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

[Coin-1]

In the past, I held many different coins and tokens but now I decided to concentrate a large part of my funds in Bitcoin and Ethereum because I find these cryptocurrencies reliable and promising.

I remember a couple years ago I used the Republic Protocol (REN) for its primary purpose. It is an ERC20 token used for cross-chain trading between BTC, ETH, BCH and ZEC. I liked RenBridge which enables users to connect via Metamask and mint listed coins, but the fees were pretty high, in my opinion.

Typically, I buy undervalued altcoins and sell them at high levels making a profit, but sometimes I try to exploit their unique features to the utmost.

[1715003716]

1715003716

[1715003716]

1715003716

[1715003716]

1715003716

[1715003716]

1715003716

[dobol]

I actually don't use altcoins for it's purpose to be honest. The only coin I am actually using for it's purpose is Bitcoin. Altcoins for me are just an alternative choice of cheap investment. Maybe I am not the one who did something like this but I don't know, maybe majority of the people who involve in cryptocurrency are into it. Altcoins works best on trading for some people. But one thing is for sure, some people don't.

Me too, as an investments, yes. but not for specific purposes as for privacy or something like that. maybe some altcoins really have good technology like cardano and litecoins but for me it's better for just investment

[ufaiz50]

That's right, most of us are here more towards making money, sometimes we don't think about what the token / altcoin they actually make. I have used an altcoin / token project which is useful for betting, and at that time because I was fun with the benefits received if we used their tokens, so I used them. Actually why don't we use tokens / altcoins properly? that's because there is no bridge that allows us to use it according to its purpose.

[Bitstar_coin]

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).

Only few out of which you have mentioned are actually used for the purpose of which they are created for, i mostly used bnb too just for discount, the rest of the alts i buy is to maximize profit and accumulate more,
many of the alts being created don't have a use case yet, most of them their use case are yet to be launched so in the main time, people only engage in trading and price speculation and nothing more.

[Johnyz]

Honestly, I’m not using any token for its purpose I don’t know why but I see cryptocurrency more on investment side because of its volatile price movements and I know I can’t make profit on that. Besides, very few tokens really have the service for ordinary people and limited options to spend cryptocurrency so I’d better hold on to it or trade it sometimes.

[cabron]

I use some of its altcoins for its purpose as if it's for staking, I stake those tokens to earn more from it. 

I just have to give my idea about Siacoin or projects like Storj as I can't help it. Don't you think this Sia will be outdated because of the Filecoin progress? As far as I know, Filecoin works the same way as storage but broader actually

[traderethereum]

To be honest, I don't use altcoin for anything besides making a profit from trading.
I am not sure if the altcoin will have real purposes, which can work as what they want because they need many things before they can apply in real life.
Or the altcoin really has real purposes, but the altcoin project needs to finish every phase on their schedule.
The project itself still needs to run its plan, which will need more time to go that way.
As long as the coin can give benefits to us that is make money, people will still use the coin to trade because the coin still far away from real usage.
Maybe some people use the coin for real usage, but we don't know how many of them, and even if there is data about that, I am not sure if the data is real data.

[xenon131]

~

Recently I bought a few  hundreds of MYST tokens to give a try to dVPN run on Mysterium Network and payed it for bandwidth I have used. I liked paying out for actual online  time rather then to spend my money for full  days and nights in the month.  I sleep at night, so why to pay for that time? In my case MYST which is utility token proved to be quite useful.

[imstillthebest]

~

Recently I bought a few  hundreds of MYST tokens to give a try to dVPN run on Mysterium Network and payed it for bandwidth I have used. I liked paying out for actual online  time rather then to spend my money for full  days and nights in the month.  I sleep at night, so why to pay for that time? In my case MYST which is utility token proved to be quite useful.

wow your a real crypto user because you dont use your crypto for profit making but you use it to help your life or hobby . this vpn is different from other vpn because it runs on a blockchain network ?

i wonder how fast it is compare to normal vpn's .  i never hear of a vpn that is time based but all premium vpn that i see requires month or yearly payment  .

 i tried time based internet before on my provider but its costy compare to longer day subscription but its your choice if what you like .

[cepot9]

Only a few, the reason is that many altcoin projects don't do what they say and because of that I only use them to trade. Maybe only XMR really works fine for me to make transactions that are anonymous and quite secure.

[distr@yopmail.com]

Only a few, the reason is that many altcoin projects don't do what they say and because of that I only use them to trade. Maybe only XMR really works fine for me to make transactions that are anonymous and quite secure.

many altcoins have become inconsistent to follow trends in the market. like an ordinary token which eventually turns into a stable asset. In fact, some of the plans that have been done are actually not following the roadmap that has been made.

[Samayuki]

The only crypto projects I really use for their use cases are gambling coins only, the answer you asked is no, I'm here to take advantages from any good projects available, invest and get fast ROI back, I believe there are many who think same way like this

[20kevin20]

This is explained very simply: In this thread, it was mostly traders who answered, not investors. If investors answered about their choice of altcoin, they would write about the technology and functions of these coins. For a trader, volatility and liquidity are more important.

Although investors may know the tech and functions of a certain coin they invested in, investing financial resources in it doesn't necessarily mean they're using the coin's said functions. I've personally been holding a few coins for more than 4 years and I've never used them for their real purpose.

[adzino]

I think most of the people use altcoins (based on your post, I think you are talking about tokens from projects) just for holding and making profits. There are some people that use it for making cheaper transactions when the bitcoin network is a bit overloaded, though most of them use it to make profits. But I think people rarely use those coins for their use cases. I bet they don't even know what those tokes are for. They just follow the hype and invest in it to make some quick profits and care about the money only. And as far as I know, most of the projects failed to provide exactly what they promised but somehow the tokens still have some values and are being traded just for their values.

[calandra78]

This is explained very simply: In this thread, it was mostly traders who answered, not investors. If investors answered about their choice of altcoin, they would write about the technology and functions of these coins. For a trader, volatility and liquidity are more important.

Although investors may know the tech and functions of a certain coin they invested in, investing financial resources in it doesn't necessarily mean they're using the coin's said functions. I've personally been holding a few coins for more than 4 years and I've never used them for their real purpose.

it is because the understanding of investors and the market is different. investors select assets for increasing their value. but the market is very important to the use-value of the platform and the tokens created. but I believe, most of us only hold assets to increase value, not for functional assets.

[Febo]

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

Biggest use case for blockchain is money. That is why people mainly used coins that are there to be a digital money. Bitcoin, Monero, Litecoin, Doge, .... I do not see that to change in the future. With other coins people mainy speculate about its future value. They speculate someone, not necessary them, will need to use them.  Everyone will need digital cash.

[wxa7115]

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?

The only altcoin that I have ever used for its intended purpose is waves, I made a few trades there and you need some waves in order to pay the transactions but besides that the answer is no, and this should just show you how weak is the argument for those coins, except for privacy coins that are actually better than bitcoin at something almost any claim about a coin about being better suited to be used for something instead of simply using bitcoin is simply a lie.

When I made this realization that is when I finally decided to drop my interest in new projects as I know that for the most part I will only be interested in them from a speculative point of view and not on whatever utility the developers could claim their coin to have.

[bobyhodob]

Only a few, the reason is that many altcoin projects don't do what they say and because of that I only use them to trade. Maybe only XMR really works fine for me to make transactions that are anonymous and quite secure.

many altcoins have become inconsistent to follow trends in the market. like an ordinary token which eventually turns into a stable asset. In fact, some of the plans that have been done are actually not following the roadmap that has been made.

I think if you see an altcoin project that does not match what is planned in the roadmap it is very reasonable because currently there are many cases like that, while what will happen in the future depends on the project being developed, when it has a request. and can be used to make a profit then the project will survive, but when it is not very attractive it will make investors leave the project.

[b1boy]

Well most of us main use altcoins for investment and most of this altcoins aren’t really useable in the outside world because most people still don’t understand what crypto is about but for me personally i use BNB for cheaper binance transactions and also use Monero for a private transaction instead of using a mixer to send btc

[Buttermellow]

Well most of us main use altcoins for investment and most of this altcoins aren’t really useable in the outside world because most people still don’t understand what crypto is about but for me personally i use BNB for cheaper binance transactions and also use Monero for a private transaction instead of using a mixer to send btc

That is actually a good initiative you have done in order to make a good use of altcoins. actually you are right that altcoins are largely not useable outside and it is just about for money as what OP did put some in the choices. Cryptocurrency is more about money and that is the thing why most people that are here in this forum to learn about cryptocurrency and to earn at the same time.

Learning cryptocurrency is not easy. It take some time before one can actually learn and apply it the world of cryptocurrency.