Too Many Altcoins!

[tukagero]

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

Youre right, new projects are copycat of some old projects they only upgrade the project but still the same shit and scam project, different in name but same agenda, conduct token sale and then abandoned the project.

[1714630958]

1714630958

[kensaii]

Because they want to be rich by creating a new altcoin to jump of cryptocurrency bandwagon. Most of the new altcoins today didn't care if there is already a coin superior to their own coin existed.

[omnik]

Because they want to be rich by creating a new altcoin to jump of cryptocurrency bandwagon. Most of the new altcoins today didn't care if there is already a coin superior to their own coin existed.

Some may become money grabber but when it has a very strong vision and the new crypto can bring a new technology to be implemented into the crypto ecosystem. Mostly new coins were improving the old coins and this is the fact.

[ethereumhunter]

I think it is no problem if the crypto has many altcoins because we have more chances to select the potential altcoin that can bring us the profit. Although it may be difficult to choose the coin, we can analyze one by one of the coins, so we can find that coin. We don't have to analyze the coin if that coin is not in the top 100 coins list because that will need more time to get the coins. We can limit the number of coins that we need to analyze, so we can manage our time to get the coin.

[iged_war]

too many altcoin in crypto market but most of this token useless and be shit project in my opinion, they only take investor's money and slowly exit scam when already listing in market.  to this project we must becarefull , its price could dumped alot and maybe could delist in market due their activity in developting product.

[infocoino]

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?

smart contracts on altcoins solve specific purposes, you may do it in a current coin, but making it using your own blockchain makes it more expensive and more cheap in the same time and more profitable.

besides having a branding with your own coin name too, it is a good solution for all online and ecommerce sites, when people pay you in crypto you almost lose no fees, unlike fiat.

the issue is if every company creates its token and only make it for paying for services it will be cheap and useless that's why they also  go and put it on exchanges hoping to get funds and the price to jump

[TopTort777]

New projects only copy from old projects.

But this is not bad. Take a look on how many refreshments are in the store, while all they are liquid aka water. Each has something unique. Like numerous brands that copy Pepsi or CocaCola. While Pepsi and CocaCola are original products, their copyist still buy and drink.

I'm ok with lots of altcoins in the market, even if the project behind them is a total crap. All of them simply create a healthy competition on the market and don't let strong project relax.

[gwaposakon]

I think project admin and developers like to have a sense of ownership about their platform. Having your own altcoin is like branding and the more if you have your own platform to control. The amount of crypto that is currently in the market only means the industry is growing fast and developing faster.

[nutriagrigia]

now there are no altcoins that have become leaders and that is why new companies are being born that want to become leaders. I think that soon we will see new leaders and old altcoins will start to die

[pilosopotasyo]

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?

Everyone here wants to make money imagine creating your own money out of thin air and sell it for a promise, so many developers have done that they deceived investors in thinking that the have a working product and their project is the next big thing in the Cryptoworld, investors will only know it after the developers are gone with their money.

[Rowenta]

Even if altcoins number turned to millions it's none of my consign, what I'm interested in is quality projects that can bring good profits in future, that's what we should be hunting for

[Lhaine]

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?

Because some one also want to have their own crypto currency and they want to follow what bitcoin do and plan  make  better than what bitcoin can offer as payment option.


Other want to give try to his own ideas while other is just a greedy persons that want this new technology to give them a lot of money by creating his own crypto currency.


Actually we are a lot tokens not Altcoins that use different platform such as ETH and EOS and many other platform that create tokens.

[Divinespark]

now there are no altcoins that have become leaders and that is why new companies are being born that want to become leaders. I think that soon we will see new leaders and old altcoins will start to die

what do you mean ? Currently ETH is the king of altcoin and bitcoin is the king of this market. The newly created altcoins aim to overthrow the previous dominance and create something new. But it's too hard to do that job, most new projects will die after a period of operation and do not offer any products

[target]

Some altcoins are created for some use case which sometimes is meant for a community and then they work on it to grow the community.  It's not really that complicated to see they all want money but at the same time, teams like the ones who dedicate their work for anonymity are really working hard to make it worthwhile for their investors.

Earning money is just one of their goal for sure. Its also the goal of the investors but I wouldn't disregard the team's effort to give back to the investors what they deserved.

[pakhitheboss]

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?

Not all altcoins are bad there are few which have really solved many issues which Bitcoin cannot. For example Ethereum has changed and allowed so many things that I cannot write it here.

Competion is always good and because of it we have Bitcoin lightning network, which is helping Bitcoin to stay in the race otherwise Bitcoin could have lost easily from Fiat.

[palle11]

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.

Most are duplication of shit coins. Some are bunch of trash and we only end up drilling your investment. This is by you need proper research before buying and also not buying at once but gradually.

[jrrsparkles]

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?

Literally most of the tokens were creating for money making but it doesn't mean we can only use bitcoin for payments.You can spend altcoins as well if it is accepted anywhere for example in gambling sites you have multiple coins supported so you can spend one over other depends on transaction speed and fee factors.

[el kaka22]

I feel like one of the main reasons is the human hubris that plays a huge role in doing this. Obviously there are too many people who will think that if they do a semi-decent project and have a roadmap, they could make tens of millions of dollars from it and they could get away with it, for 6 months to a year they will even work on it and get it listed and all of that but after that they will leave with millions of dollars unquestioned and will live an amazing life. That is one thing but I believe there is another, people think that they will make a coin that will be better than any coin.

Honestly I have seen so many people who start out thinking they will make a coin that will be "even better than bitcoin" and that is where they fail, even before they start, because they consider their own talents way too much.

[Dart18]

The answer is absolutely yes.
Not all them are angels like satoshi which will do it for the benefit of others.
Most of them are just for creating money with ICO's and IEO's.

There is no stopping it and most projects are just being repeated. You will puke in disgust.

[xZork]

Because altcoins are easy to create, anyone can create a coin of their own for a very low fee.
Most altcoins on the market today are bad coins and they should not appear, only a few altcoins are really good and worthy of the investment.