Do you really use alts for the purpose they're supposedly created for?

[20kevin20]

So many altcoins exist, out of which some are more known and used than others. Many of these coins claim to have an utility - for example, Siacoin exists, praising themselves as a Storage Platform.

But what truly bothers me is that, if I think about all those alts I have ever purchased and held, I have never used them for what they are supposedly created for. Besides Monero, where privacy is basically the default, most coins I have ever held have only been used for exchange deposits and withdrawals.

Hence, I thought it'd be a quite interesting idea to create a poll and find an answer to the following question: Do you really use the altcoins you own for the purpose they're supposedly created for?

[studio1one]

Truth to be told, there are only a few coins that I really use for the purpose they're created for. I mostly buy them to trade and increase my BTC bag. The only coins I really use are BNB (for trading discount) and Monero (anonymous transaction).

[kkaroul4]

Honestly no. Maybe i'm a type of person who just uses cryptocurrency to place bets and to play gambling games using it to play bets though it would be much better if I use that certain coin based on its real purpose however my knowledge is only limited to some altcoins so I think that's one thing that's why I don't use them based on their real use.

[Lavander]

I actually use Altcoins just for investment and trading I don't quite really sure what's their use for some of the Altcoins I'm buying I think for me their value matters rather than their actual purposes.

[Sebas.tian]

None to my best understanding actually served it purpose in this industry. Some of those coins and tokens am currently holding are just for the sake of trading them with others in the market, though there are some very little projects with their whitepapers been followed to letters, EDU coin is one which am holding because I used it for learning on their platform than just buy and sell like other projects do.

[Kavelj22]

Truth to be told, there are only a few coins that I really use for the purpose they're created for. I mostly buy them to trade and increase my BTC bag. The only coins I really use are BNB (for trading discount) and Monero (anonymous transaction).

After reading op, i thought about what alts i used in the past for what they are really supposed for, and found nothing but the one mentioned in this reply:
_Monero for a private transaction instead of using a mixer to send btc.
_BNB for paying low withdrawal fee in Binance exchange.

+ eth which i used to pay gas fee when sending ERC20 tokens and sometimes for peer to peer crypto sales when i mining fee for bitcoin reaches a high level.

Almost all crypto users are either traders or investors who have the only goal of buying and selling them for a profit purpose. Somehow disappointed but true.

[Mealea]

Sincerely, it will be difficult to see anyone who purchases altcoins and use it for the idea behind it, most of those buying into altcoins are doing this because they want to use it as a pump and dump and probably make something for themselves. The idea behind some of these projects are great but no one cares about the usage, the majority only cares about the pump and dump.

[AbuBhakar]

Hence, I thought it'd be a quite interesting idea to create a poll and find an answer to the following question: Do you really use the altcoins you own for the purpose they're supposedly created for?

They are more use in trading purposes, I don't know if many still do invest in long term in different altcoins since I'm only focus now in some top altcoins as ETH and XRP, though I have different alts used only in trading not particularly because of their usage or because I will use them. But their uses and purposes will be a basis whether these altcoins can have a chance to be tradeable.

[fadhilz123]

No / I only care about the money, this is I choose because in the fact it is. And I think almost everyone does.
I buy a lot of altcoins and I don't know anything about the purpose behind it, I think this is funny but for me, the community and market which listed are reason enough to buy it

[LUCKMCFLY]

I also think the same, Altcoins today have low value, I keep a huge amount of Alts, but actually I like having them there because they promise many innovations and features that have to do with advancement in technology, in fact it is not a bad idea to accumulate alts , because when Bitcoin is in the Bullish trend all those highs will go up as they follow the movement of Bitcoin and have direct dependence on the King Dad Bitcoin.

[shinratensei_]

The true story is people will use the altcoin as a way to do speculation in the market and they were only using one or two coins from their assets with its own utility usage.

I also rarely seen people were holring their alts caused by the technology as their belief.
I have participated in so many icos, ieos, launch pad and i personally only dump it when i had gotten really nice ROI from there. it can be said everyone will always have (usage)50:50(speculation) as the result for the reasons in holding their altcoins.

[Maslate]

Honestly I invested on them that's why I use them.
The intention to invest was first because these coins needs adoption in order to be very useful, but investing means seeing that potential in the future.

For me, those are the real purpose of altcoins, investment opportunity at the beginning, then it's real use case.

We definitely have major coins to use already, like me, I'm using bitcoin most of the time, and some altcoins when gambling, so it's still useful somehow but now for the majority of people as they'll always prefer the most stable coins in the market, and that is bitcoin.

[TimeTeller]

Honestly I invested on them that's why I use them.
The intention to invest was first because these coins needs adoption in order to be very useful, but investing means seeing that potential in the future.

For me, those are the real purpose of altcoins, investment opportunity at the beginning, then it's real use case.

We definitely have major coins to use already, like me, I'm using bitcoin most of the time, and some altcoins when gambling, so it's still useful somehow but now for the majority of people as they'll always prefer the most stable coins in the market, and that is bitcoin.

So in your case for example, what particular alt have you invested that you are using up until now owed to its application in the market?
I am curious as well as most of us actually are using alts for trading purposes.
Like XRP and DOGE, we usually used them for transfer purposes because of the very minimal fees involved.
How about those hundred of alts claiming to have other usage aside from trading?
For sure, a lot of alts presented them as payment method. But are we really using them as payment method?
Still, btc is the popular one for payment purposes. But a lot of them are just having their front of payment method as purpose but no actual usage in the market.

[Maslate]

Honestly I invested on them that's why I use them.
The intention to invest was first because these coins needs adoption in order to be very useful, but investing means seeing that potential in the future.

For me, those are the real purpose of altcoins, investment opportunity at the beginning, then it's real use case.

We definitely have major coins to use already, like me, I'm using bitcoin most of the time, and some altcoins when gambling, so it's still useful somehow but now for the majority of people as they'll always prefer the most stable coins in the market, and that is bitcoin.

So in your case for example, what particular alt have you invested that you are using up until now owed to its application in the market?
I am curious as well as most of us actually are using alts for trading purposes.

One big investment of mind is ETH, it's the most popular altcoins in the market, and I'm sure we've seen it's real used cased already.

Like XRP and DOGE, we usually used them for transfer purposes because of the very minimal fees involved.

I used these altcoins in gambling most of the time, before I also used ETH but due to its skyrocketing fees, it's not good for gambling at the moment.

How about those hundred of alts claiming to have other usage aside from trading?
For sure, a lot of alts presented them as payment method. But are we really using them as payment method?
Still, btc is the popular one for payment purposes. But a lot of them are just having their front of payment method as purpose but no actual usage in the market.

Majority of the altcoins are scam, they claim something but they can't prove their claim, the best way to treat them is just to disregard them.

[makishart]

Im fully using altcoins as speculation but there are some exceptions for the altcoins with real products or use case.

The majority of altcoins need a very long time to develop a proper product but sometimes the result will not be the same as what already stated on its roadmap.
It's only a very small percentage of coins that can be used for supposedly they to be created for.

[FinneysTrueVision]

I've used Litecoin for cheaper transactions before, but Dogecoin is just as useful for this. Mainly I just use altcoins for gambling. I prefer them over Bitcoin because they are worth less so it minimizes my losses if I have a bad streak.

I used ETH a few times in the ICO days for investing in new ERC-20 coins and did a bit of trading on ForkDelta. Eventually, I converted everything to BTC and haven't touched it since aside from a few tips I've received at casinos.

[wheelz1200]

So many altcoins exist, out of which some are more known and used than others. Many of these coins claim to have an utility - for example, Siacoin exists, praising themselves as a Storage Platform.

But what truly bothers me is that, if I think about all those alts I have ever purchased and held, I have never used them for what they are supposedly created for. Besides Monero, where privacy is basically the default, most coins I have ever held have only been used for exchange deposits and withdrawals.

Hence, I thought it'd be a quite interesting idea to create a poll and find an answer to the following question: Do you really use the altcoins you own for the purpose they're supposedly created for?

I would have to think that 99.9999% of the people don't.  Alts are mostly just used to speculate to hopefully get more bitcoin.  I do think there is a space for alts and see merit in some but for the most part they are created/sold/traded for more bitcoin, period

[20kevin20]

Interesting replies. So far, not even a single vote towards the first option. The thoughts I previously had are now confirmed: altcoins are really only used for trading.

The sad idea that I wanted to shape is that, while altcoins advertise themselves for "revolutionary" tech and features, at the end of the day for the majority of us the only alts we use the way they're supposed to be used are privacy-focused ones - and that is because privacy is the default.

This particular reply has caught my attention:

I actually use Altcoins just for investment and trading I don't quite really sure what's their use for some of the Altcoins I'm buying I think for me their value matters rather than their actual purposes.

Altcoins are 99% of the times praised for their tech, and investors/developers always link that to their potential value. However, so far, the voice of the community says something else.

It's almost like we're misleading ourselves to believe that a certain coin has more value because for its utilities, although almost nobody ever really uses it.

[jrrsparkles]

So many altcoins exist, out of which some are more known and used than others. Many of these coins claim to have an utility - for example, Siacoin exists, praising themselves as a Storage Platform.

But what truly bothers me is that, if I think about all those alts I have ever purchased and held, I have never used them for what they are supposedly created for. Besides Monero, where privacy is basically the default, most coins I have ever held have only been used for exchange deposits and withdrawals.

Hence, I thought it'd be a quite interesting idea to create a poll and find an answer to the following question: Do you really use the altcoins you own for the purpose they're supposedly created for?

Honest answer is no, Maybe used them on gambling sites on few occasions but apart from that tokens and shitcoin have no real utility in the current space. So most of the users only use the tokens and alts on exchanges for trading purposes.

[CryptoYar]

Do you really use the altcoins you own for the purpose they're supposedly created for?

No, I have never used their service, Rather I think many people buy altcoins so that they can make a profit from it. maybe I could be wrong.
Yes, if I need a service anywhere in the future that is providing my altcoin, then I am sure I will use it and would like to test it.