CryptoDost (OP)
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July 30, 2020, 09:55:59 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
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CryptoTalk365
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July 30, 2020, 09:56:48 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
Yes, it's about money. Founders don't have funds, so they raised capital through ICO crowdsale to kick start their projects. Talking of Bitcoin, the first and most important cryptocurrency, actually Satoshi Nakamoto never intended to create a currency. It was purely accidental, what he wanted to build is a decentralized digital cash system without a central authority which he succeeded. |
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Yaunfitda
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July 30, 2020, 10:03:01 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
That's one reason, other are: 1. they want to challenge bitcoin's dominance 2. supposedly offer more privacy 3. solve real life problems in different industries/sectors 4. to scam people And there could be more, but that's on top of my mind right now. |
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benthach
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July 30, 2020, 10:11:39 AM
Last edit: July 30, 2020, 10:22:09 AM by benthach |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
i agree too many altcoins, there should be a stop to any altcoins at this point. all are scams and fake promises anyway. now should be time for in chain creation or app, not creating more scam chain/coins. this is an expert opinion. creating coin, chain, ico, ipo or scam should be long gone, time to focus for in chain, sidechain and app now. the only legit pump now is if the sidechain or app is really working. often time now everything is like circle of life, repeating and rinse, repeat and rinse, repeat and rinse. |
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sfireman
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July 30, 2020, 10:14:45 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
That's one reason, other are: 1. they want to challenge bitcoin's dominance 2. supposedly offer more privacy 3. solve real life problems in different industries/sectors 4. to scam people And there could be more, but that's on top of my mind right now. Besides creating a method of payment, new cryptocurrencies are also published for solving real-life problems. The cryptocurrency market is not only about money but also about the application in life and society. The fact that there are too many altcoins are listed because this is just the starting point of a new market, of course, there will be a lot of new things appear. However, we all have to be aware of frauds with those new coins. |
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michellee
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July 30, 2020, 10:21:12 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
Their main reason to create altcoin or token is to make money because they see that the cryptocurrency can be a new way to make money. They can invite many people to join their project as an investor so that they can get the money in the short term. But for some developers, they create the altcoin or token project because they want to give or contribute something to the crypto world. |
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ife2020
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July 30, 2020, 10:33:07 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
Come to think of it, we are all in a decentralized space, where there is freedom to create a blockchain, invest in tokens, or basically be an onlooker. Having a broad knowledge of this makes me wonder why you are stilled shocked about the numbers of altcoins around; most altcoins are indeed a repetition of existing projects; some are better, some are with good upgrades and some are craps. And yes, all founders of a project or the other are definitely creating for the money. |
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Ucy
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July 30, 2020, 10:36:18 AM |
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I don't really think it is a bad thing to have many altcoins... The problem is that there are no generally accepted good standards/rules to prevent bad or unnecessary projects from thriving. I think people should build unique and good projects that are based on the good standards/rules. If such standards exist and generally accepted, it can become possible to easily research on a project and see if it truely follows the standards/rules. Those that do not pass the standards accepted safe level, could then be easily tagged and they're automatically downgraded.
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PerfectCircle
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July 30, 2020, 10:39:12 AM |
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We have many altcoins in crypto space and it's not bad at all, it's left for you to choose carefully among the coins, having too many altcoins is no problem, just focus on choosing the right ones for long or short term hold
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Bananington
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July 30, 2020, 10:40:13 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
On a broader scale, ease of payment is not the only objective for creating cryptocurrency even if its a core objective. Monero for instance falls under privacy coin category since it was created so that transactions cannot be traced. Some utility coins have different use cases ; for instance holding INTERNXT coin increases cloud storage bandwidth. Most altcoin projects were created to enrich the team, no matter how cool the project looks. |
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tiang_tower
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July 30, 2020, 10:40:58 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
Yes, the founder of each altcoin creates their tokens for money, this is the general goal of every Altcoin founder, although there is a specific purpose but the general goal is to make money, and what makes Altcoin a different person is not the same person, so it is only natural that when This is a lot of Altcoin on the market. |
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fortunecrypto
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July 30, 2020, 10:52:34 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
Yes, there are developers who create coins for money, because it's easy to create your own token because of it's open-source, the trickiest part id finding coins or token that has a usage, Bitcoin can serve every industry but because there are developers that want to serve a particular industry on the coin they are making, so many coins or tokens are created and there is a new technology that revolves around Cryptocurrency. |
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key4co.in
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July 30, 2020, 10:56:05 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
Yes, the founder of each altcoin creates their tokens for money I can't agree less, every altcoin project is created to make money as the principal aim, the project aim is just a secondary aim. However, if only BTC existed, it won't make much sense and by now the Bitcoin network will be super clogged. Also if ETH didn't come to existence, there won't be anything like smart contracts, think about it 🤔. My issue with altcoin projects is that most team members keep launching new projects for money, with no intention of bringing in something new or revamping the traditional system. |
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bitcoinst
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July 30, 2020, 11:04:47 AM |
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If you read the information about each individual bitcoin, you would probably understand that behind each individual coin there is a certain project, with a certain idea.
Not all of these projects have been implemented to the required extent, however, due to the specifics of the crypto market, all coins are financial instruments, while the functionality of the projects itself may be outside the financial framework. But such is the market now as it is. Coins can be equated to some extent with the shares of the project.
All of the above is related to non-scam projects.
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TastyChillySauce00
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July 30, 2020, 11:07:51 AM |
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I do and the main objective of crypto has already changed and it's not only to be focused to create a payment system but remember it can be used for various things.
Bitcoin is not scalable enough to be a payment system and you should see the fact any altcoins have different purpose.
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GideonGono
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July 30, 2020, 11:14:17 AM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
They want to have their own project or crypto they want to have a successful name in crypto and gain profit from it. And every crypto or alt-coin have their own advantages and maybe that is the reason why there are so many alt-coin right now each and every alt-coin is different from each other. |
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fuer44
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July 30, 2020, 11:32:18 AM |
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as an alternative and also as a market competition, because aside from being a payment, crypto is also an investment asset. therefore you should not be surprised if new altcoins and new projects always appear. the aim is as a crypto market investment competition. because in terms of investment if only one coin stands, it will not go well.
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Furious 7
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July 30, 2020, 12:12:06 PM |
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Most people now want to make more money than the tokens they make because their product goals on the altcoin project on average nothing works even though in their whitepaper tokens only for real payments they don't and still people use bitcoin and ETH as the intended payment.
Now if the project has gotten more money and tokens have entered the market, the team or the developer will no longer be active, they will usually abandon their tokens in the market so that they do not have good volume.
This has become a fact.
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bttmember
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July 30, 2020, 12:17:13 PM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
It is an open market and mostly new projects come up with the slogan of being better than the previous projects but i do agree that there are dozens of projects and coins that were not even needed and that is why they have suffered to maintain any kind of position or value in the market. |
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bussybuddy
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July 30, 2020, 01:40:15 PM |
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Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
It is an open market and mostly new projects come up with the slogan of being better than the previous projects but i do agree that there are dozens of projects and coins that were not even needed and that is why they have suffered to maintain any kind of position or value in the market. New projects only copy from old projects. That's why we see so many new projects appearing every day, but their goals are exactly the same. After a while, new projects will die and collapse |
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