appearance of competition, for bitcoin.

Competition for Bitcoin comes from fiat payment processors such as Paypal, Visa and Master and not from these worthless shitcoins. Altcoins are basically like parasites and all they can do is to leech off market cap and user-base from Bitcoin. I am not denying that there are a few altcoins which can be considered as exceptions, such as Ethereum and Monero.

[dataispower]

I don't really think all altcoins are useless, although most have proven to be worthless in the long run. The truth is that most team members launch coins just to make money and abandon it, and then move to the next project. That's a big challenge to crypto , but there are few projects really developing their product.  Let's take BAT for instance, BRAVE browser being the product is doing pretty well in terms of usability. Also, TRX for example can be used to pay for windscribe subscription through coinspayments. STEEM can be used on STEEMIT,  just to mention a few.

[Abiky]

So far there is no serious competition for bitcoin thought, also many people still consider any altcoins to bitcoin as some kind of different classification. The altcoins market capitalization itself always circulating around the altcoins same goes to bitcoin market capitalization so I guess that the competition is for altcoin only.

That's certainly true, mate. There's no altcoin in the market that can actually compete with Bitcoin. The only altcoin which seems to be close to Bitcoin in terms of development, popularity, and market cap ranking is Ethereum. The rest are outmatched by Bitcoin because they lack dedicated development, and most of all, mainstream adoption. Still though, some altcoins are great investments due to their highly supportive communities. As long as an specific cryptocurrency is being developed and supported by its community, then it'll be alive and running for quite a long time.

I believe that altcoins are useful when they provide features which are essential for everyday life. A good example of this is both Monero and Ethereum. The former can be used for privacy-centric transactions, while the other can be used for the development and/or interaction of smart contracts. While this is true, there are some altcoins that are useless due to the fact that they've been completely abandoned by their devs. In effect, this leaves many investors hodling that cryptocurrency with little to almost no value at all.

Therefore, it's best to thread carefully in crypto land as not all that glitters is gold. Just my opinion

[IshuTheGamer]

Most of them without any usecase are useless.
But the Top 2 pages on CMC contain good Altcoins which are worth some attention