What's the point of so many cryptocurrencies?

[btcb3g1nn3r]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

[Upgrade00]

there are more than 2000 cryptocurrencies!

Way more. Coingecko currently has 6088 tracked currencies and these are just the ones that are currently active as coins/tokens gets delisted regularly when they go bust or turn to a scam.

what's the purpose of so many cryptos?

A huge chunk of them have no practical use case and were only invented by the devs for profits; They create tokens easily on a platform, market it as a link between the block chain and xyz industry, run a presale or any other type of coin offering and hope people would exchange currencies like BTC, ETH or fiat for the token, they can also dump the tokens back on investors if it ever gets listed on an exchange.

This is the downside of having an unregulated market, anyone can create a token easily.

[CryptopreneurBrainboss]

Main purpose: A distractions from bitcoin, alts were created to steal your bitcoin (keep this in mind always lol). This coins/tokens are been created from thin air just like the fiat so you lose focus on what the ideology begin bitcoin is. The industry has been monetized, some might argue that the reason behind so many tokens is because they're different problem each were created to solve but don't be decieve as most of the problem this new project claim to solved can be solved using Bitcoin.

Before the so called defi tokens we already have bitcoin that's truly decentralized and not all the centralized project claiming to be defi. The reason we have so many tokens is basically as a result of greed (project developers looking for fame, monetary value and ego of been one of the pioneer of the cryptocurrency industry.

Quick research through the so called aits you'll notice most operate similarly so why then do we need them all instead of focusing that energy on one and makes it a success. 99% of the other cryptocurrency are worthless and only valuable through trading.

[actmyname]

¯\_(ツ)_/¯The real question is: why do people continue to invest in the penny stocks of the crypto market?

Thing about the centralization is that it's able to snuff out competitors whether they are better or worse. Look at fiat, and look at Bitcoin.

[hatshepsut93]

Anyone can launch a cryptocurrency, it costs absolutely nothing to do, unlike with companies you don't need any registration or own any infrastructure/capital/etc. Combine it with the fact that there's always greater fool who will buy a coin, no matter how stupid it is, and its easy to see how we ended up with thousands of coins.

I like your comparison with Euro - people want to own 1 currency that is accepted everywhere, instead of owning 100 currencies for different use cases. The more popular money replaces the less popular money. Altcoins have no chance of achieving mass adoption.

[SquirrelJulietGarden]

what's the purpose of so many cryptos?

Coinmarketcap.com: https://coinmarketcap.com/
There are 4141 projects
If you use the filter and set the marketcap is from $0 to $0, there are 1730 $0 marketcap projects. They can be dead projects or infant projects but most of them are dead projects.

Coingecko.com: https://www.coingecko.com/en?page=1
There are 61 pages with one full page is for 100 cryptocurrency so there are about more than 6000 cryptocurrency and derivatives.

Many projects are created by scammers and have 0 value for communities and many people lost their capital for scam projects. The list of dead projects could be longers as some of them were removed by coinmarketcap or coingecko.

[cryptoaddictchie]

why then do we need them all instead of focusing that energy on one and makes it a success. 99% of the other cryptocurrency are worthless and only valuable through trading.

Some traders like to gain from profits. I dont know but that one criteria of crypto that can't be compared to stocks. Since they have use cases and represent their company, however some of the crypto tokens made only for the purpose of making money. Well, that's one part we cant possibly denied and always be a down side of this industry. However, decentralized aspect should stay as it is. Just avoid those and patronized a true projects with real use cases and help.

[mk4]

1. Cashgrabs
2. Scams
3. Some are trying to join in on the hype
4. More scams
5. Some are trying to go for a different use-case(kinda reasonable, but most are still crap)
6. Some are trying to beat bitcoin(goodluck lmao)

[pooya87]

Back in early days people were trying to expand on the idea of bitcoin and create something new while exploring different ideas that couldn't be implemented on bitcoin. For example one of the first altcoins called litecoin experimented with a different mining algorithm and block times.
Nowadays on the other hand innovation is dead and is replaces by greed as it was mentioned before. Everyone is trying to make a lot of money in fastest way possible which is exactly why ethereum was created to let people create garbage as fast as possible with virtually no effort or cost and sell it to people to fill their pockets while pumping the shittoken of the platform called ether.

[Jawhead999]

There's no point/purpose of tons cryptocurrencies, the developer creating them to get profit if it's successful or plan to exit scam... nothing less and nothing more, it's because of money.

To be honest we can't be sure how many exact crypto has been created in the past until now, because there're a lots abandoned and failed coins that turn become deadcoins [1]

Maybe there're 10,000+ coins has been created but only 6000+ still survive (with shitcoins too)
[1] https://deadcoins.com/

[hugeblack]

Greed, love to get more easy money, and buy more Bitcoin are the reasons why there are more than 3000 cryptocurrencies, but if we look at them programmatically, we will find that there are 3 basic classifications or three groups:

 - Privacy coins: Monero, Dash, Zcash, Grin,...etc
 - Tokens network: ETH, TORN, NEO,...etc
 - Hardfork coins & well-devpled coins:  BCH, ADA,...etc

other cryptos and tokens will lose their value over time.

[Apostlekin$$$]

😅😅 honestly if all those money that are invested in useless altcoins are invests on top coins like BTC, ETH, LTC and others crypto space will be free of trash projects, the reason why scammers are still building useless projects is because there are people who are still investing money on such projects

[Apostlekin$$$]

BTC was once 4$ and today it's 29,000$, if a newbie who knew nothing about crypto sees this he or she will FOMO and since the price is too high they won't have anything else on their mind than hope for another coin to grow as big as bitcoin few years later, that's where the journey of seeking for cheap coins will begin

[traderethereum]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

The purpose is to make more money from cryptocurrencies.
If a person has programming skills and can make a new project in the crypto, he will try to make his own coins. Maybe his reason is not about making money for the first time, but then if he sees a chance to make money, he will try to continue his project and get more investors.
But they have their own reason (every developer), and we can only guess what their real reason is to create their project.
But for me, if there are so many coins at the market, that can help me profit from each potential project.

[Oshosondy]

There are many cryptocurrencies with almost or over 8000 now, most of them are shitcoins, many of them are pump and dump coins, many of them just remain stagnant.

I have seen many purposes of having altcoins.

1. It create means of centralization. Ripple is an example which has been filed a lawsuit by SEC because the centralization makes it shady and centrally controlled.
2. Hidden agenda. Many of the altcoins have hidden agenda, because they are not decentralized.
3. Scam. If there is only bitcoin, scam would have reduced. This is clear and known in ICO and DeFi scam. Many exchanges are shady because of the stupid coins they are listing that they use to scam people.

Bitcoin just remain the true decentralized coin, while those many altcoins needs attention as most are shady.

[JHORN]

I believe that if there is not so many crypto projects today we won't know what crypto is lacking, there are some field that needs to be experiment on, maybe it's suited for crypto or not we can't say until we try it out, having more projects is not so good but at the same time it's eye opening

[20kevin20]

It's a decentralized sphere, so everyone can come up with their own coin. It just happens so that human greed always takes over the control and people often care more about the potential money they make than about coming up with something effective, new and useful.

Before? The point of creating another cryptocurrency was either as a testing ground for some different concepts/rules. Today? It's all about the money. There are very few projects that launch with no premine and no bad intentions. If you think about it, having this many currencies is as useful as having so many fiat currencies: you only exchange them when you need them, hence why BTC still sits at the top. It's pretty much the most needed one.

[famososMuertos]

I am sure that in the future it will be illegal, not only because of the intrinsic objective that some have in the nature of the mission they have in their creators, explained and indicated in this same thread.

The disorder comes because there is a lot of adoption on the part of everyone as users and that is one of the first reasons why there are so many and in growth.
The "uninformed" people and the "fish" do not stop leaving for each project that is develops associated with a misnamed crypto project.

Fortunately concerns like yours are also growing, there is increasing general knowledge about where true adoption should go and what alternatives exist apart from bitcoin as a feasible, honest, real option.

[jseverson]

I see a lot of people saying greed, and while I agree it's very prevalent, I actually like that there are a lot of them to choose from. I mean, the cash grabby ones are obvious enough (copy-pasted code with few inconsequential modifications) and should die in a ditch, but in the sea of those, we also got a few like Ethereum and Monero which can actually fulfill different use-cases from Bitcoin.

Either way, even functionally similar coins like Dogecoin have their own community, and that's good for us users -- the freedom to choose backing communities which resonate with us more is never a bad thing, and actually reinforces decentralization of the crypto scene as a whole.

All that being said, it's still best to be careful with them because they definitely won't be as safe as Bitcoin for your money.

[Smartvirus]

Is there really so many cryptocurrencies?
For me, all we've got are Bitcoin  (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Tether (USDT), Litecoin (LITC), Ripple (XRP) as these remains the soring cryptocurrencies so far and if you ask me, it ain't bad to have these different currencies. Why do I say this,
This is because, if you intend to transact in a particular cryptocurrency, let's say ETH and the transaction fee happens to be too high, you can go for another altcoin like the XRP, transact and still get the value of your $ in coin. Just not the coin you would have hoped for by the way. But with the fact that you could always swap one coin against another, it becomes an added advantage.

[akirasendo17]

you have search a lot of cryptocurrencies but you never read any of their whitepapers?
every cryptocurrency have a different purpose, it doesn't mean they have the same function or role in the community
one example of this is ethereum and bitcoin, you can read this article regarding these top cryptocurrency to better understand them and what they do:
https://www.investopedia.com/articles/investing/031416/bitcoin-vs-ethereum-driven-different-purposes.asp

[paxmao]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Financing the lifestyle of many wannabe entrepreneurs that could not get a cent on the venture capital real world.

[FaucetKING]

Lmao, you made us all laugh, such a funny thread you're posting. Do you think that banking is the solution? Do you think that FIAT is going to remain valid?
If Satoshi was here, he'd be laughing so hard, Banking is slavery, Banking means that we're centralized, they have your funds which mean that they are rich, you're poor till you withdraw and till they accept to give you your money, oh god.

[btcb3g1nn3r]

I think you missed the point: instead of having just 3-5 crypto to cover the market needs (assuming just one is not enough), we have 8000 as e previous user posted.
Starting a new coin it's nonsense unless it's meant to be a scam / gambling via trading, otherwise, one could say some concrete facts that would require a new coin should be put in the market...

[Welsh]

Just like with all companies, they are all owned by the same people, and they give you the illusion of choice. For example, this is quite evident in the car manufacturing business. A lot of the manufactures are owned by a parent company, and the parts, and quality of service is usually about the same. Yet, people find their favorite, and stick with it.

Financing the lifestyle of many wannabe entrepreneurs that could not get a cent on the venture capital real world.

Not to mention that a lot of altcoins have the same developers behind the project. It seems that turning out several coins with almost the same features, and then promoting them is the way to go for these "entrepreneurs". There's rarely any interesting ones with real potential other than a few, and I'm talking about over a few years, there's only been a select few which had interesting proposals, and features.

[actmyname]

A lot of the manufactures are owned by a parent company, and the parts, and quality of service is usually about the same. Yet, people find their favorite, and stick with it. There's rarely any interesting ones with real potential other than a few, and I'm talking about over a few years, there's only been a select few which had interesting proposals, and features.

Ironically, the copies of the PoW decentralized systems - that is to say, decentralizing of decentralization - make it easier for a centralized source to compromise each individual system, having diluted their volume across the entire crypto space.

[nakamura12]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

It depends on the person who created that cryptocurrency. Some have good purpose but the project failed in the long run. There are cryptocurrencies that did survive and are helpful like Ethereum where anyone who doesn't want to pay the high fee for each transactions and wanted to pay the possible lowest fee when sending cryptocurrencies.

[IkonaDro4ku]

The fact that there are so many cryptocurrencies on the market means that technologies are actively developing. The danger is that more than 80% of all these projects now have no future. Beginners should be very careful as new projects can also turn out to be cheaters.

[BITCOIN4X]

The fact that there are so many cryptocurrencies on the market means that technologies are actively developing. The danger is that more than 80% of all these projects now have no future. Beginners should be very careful as new projects can also turn out to be cheaters.

Why are you afraid to say 90% of altcoins will end up badly for a long term investment ? LOL

On the one hand, more and more altcoins will indeed help trader choose potentially profitable asset other than bitcoin. Most of the altcoin will probably never be suitable for long term investment and few of them lead us to believe that they will last much longer. But on the other hand, altcoins have broken the focus of bitcoiners and made a lot of people lose out because of it. Profitable, but also detrimental. I'm even too confused about which altcoin is the best other than ETH at the moment for a long term investment.

It doesn't hurt to keep reminding beginners to be careful with altcoin on the market. They should not invest in altcoins carelessly, they should at least read and understand the white paper contents of each altcoin they choose for investment assets.

[Findingnemo]

The fact that there are so many cryptocurrencies on the market means that technologies are actively developing. The danger is that more than 80% of all these projects now have no future. Beginners should be very careful as new projects can also turn out to be cheaters.

Why are you afraid to say 90% of altcoins will end up badly for a long term investment ? LOL

On the one hand, more and more altcoins will indeed help trader choose potentially profitable asset other than bitcoin. Most of the altcoin will probably never be suitable for long term investment and few of them lead us to believe that they will last much longer. But on the other hand, altcoins have broken the focus of bitcoiners and made a lot of people lose out because of it. Profitable, but also detrimental. I'm even too confused about which altcoin is the best other than ETH at the moment for a long term investment.

It doesn't hurt to keep reminding beginners to be careful with altcoin on the market. They should not invest in altcoins carelessly, they should at least read and understand the white paper contents of each altcoin they choose for investment assets.

Not just 90%, possibly 99% of altoins were useless and not going to survive in the long term.Even if we take a look at the coins available in the top 10 list of marketcap data there is no stability there in all time chart market, it was changing from time to time which literally says that altcoins are not having bright future.

[kevinzxz]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

of course that is because cryptocurrency is a very popular investment for now and it makes companies see opportunities from cryptocurrency, so many companies are making their own cryptocurrency, but if you want to invest in cryptocurrency then you don't need to look at all cryptocurrency, because in my opinion you only need to look at cryptocurrency that are in the top 500 coinmarketcap (the volume is already high) and of course you also have to analyze it first before investing in cryptocurrency, my advice is that you better choose cryptocurrency that already has a product and progress, because it allows you to invest in cryptocurrency safely and make a profit.

[Shasha80]

When I first got to know cryptocurrency, I was very confused about why there are so many cryptos in circulation. This happened when 2017
there was a cryptocurrency hype and many project owners made big profits. Therefore, many people want to get big profits from making
cryptocurrency too. But the problem is that many scammers take advantage of the crypto hype, by making project scams for personal gain.

And the way to make scam projects has proven to be effective at getting money, that's why until now the number of new projects that have
sprung up is increasing. So be careful with this phenomenon, always do your research before deciding to invest in new projects.

[TheGreatPython]

I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

I have always asked myself that same question on why there are so many cryptocurrencies in the market and I just don’t get it why we have so many cryptocurrencies, and if you check they are all doing the same thing and they have the same purpose as others that came before. Although how I now see it is that there will always be a competition just like there is in real life with businesses.

Everyone or institutions now wants to win their token and all that and some are recreating things that has already been created in a way they think is very much better than the original. It’s just like there is Litecoin which was created to perfect bitcoin.

[irsada]

the use of the many altcoins may be few, maybe some of them are
- create new products that are better than existing ones, if lucky
- more options for trading
- strengthen synergy to make crypto look vibrant.

[plvbob0070]

I think this question is for those who developed altcoins and still planning to even though there's already a bunch of altcoins in the market. But of course, they have different reasons, others claim to provide more use cases or applications that can't be found in others while others are just trying to scam people and more. Even me, I sometimes wonder why do they still keep developing coins when it's already hard to compete with others, especially for well-known coins. And there's no assurance that their project will be successful however, it's similar to a business where you can start your own if you want to although you know there's already a lot of business in a similar field.

[crazy-pilot]

I think you have already guessed what is the point. He's gone. Each coin is a separate project, with specific goals and ambitions. Some have a goal to make money and therefore they create a coin to collect funds, bring it to the market and get profit from marketing their shit coin. Others have other plans, but they are not always capable of being realized. Take a look at how many projects are on kickster, the same thing happens in cryptocurrencies.

[serjent05]

I don't see any reason why we need cryptocurrency but many devs find it as one way of getting money from investors.  It is kinda annoying but at the same time good for the development of cryptocurrency since, the more the competition is, the more they perform well except for those scam projects of course.l.

[examplens]

I don't see any reason why we need cryptocurrency but many devs find it as one way of getting money from investors.  It is kinda annoying but at the same time good for the development of cryptocurrency since, the more the competition is, the more they perform well except for those scam projects of course.l.

Are you sure that behind all cryptocurrency ever born is some dev teams? Today you can get your own token/coin for just $50 ^{maybe less}. Buy a domain, create Twitter acc, forum account, Telegram group and voila, a new cryptocurrency is created. Even if you haven't any coding knowledge it is possible to be a founder of the coin.
In 98% these altcoins have no purpose and they go to the garbage very quickly, but their trace still remains.

[shoreno]

i salute your efforts of browsing manually  and you have reached 50 pages , thats alot but you can just google  if "how many crypto are there " right at the start but good thing you realized it till you waste more time but anyway there are more than thousands of crypto , i didnt google that yet but thats only a guess and that is based on what i see because almost everyday i see a new coin coming out .

they wont be created without a purpose but not all have a real purpose except from personal gains .

[Cling18]

Simply because anyone is free to launch their cryptocurrency. Most of them are aiming to reach the achievements of Bitcoin and others are just scams. We also have the freedom to choose what coin to buy and what to ignore so we better not waste our time and attention on inactive coins because they only serve as market distractions.

[cabron]

When the team presented their white paper to investors they are laying down the problems and then their solutions which include their token to come into the situation.

ETH, for instance, provided a smart contract platform for projects/tokens to be developed, this is because Vitaliks team see the problem for teams/companies wanted to tokenize their company. Some of the cryptocurrency has use case some of them don't fit for the problem and some are just scam.

[ije07]

Cryptoqurrency or what is often called Altcoin (Alternative coin) can make it easier for all of us who want to invest in some Cryptoqurrency in this market besides Bitcoin. on the other hand, altcoins are relatively cheap and accessible to anyone. although in most cases there are thousands of altcoins in this industry, you should know that there are some that are worth investing in and vice versa. my advice if you want to invest in altcoins then it's better only top altcoins. let's say the top 10 on Coinmarketcap.

[ahoenk]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

The point is to make cryptocurrencies market variant and also the developer around the world has many idea, if we stop the coin choice growth then we stop blockchain innovation. But still i think bitcoin will always be the king of cryptocurrencies no matter what.

[Bitbtc8]

Crypto world is like a open source where developers are free to bring in new idea, it's good that crypto isn't restricted in any way if not we won't have some new high quality projects, I want more coins to show up it's the only way to see new idea and better crypto solutions, I believe that things will be different in future

[michellee]

~

There are tons of cryptos more than what you counted (2000).
It's just basically asking why there are so many bananas in the market.
Mostly they're just basically trying to get profit, for whoever comes upon first with their coin instead of the competing one.

From that number, I think it is only less than 30% of the total cryptos that can potentially give us a profit. The rest of the altcoin will not increase high, but it will go down deeper because it will not get more support or investors. We need to know which altcoin can be the potential to increase, so we do not choose the wrong coin. Maybe if we can select from the top 100, we can see a good list of the altcoin that can profit.

[CashbackLover]

Out of failures comes solutions, apart from scam projects there will be many failed projects that aren't scam either, most failed projects are experimental, they are released to see if they will fit blockchain technology or not, developers need to keep working for something new, the higher the better and closer to solving more crypto issues

[Shallow]

More are already on the way and if one check correctly it will be seen that, during any trend in the crypto space such as seen in DeFi, the number skyrockets, why? Because a lot of developers will make most people believe they have what it takes to build a good project while in fact they are out to steal and nothing more, only few actually means business. Also, asking about the point of so many cryptocurrencies; the answer is simple, as the name goes, altcoins means they are meant to offer alternative services which will help in the crypto space, but the issue now is, a very good of them are not working towards that, they are just here to steal. Many upcoming projects today do not even know what they are here for, they just follow whatever trend that is in vogue and once the hype following that trend dies, so do they, hence the reason we have many dead altcoins.
So in essence, we just need very little number of altcoins which can offer the alternative services they are meant to, thus the reason it's good to be mindful of the altcoins we invest in; many will keep coming up and many will keep dying.

[Wahyuihib]

Cryptocurrencies have developed rapidly from time to time, but in essence, their goal is to become a safe and digital virtual currency that can be used by all users in general for all daily transactions.

[trauchot]

Each cryptocurrency has its own technologies and capabilities, but unfortunately, of course, most cryptocurrencies copy each other and this is certainly bad, but of course the more cryptocurrencies the better, because the more cryptocurrencies appear, the faster the cryptocurrency sphere develops.

[RussianEnglishTranslation]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Why are there so many websites, do we really need so many? Why are there so many companies, do we need so many? As long as there is a use case for a token, it can fight for a share of the marketplace. If it doesn't have real world utility it will likely die though. That's why I invested in FARM and 0xMR recently. FARM is a DeFi token with up to 600% APY and nearly 1 billion dollars in deposits under management and 0xMR is a fairly mineable privacy focused project used in casinos.

[kram31]

Having a lot of cryptocurrencies in my own little way is like an opportunity that can give us all profit or it could be not.
So, being one of the community in crypto business we need to be careful in buying coin whatever exchange you are using at,
just make sure that in every choice your gonna make is not wrong moves or else you might be rekt in the end.

[max6575]

developer might works on preparing one with product of service with the chance as guessing pro customers and the use with the crypto finance helps on extent as the occupation of the blockchain methodology to work on tasks with the payment transmission and more on investment with the crypto market.

[blckhawk]

what's the purpose of so many cryptos?

Technically, every each token has a different use case and purposes, so that might be the answer you are looking for. A lot of it is just created for nothing especially those who died early release and there are some only created to scam people. Some are trying to beat Bitcoin or should I say to compete with it but I don't think will be able to. There can be good cryptos too and they're undeniably useful, usually, they are the only one who always succeeds. One of the main reasons as well is that developers are trying to get profit from their ideas and creating a token is another way of raising a fund.

[leea-1334]

Simply because anyone is free to launch their cryptocurrency. Most of them are aiming to reach the achievements of Bitcoin and others are just scams. We also have the freedom to choose what coin to buy and what to ignore so we better not waste our time and attention on inactive coins because they only serve as market distractions.

And that is the concept of open source democracy,,, which I think is a great display of how cryptocurrencies really encourage diversity and freedom to build and develop.

Freedom always comes with a price of course, but we as users must learn to educate ourselves and get into projects only that we actually can use, and support.

I learned my lessons:)

[cassavachips]

Because everyone can create their own project, instead of innovating it turns out that they only make money and then leave. Maybe it does make a lot of choices to invest but for me, this just makes the market full of trash.

While many are still investing there, of course, new cryptocurrency projects will continue to grow more and more every time.

[bitcon]

Well, you can not judge which coins have the right to exist, and which do not. Of course, there are old coins on old builds, but they will disappear along with the exchange. But sometimes some of the coins can show themselves well, which already gives them the right to exist.

[Twinkledoe]

Well, you can not judge which coins have the right to exist, and which do not. Of course, there are old coins on old builds, but they will disappear along with the exchange. But sometimes some of the coins can show themselves well, which already gives them the right to exist.

This is the reason why even if we have thousands of alts existing, only few of them have active application in the market. Maybe only 1-5% have real use cases. So even if developers are creating their own coins, only few of them will emerge useful to the community. There are some with legit intentions but they have no funds to pursue their objectives. That's why they will be abandoned eventually. We can't stop those people to create and launch their respective projects. It is up to you how you will believe their motives here.

[cryptolord2077]

Well, you can not judge which coins have the right to exist, and which do not. Of course, there are old coins on old builds, but they will disappear along with the exchange. But sometimes some of the coins can show themselves well, which already gives them the right to exist.

Obviously most of the coins are junk. Take a look at the crypto market, is this exactly what it should be? Continuous speculation on prices, each project strives not to develop the industry, but to be in the top in terms of capitalization and price. In the future, the industry will be represented by projects that really change the way of life of people, and not numbers on monitors.

[asriloni]

Well, you can not judge which coins have the right to exist, and which do not. Of course, there are old coins on old builds, but they will disappear along with the exchange. But sometimes some of the coins can show themselves well, which already gives them the right to exist.

Obviously most of the coins are junk. Take a look at the crypto market, is this exactly what it should be? Continuous speculation on prices, each project strives not to develop the industry, but to be in the top in terms of capitalization and price. In the future, the industry will be represented by projects that really change the way of life of people, and not numbers on monitors.

The simple explanation is 1 problem : 1000 various solutions. Any projects were trying to Implement their own solution while there were so many platforms have been fixing it. The majority of the new projects are only copy pasting from the old projects that already exist in the market. Let's says the smartcontract platform and we have ethereum but there are other parties tried to create more and more new smartcontract platforms.
They are copying the idea from ether.

[Kong Hey Pakboy]

Because everyone can create their own project, instead of innovating it turns out that they only make money and then leave. Maybe it does make a lot of choices to invest but for me, this just makes the market full of trash.

While many are still investing there, of course, new cryptocurrency projects will continue to grow more and more every time.

Indeed. Most team members and developers who create their projects are just making money instead of making unique solutions and innovations using their platform. The market is turning into full trash because others plagiarize or copy their ideas from existing successful projects to create their project without making a concrete plan to attract more investors.

[LogitechMouse]

there are more than 2000 cryptocurrencies!

On coinmarketcap, there are 8,199 cryptocurrencies being listed on the site and most of them are either scam coin, a dead coin or just a troll coin.
Either way, those low market cap coins are just not worth it to invest your money with.

Why?

Money.

This is the main reason why people are creating cryptocurrencies. When there is money on it, for sure people will swarm it and will do anything just to make money. Sadly, most of them aren't becoming successful in their main reason. I'm not saying that all of them are creating for the sake of money since there are still some projects who really want to develop something to help the people. Its just that most of them are just creating for the sake of money nothing more.

[RealMalatesta]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

I guess there are some people who love creating coins, that's all I can think of. I am looking at new projects daily, that is one of my favorite things to do, and I can tell you that we are living in a world where things are not really looking great for new projects, 90%+ of them die even before starting, it is really not profiting the creators neither but even if they do, creators still run away with the money they made from funding and just bail. However the few that ends up actually becoming real do not really worth any money neither, because they end up being very low market cap and very unwanted project.

There are less than just 1% of them that becomes like a polkadot or chainlink type of situation, and just because there is like maybe 2 or 3 new coins in top 30, people think that they could invest into something new and they could make a big amount of profit, which doesn't happen for many of them, since only under 1% of them gets there.

[Psynthax]

Each crypto usually serves their founder vision and purpose and we fancy open source community when it gives freedom for people to hardfork every crypto there as their will. These many cryptocurrencies are overwhelming indeed but you can just ignore them and stick to those coins that you really want to invest or just to observe.
It's like you know the startup fever, everyone want to create startup and i bet there's hundred thousands startups created out there and for the most part you can just ignore them and just observe what interest you.

[Gotumoot]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Because Dev's wants to have their own crypto and be the best on their field.
Every crypto have their own function and purpose so every developers wants to create the best and overcome the one's that is already there.

[RabbiTANK]

The more new ideas erupts the more we will keep seeing new crypto projects, I hate the idea of too many crypto projects but even the best crypto projects we have aren't perfect so it's better to leave the door open to new ideas

[Gatsby club]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

In fact, there are much more of them, I just looked at coingecko and their 6132, there are many reasons for this, the developers want to launch a new project to implement their ideas, and there are also scammers who launch projects to deceive users

[Claudio99]

Majority of the coins are bad projects like many already said but the reason why I'm not so against many coins is ideas, ideas are unlimited and we can find great ideas from a bad projects too, hate it or love it bad projects can shed new light on new projects as well

[qory]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

As you can see not all the cryptocurrency have the same use, each of the coins have their own dedicated use such as security coin, utility coin, etc. that's why it is important that you have a product first before offering your coin since buying a coin without any use is buying a worthless coin.

An example, BNB can be used on their website Ethereum in smart contracts and many more.

[poodle63]

There's no forcing us to buy all these coins but instead it might stimulate us to pick the best coin there is considering so many alternatives I mean having this much alternative is better than having none right? and each of these coins want to solve certian problems which arise now or in the future. The bad coins will have no growth and low trading volume due to various factors in which these projects are lacking and the good ones gonna go up it's natural selection all over again but by then we are left with quality coins that still exists and even growing.

[peter0425]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Just count the Legit mate and trash the shits , Many cryptocurrencies maybe useful  in future because the demand will spike once the adoption happens but what are we looking now
are too much shitcoins .
and almost more than Half has no promising value at all.

[zidanw]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Each of the coin have their own purpose they can be used in different ways, banking, investment, communication and more. This shows that blockchain and cryptocurrency can be used in different ways this is how powerful it is.

[iTradeChips]

In my opinion, altcoins are basically crowdfunding tokens and coins designed to get money from investors of that project. Cryptocurrency is basically a one huge crowdfunding platform where programmers will be able to make something out of a little nothing. Create a code and you will be able to fund your project using your coin, as long as you market your project well and be able to entice people to invest.

[Novatech8]

Some old projects with brilliant ideas failed because of few mistakes and new developers can decide to continue such project in a new form, they actually know what they will face in the project development because of the old project that failed, knowledge is unlimited, crypto still lacks in so many areas, new ideas have to be born

[Eddyc]

Economic and financial power decentralization is the main idea of cryptocurrency, but there are other points of view on this topic. So another analysis is the variety of transaction and blockchain options for the sympathizer and investor, generating fluidity so as not to overload the ecosystem as a whole. In general there are many projects that can add people's lives and we know that bitcoin is becoming scarce with each passing day.

[dreamer81]

Imagine if there are no altcoins in this crypto world and only bitcoin  is the only coin that  exist do you think bitcoin will succeed? I believe altcoins serve as a pillar of bitcoin without altcoins bitcoin is nothing. Yes true there are many scam altcoins outhere and we need to be careful because  their purpose is only to collect or steal bitcoins or money from investors and only few legit great projects that needed to be dig with proper research to find these few gems.

bitcoin can exist fine without any altcoins at all......

[cryptolord2077]

Well, you can not judge which coins have the right to exist, and which do not. Of course, there are old coins on old builds, but they will disappear along with the exchange. But sometimes some of the coins can show themselves well, which already gives them the right to exist.

Obviously most of the coins are junk. Take a look at the crypto market, is this exactly what it should be? Continuous speculation on prices, each project strives not to develop the industry, but to be in the top in terms of capitalization and price. In the future, the industry will be represented by projects that really change the way of life of people, and not numbers on monitors.

The simple explanation is 1 problem : 1000 various solutions. Any projects were trying to Implement their own solution while there were so many platforms have been fixing it. The majority of the new projects are only copy pasting from the old projects that already exist in the market. Let's says the smartcontract platform and we have ethereum but there are other parties tried to create more and more new smartcontract platforms.
They are copying the idea from ether.

There is practically nothing new in the world. All projects, not only cryptocurrency ones, copy each other, improving and refining the functionality. All artists and musicians to one degree or another copy each other, introducing something new into their work that makes it unique. It is impossible to say unequivocally that everyone copies everyone without changes, it would be silly.

[Oilacris]

Imagine if there are no altcoins in this crypto world and only bitcoin  is the only coin that  exist do you think bitcoin will succeed? I believe altcoins serve as a pillar of bitcoin without altcoins bitcoin is nothing. Yes true there are many scam altcoins outhere and we need to be careful because  their purpose is only to collect or steal bitcoins or money from investors and only few legit great projects that needed to be dig with proper research to find these few gems.

bitcoin can exist fine without any altcoins at all......

Yeah your right but you can stop those people who would create another one which is way more better than Bitcoin and believe that they can get off some marketshare and
it did really succeed basing of on how many top altcoins we do have with some crazy marketcap overall.

There is no need for lots of coins or projects in the market indeed since Bitcoin do able to do its job well. Well, theres no backing down now and it had already been done.

Thing here is that you do know how to engage to those alts with the benefit of yours on making profits but of course that would really be needing some risk.

[Murpheus]

I think there's this Chinese wise saying that says "greed, will kill us all"

I always believed Bitcoin to be enough... All other crypto is just a wanna be...

But another way... Competition in the market place is good.... I would love my Bitcoin with a touch of ethereum and a dab of litecoin.... Lmao

[bitcoinst]

Money out of thin air. Most projects make money out of thin air by creating a product that no one needs and then collecting money for its implementation.
As a result, people buy useless tokens that no one needs in the future.

[AmoreJaz]

Money out of thin air. Most projects make money out of thin air by creating a product that no one needs and then collecting money for its implementation.
As a result, people buy useless tokens that no one needs in the future.

It's a shame if the project creates a product that isn't even needed and I think it's a waste of time,
a project should have a clear concept because it can attract people's attention to join the project

for most creators, it is not a shame because it is easy money for them - create, launch, pumpndump, repeat...guess, a lot of 'devs' are still doing that. we dont need a lot of trash coins but the thing is, people keep on buying them. even if it is obvious that they are just a crap project. they just wanted to ride the hype, just look at the defi hype. how many of them have real use case? a lot of them already exited the stage. now, it is left to us how we will approach these projects. research is not enough anymore. you have to dig more and more...

[Yatsan]

Most of the cryptocurrencies that can be found existent on the market and different exchanges are being listed and came from lots of projects that have existed years before most specially when the hype of projects are still on way back year 2017 that there are really lots of projects that have released many crypto coins and they are still existing and maybe others are not already because it might be they are scam or haven't reach that capacity to get listed due to lots of issue involve. There are not actual purpose on why there are lots of cryptocurrencies existing because those were just products of projects initiating some sort of development, different purposes and etc. Maybe some are useful and can be use to scatter your resources for chances of gaining profits aside from Bitcoin. But you have to be picky and assure you are working with decent and reliable coins because not all are good or worthy.

[didzi]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

the fact, depends on coinmarketcap site there are more than 4000 cryptocurrencies my friend
maybe most of people want to be a part from this industry, and because of that a lot of people create their own crypto

[kram31]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

The reason of so many cryptocurrency is about "MONEY" and to compete with Bitcoin just simple as that.
But few of the cryptocurrency has a good potentials to give earnings in the future. And as far as I know also, there are several coins
too that being delisted and died in this type of business.

[acener]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

They have different platforms,
Security tokens, Gaming industry crypto , Adult industry crypto and many more.
They are fighting to beat every crypto on their field to be the best of that field that is why there are so many crypto,
They are trying to make a better one.
Although I don't know much but it is just my opinion and there are crypto that are POW and POS.

[adzino]

Around 99% of those crypto currencies that you are seeing are of no use. They are worthless with no actual use case. Only few of those coins are actually worth something because they offer features that can give solutions to current problems in the crypto currency system. Rest of them are either clone of some coins or are made to scam people. Those coins are usually pumped to gain investors attention. Once investors start investing in those coins, the coins get dumped and eventually die.
So, yeah the only point of those 99% of coins is to scam people, while others offer some unique features that are useful in one way or the other.

[Sourhearrt]

I do wish that all crypto marketcap are spread among few promising coins only but there will be many things we will miss if crypto projects are limited, crypto should be treated like an exploration because it's wide, how can we know what crypto projects are lacking if we create no room for new ideas?

[Rowenta]

Whether you like it or not altcoins are what's empowering bitcoin itself, the main reason why we still have many newbies in crypto today is because of altcoins, many believe they've missed much opportunity when btc was cheaper and now they think altcoins is the cheapest place to be, if I sell my altcoins today I'm still going to convert back to bitcoin

[LimLims]

People are creating their own crypto for their benefits .
They are giving us asset to which we can hold and can sell it.
The main purpose for the creation of the coins is to make money.
Now a days people are just increasing the production of coins to make their coin recognisable as Bitcoin and make the price huge.
Everything is happening to earn extra money.

[Mpamaegbu]

some might argue that the reason behind so many tokens is because they're different problem each were created to solve

Well, I guess I can safely mark myself as one of the "some" because I believe in "the more the merrier" philosophy. I like options, without which will mean confining me to limitation. And that's dictatorship to me. More tokens in the market give us options to choose from. What do you think would be happening if only Bitcoin were in the market without alternative coins for payments across exchanges? I bet by now its price would've spiralled out of reach. Perhaps those who predicted the price of Bitcoin in the past hitting an exaggerated price level did that thinking Bitcoin wouldn't have many coins spring up to contest its leading position. Beyond all that, options are great you know. Even in politics, we crave options. So, why not in the crypto space.

why do people continue to invest in the penny stocks of the crypto market?

The reason is simple — with little cash one can get so many units of penny stocks. And if price moves as little as 20% the investors are already in great profit.

[kenelmark]

I do wish that all crypto marketcap are spread among few promising coins only but there will be many things we will miss if crypto projects are limited, crypto should be treated like an exploration because it's wide, how can we know what crypto projects are lacking if we create no room for new ideas?

Yes, but who can and will treat crypto like extensive exploration? because scammers are also good at creating new ideas in crypto projects, so they always give birth to new projects every year.

[X-ray]

I do wish that all crypto marketcap are spread among few promising coins only but there will be many things we will miss if crypto projects are limited, crypto should be treated like an exploration because it's wide, how can we know what crypto projects are lacking if we create no room for new ideas?

Yes, but who can and will treat crypto like extensive exploration? because scammers are also good at creating new ideas in crypto projects, so they always give birth to new projects every year.

The scammers are always spreading the non sense idea to be bought by the victim. It was happening since a long time ago when the tokenization has become a new trend in the crypto market.
They were also spamming the token airdrop and send it to the so many address to get awareness.
So many cryptos created just only to fix one solution.

[uneng]

I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?

Lol, that is the beauty of a decentralized universe. Each person can create their own currency for different purposes and name it as they want. It can have a unique feature or it can be for hobby reasons only. It can be imagined for mass adoption or just for a small group of enthusiasts or friends to use.
Most of them are really useless and priceless, but I like the idea you have freedom to create your own currency and maybe turn it into a popular and interesting one in the market.

[Argoo]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

The CoinMarketCap table shows that there are currently 8304 types of cryptocurrencies. Whether we like it or not, however, the number of cryptocurrencies will continue to grow as long as the conditions for this exist on the market. Since everyone can create their own cryptocurrency, some create it to embody innovative ideas, while others just to make money from it. We cannot influence this process. We can only support a certain cryptocurrency or not. If there is no demand for cryptocurrency, it will eventually disappear from the market. We cannot even say yet when and how this process of creating cryptocurrencies will end, but this is a good way to improve and develop it.

[Fredomago]

Whether you like it or not altcoins are what's empowering bitcoin itself, the main reason why we still have many newbies in crypto today is because of altcoins, many believe they've missed much opportunity when btc was cheaper and now they think altcoins is the cheapest place to be, if I sell my altcoins today I'm still going to convert back to bitcoin

That's right, and it's also a good strategy when some people or beginners can't afford to buy Bitcoin directly, so they choose other options like looking for Altcoins that can be converted to Bitcoin, so this is definitely a very good thing to do.

Most of the developers use this scenarios, they are always sight how Bitcoin was when it's still starting. Giving an insight that the project that they are offering will also have the same fate with Bitcoin.

You need to understand all the fundamentals and all  the possible usages of each projects around this industry, there are lots of copycat only been created to scam out and runaway with your money. Don't be a fool following those kinds of project be smart and keep yourself knowledgable in anyhow. This venue of investment is good but very risky to those lazy investors who will not do their research.

[BITCOIN4X]

You need to understand all the fundamentals and all  the possible usages of each projects around this industry, there are lots of copycat only been created to scam out and runaway with your money.

For years, my friends and they continue to stalk the next victim, especially investors who are lazy to do analysis and also greedy investors. The industry has developed quite well and more and more projects being created all the time are flooding the industry. A good way to prevent investment losses and mistakes is to do research and also dig up as much information as possible about the project.

Don't be a fool following those kinds of project be smart and keep yourself knowledgable in anyhow. This venue of investment is good but very risky to those lazy investors who will not do their research.

This is a warning that needs public attention, especially investors. There are many tips for choosing a good and safe project that have been mentioned by several people in articles and other good topics on forum and the internet. Investors need to be able to do well and find project that will actually give them an profit. Sometimes seasoned investors also stumble upon fraud cases because the point is we never know what the future of each project will be. Doing research, getting as much information as possible is the best way to value a project as an investment destination.

In fact, these people are well aware of the worst consequences of being investors. But their laziness and greed easily led them to the brink of destruction.

[Fatunad]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

The CoinMarketCap table shows that there are currently 8304 types of cryptocurrencies. Whether we like it or not, however, the number of cryptocurrencies will continue to grow as long as the conditions for this exist on the market. Since everyone can create their own cryptocurrency, some create it to embody innovative ideas, while others just to make money from it. We cannot influence this process. We can only support a certain cryptocurrency or not. If there is no demand for cryptocurrency, it will eventually disappear from the market. We cannot even say yet when and how this process of creating cryptocurrencies will end, but this is a good way to improve and develop it.

The market had flooded out with lots of shitty coins in the market which we dont actually need or not really relevant anymore.We do only need few but people
didnt stop on making one and most of the reason will be likely on they are hoping to make money when the community do able to support it thats why they are
taking some shot.

We dont actually need or lots of coins in the market. Only one would already be enough but people are wanting to create something much better and cooler.

Expect that it would continue no matter what because lots of ideas that do pop out in mind.

[kawetsriyanto]

Sure, there are too many cryptocurrencies right now. Why? It is because the developers know if producing cryptocurrencies will be a great way to earn money and spread the adoption of crypto in all aspects of this life. It is not always good to have many cryptocurrencies, but this indicates that cryptocurrency is getting popular. If it is not popular, it will be no demand to buy those cryptocurrencies. So, those cryptocurrencies won't be listed on exchanges. While in the fact, there are always demands to buy cryptocurrencies in the market even if the number of cryptocurrencies is very large nowadays.

[sayaya17]

Of course, of the many altcoins out there, they still can’t replace bitcoin. Especially when comparing it with EURO. That’s impossible.
Bitcoin alone cannot replace  the euro whose  adoption has  been very mass.  And to date there has  been no  altcoin  that can beat
ethereum. So most  altcoins are  just to  create  profits  for  their  developers. We  have  to  admit  that. It’s the business world.

[Kena Banned]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Its because many developer besides Satoshi who want to develop their own blockchain/ coin/ token. That developer have their own purposes on their project, some of them have different purpose and different use case than bitcoin, otherwise many of them just copycat project even scam project who have purpose to steal your valuable bitcoins or ethereum or any valuable crypto. Its like startup phenomenon that has become a trend lately.

[Yamifoud]

Sure, there are too many cryptocurrencies right now. Why? It is because the developers know if producing cryptocurrencies will be a great way to earn money and spread the adoption of crypto in all aspects of this life. It is not always good to have many cryptocurrencies, but this indicates that cryptocurrency is getting popular. If it is not popular, it will be no demand to buy those cryptocurrencies. So, those cryptocurrencies won't be listed on exchanges. While in the fact, there are always demands to buy cryptocurrencies in the market even if the number of cryptocurrencies is very large nowadays.

A lot of them delisted from exchanges which turn into the dead. A lot of cryptocurrencies but only a few of them giving profits for the investors while the majority of them are only the developers who make a profit.
The continuous growth in the number of cryptos not only means that we are popular but this means that the business keeps moving and spreading globally. In fact, some companies are creating their own crypto just to combat the competition.

[xiboothrezi]

~ So most  altcoins are  just to  create  profits  for  their  developers. We  have  to  admit  that. It’s the business world.

that's the fact, sad indeed, but that's a lot we find today. even after listing on the first day, big dump, then the price can't get better, the project doesn't develop then the developer slowly disappears, the project goes deep and the tokens become trash.
like fast food that you have to eat right away, if you leave it too long it won't taste good anymore. so we need to be careful. It is indeed difficult to choose a potential project, but a truly quality project will definitely get strong market support, a profitable partner, and really high quality and useful product.
really need analysis if you don't want to get stuck with "useless" coins or tokens

[cryptoknightt]

¯\_(ツ)_/¯The real question is: why do people continue to invest in the penny stocks of the crypto market?

Thing about the centralization is that it's able to snuff out competitors whether they are better or worse. Look at fiat, and look at Bitcoin.

because they are constantly competing and updating the existing system maybe the last one for the money.
this is the same as in the real world, let's say a car company has launched their product, why are other companies also competing to make their own cars?
what are they trying to achieve? even though there is already a company handling the project.

[GreenStox]

Main purpose: A distractions from bitcoin, alts were created to steal your bitcoin (keep this in mind always lol). This coins/tokens are been created from thin air just like the fiat so you lose focus on what the ideology begin bitcoin is. The industry has been monetized, some might argue that the reason behind so many tokens is because they're different problem each were created to solve but don't be decieve as most of the problem this new project claim to solved can be solved using Bitcoin.

Before the so called defi tokens we already have bitcoin that's truly decentralized and not all the centralized project claiming to be defi. The reason we have so many tokens is basically as a result of greed (project developers looking for fame, monetary value and ego of been one of the pioneer of the cryptocurrency industry.

Quick research through the so called aits you'll notice most operate similarly so why then do we need them all instead of focusing that energy on one and makes it a success. 99% of the other cryptocurrency are worthless and only valuable through trading.

if you say so then in all the other markets only what is above is useful so that which is underneath is rubbish and of no use at all.
I think that's not true and only based on your own thoughts.
at least now there are more than 6600 coins there and based on the percentage you give 99% of them all rubbish.
I'm happy because you still think the remaining 66 projects are valuable

[Janation]

Mostly to either scam investors or start a coin of their own.

There are a lot of goals for these cryptocurrencies in the market and I think these two are the main reasons why they are creating so many coins. Investors can't even keep up with the latest coins with the numbers of it. I hope investors could learn about legitimate and scam projects so in time, scam projects could be lessened.

[coin-investor]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

It's not only 2000 it's more than that since the introduction of the first Cryptocurrency Bitcoin because it's open-source people can easily create their own coin, and when Ethereum came along with it's token creation platform, everything becomes so easy to create a toke, and with this many companies, individuals and groups are creating their own token for their concept or product, it has something to do with greed because with their token they can launch ceowdfunding.

[Dariusburst]

Everyone are trying to get rich and they believe crypto can give them that, it's why we even have many more developers in crypto space this days, beware though, not all of them are real blockchain experts, they are just here for the money

[Dariusburst]

One thing is certain I belief, the more crappy project we get the more our eye gets more open, crypto technology will know where it's lacking and exactly what to fix, most especially security wise, mistakes gives birth to correction, crime gives birth to the law and justice

[RealMalatesta]

I guess I can safely mark myself as one of the "some" because I believe in "the more the merrier" philosophy. I like options, without which will mean confining me to limitation. And that's dictatorship to me. More tokens in the market give us options to choose from. What do you think would be happening if only Bitcoin were in the market without alternative coins for payments across exchanges? I bet by now its price would've spiralled out of reach. Perhaps those who predicted the price of Bitcoin in the past hitting an exaggerated price level did that thinking Bitcoin wouldn't have many coins spring up to contest its leading position. Beyond all that, options are great you know. Even in politics, we crave options. So, why not in the crypto space.

It is not even only about options, it is about features and that is why I love them so much. Those options that we have right now, gets smaller and smaller in a compact currency, then they create more and more on top of that and that creates another compact one.

For example back in the day, we just had regular coins, they were awesome and most of them are still quite high on the list, but that was it, we had some options and that was it, then later there were new coins that combined all those coins amazing things together and built another one, then we had ethereum, then we built stuff on it, and each one was something different, eventually something even bigger came out, then we had defi, and now we have a lot of defi and we are going to end up seeing how awesome defi could be and something else even better will came out. Long story short these are ways how we can develop and be better.

[max6575]

with the service and or product from developer, investors might helps as supporting project with the independent developer as offering option for users of the product/service as might to expect of more on work with the finance as attaining table of trading with the tradeview.

[VDraci]

We have so many scam developers that sees crypto space as a pool of money so they develop the means of deceiving their investors, they pretend to be pro teams too but in the end they are here to dump on investors once they have the chance, it's a blessing of you can tell the difference between scam projects and real projects

[Wahyuihib]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Cryptocurrency is a digital currency, which has a basic function as a means of payment. because cryptocurrency is growing rapidly, there are many crypto projects that have different systems and technologies. but in fact the goal is the same, namely to create a decentralized payment system {without any third party}.

[voteformeg]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

i think that 60 percent of all coins/tokens is useless , lot;s of other coins came up quickly and diappeared as fast as they came without true development

[Wipeout2097]

Now a day’s era of Blockchain and decentralized circle, so everybody can come up with their coin to save their business in future blockchain market. It fair happens so that human ravenousness continuously takes over the control and individuals regularly care more almost the potential cash they make than almost coming up with something viable, unused and fruitful. Actually initial days day of blockchain the purpose of own coin was to come with new unique idea to give benefit to the community but today its all about money and the team of coin set money goals rather the community vision for long run.

[Alohadanc3]

In my opinion there are maybe 2000+ coins available in the market but many of them are not so useful orna legit project. The market is fully free and in most of the platform you don't have to pay to launch your coin. So everyone can launch their coin for free. And there are lots of coin with are compete for the same market. But sometimes every participants are good. You you see contract based platform there are too much names available and most of them are good. So I know we don't need these much token but as long as we explore the whole blockchain system it's good for us.

[coinswebid]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

i think that 60 percent of all coins/tokens is useless , lot;s of other coins came up quickly and diappeared as fast as they came without true development

more than 60% my friend, i think its about 80% - 90% altcoins in a shitcoins,
we must pick the right alts if we want to invest in this crypto world

[GeorgeJohn]

Their is so many cryptocurrecies, so those once we feels are cryptocurrency are those we are familiar with such BTC bitcoin, ETH ethereum, BCH Bitcoin cash, LTC litecoin, XRP Ripple, USDT Tether, so these three coins mentioned here eos, neo, monero, after familiarized  or popular coins are totally unknown to beginners, so with proper research of coins is obvious that we have different coins that are listed in Binance and other blockchains or exchanges, so I recapitulate by saying purchase coins and do not concentrate on a specific coin.

[MrMcKinney]

They're trying to follow the BTC steps, perhaps. These altcoins actually got different uses, unique characteristics that they're trying to bring to the masses, sadly not everyone bites it.

[feewzy]

Everyone are trying to get rich and they believe crypto can give them that, it's why we even have many more developers in crypto space this days, beware though, not all of them are real blockchain experts, they are just here for the money

In this new sphere, it is really much easier to get rich, to make money, here you can simply invest your money in any coin and wait a little time and you will make money on this. But you need to invest money at the right moment in time, like in 2017, people put their money anywhere and earned on it, at a time where you don't invest your money, everything will grow.

[Saisher]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Because people keeps on investing and keeps on looking on a new project to invest, when there's demand, developer will create to fulfill that demand, greed has something to do with this and because of this so many coins are created just for pumps and dumps, I have seen so many coins created only to become a pump and dump coins, that is why we have thousands on dead coins in the market.

[PerfectCircle]

Crypto space is like the wild west when it comes to new projects, even projects that have very good use case can't be guaranteed, it's a high risk investment haven but out of many bad projects always comes good ones that are completely different, thanks to scam projects I personally can tell the difference

[Gunday_07]

Billions of dollars have been lost to scam projects and failed projects since they can't refund investors, some even willingly defraud people and escape with the money, it's why I believe we need regulations in crypto space, if regulations happen there will less scammers in crypto space and it will be even more easier to hunt them down

[Wulan_maniez]

There is a reason for each of the many coins on the exchange. As the crypto industry grows in demand every day, the crypto industry is growing
in popularity and many people are creating their own coins for their own purposes. But of the  thousands of  coins available, there  may be fewer
coins that can actually trade  and  can  make a profit. In the  crypto  industry is rife with fraud.  Maybe out of those thousands of coins there’ are
a lot of coin scams.

[Hamphser]

There is a reason for each of the many coins on the exchange. As the crypto industry grows in demand every day, the crypto industry is growing
in popularity and many people are creating their own coins for their own purposes. But of the  thousands of  coins available, there  may be fewer
coins that can actually trade  and  can  make a profit. In the  crypto  industry is rife with fraud.  Maybe out of those thousands of coins there’ are
a lot of coin scams.

This doesnt really talk only about profitability but rather we should also mind about its relevance and actual usage.The main criteria on why some projects do get some value
because into its relevance.It cant just be valued high if it isnt really that necessary nor not needed at all.Try to look in top alts where they had that signicant
usage or purpose and the rest are just mimicking it out and using up the same blockchain tech which its normal that they would really be placed in the bottom.
Those top projects arent just for show or had been put up in top with no reason.

[JeffBrad12]

One thing is certain I belief, the more crappy project we get the more our eye gets more open, crypto technology will know where it's lacking and exactly what to fix, most especially security wise, mistakes gives birth to correction, crime gives birth to the law and justice

Almost all of the new coins are copy cats and no more. So many times the community gave awareness to the people about that. These copycats projects being used as a bet for the ico traders and that's why there were so many new coins being added into the CMC every day.
Too much coin being released every day and people know about this too. The ico traders are jumping too fast from one to the another ICO or IEO.

[tabas]

They're trying to follow the BTC steps, perhaps. These altcoins actually got different uses, unique characteristics that they're trying to bring to the masses, sadly not everyone bites it.

They don't really have a different use. As you have said, they're following bitcoin which is a payment for all transactions and the same use. There's no difference between the use of bitcoin and these altcoins. They have a preferred industry to be made as a token but that's just the same as bitcoin being a payment for most transactions. It all started from the ICOs which preferring to the industries that they are promoting like in Energy, precious metals, you name it, there are many of them before.

[Twinkledoe]

They're trying to follow the BTC steps, perhaps. These altcoins actually got different uses, unique characteristics that they're trying to bring to the masses, sadly not everyone bites it.

They don't really have a different use. As you have said, they're following bitcoin which is a payment for all transactions and the same use. There's no difference between the use of bitcoin and these altcoins. They have a preferred industry to be made as a token but that's just the same as bitcoin being a payment for most transactions. It all started from the ICOs which preferring to the industries that they are promoting like in Energy, precious metals, you name it, there are many of them before.

If only those projects come to reality and not just ended up in papers, we will have a better use of crypto in our everyday life. The common problem in most blockchain projects is that even if they have noble use case, actual implementation is hard. If the team is not hard working enough, they won't get active users to use their platform, which will end up abandoning the platform. Remember those projects exploring in science, logistics, name it, where are they now? Implementation is a challenge for them as well as the funds needed to move forward with their developments.

[fishbonez11]

Personally, Im not interested to other kinds of coins. Bitcoin and other well established coins are enough for me to invest and use the function. Many new coins are come for a specific for purpose, but the truth is all other coin can also serve its purpose. A coin is useless if there is no community backing it up, so for a coin to truly succeed, regardless of many coins in the market it should have many people who so interested on it.

[BILLyDcar]

Main purpose: A distractions from bitcoin, alts were created to steal your bitcoin (keep this in mind always lol)

Will keep this in mind, this is the main point

[zerogrown]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Most of them really has a use case. Most of them are scams tbh. Im only looking at the top cryptocurrencies actually.

[fuer44]

There is no big impact or impact between the number of cryptos in the market on the exchange market itself. it is just the impact of the many projects that fail to penetrate liquidity and good prices on the exchange so they sink there. Should the market exchange or maybe the project development team itself, be happy to withdraw their tokens when within 7 days there are no buyers so there is no volume increase. this will make the crypto market even more competitive, and also for new projects you have to be more serious in managing the project, not just thinking about personal gain.

[inanilujimi]

to create new miracles like ETH, BNB, ADA, etc have made a lot of money in this industry, because basically it's all about how to get investors' money if you are lucky to get to your desired peak. As for the function of the investor, there are many choices of trading options that can be profitable and make it lose.

[Shubh7668]

Many of them just want investor's money .
It's better to focus on btc and top alts

[arifteguhr]

Every atlcoin has its own concept and I think cryptocurrency is currently helping a lot in the payment sector or the economy. if we see that on average, many are used for payments or transactions
among users and also for trading or investing. With so many concepts that we can see in each project, of course we can see which one is suitable for use as a preference in selecting digital assets

[tabas]

They're trying to follow the BTC steps, perhaps. These altcoins actually got different uses, unique characteristics that they're trying to bring to the masses, sadly not everyone bites it.

They don't really have a different use. As you have said, they're following bitcoin which is a payment for all transactions and the same use. There's no difference between the use of bitcoin and these altcoins. They have a preferred industry to be made as a token but that's just the same as bitcoin being a payment for most transactions. It all started from the ICOs which preferring to the industries that they are promoting like in Energy, precious metals, you name it, there are many of them before.

If only those projects come to reality and not just ended up in papers, we will have a better use of crypto in our everyday life. The common problem in most blockchain projects is that even if they have noble use case, actual implementation is hard. If the team is not hard working enough, they won't get active users to use their platform, which will end up abandoning the platform. Remember those projects exploring in science, logistics, name it, where are they now? Implementation is a challenge for them as well as the funds needed to move forward with their developments.

I agree to you. But that's not the scenario that we see from day to day living. With bitcoin, we can use it for most transactions that we do online and somehow, the adoption is increasing but not mostly to the local areas where we're living in.
We just have to give up the ideas about ICOs and other projects that are making crowd funding through their tokens. If they have an idea, they don't have to release a token and just go with the regular crowd funding.

[Christabel247]

Main purpose: A distractions from bitcoin, alts were created to steal your bitcoin (keep this in mind always lol). This coins/tokens are been created from thin air just like the fiat so you lose focus on what the ideology begin bitcoin is. The industry has been monetized, some might argue that the reason behind so many tokens is because they're different problem each were created to solve but don't be decieve as most of the problem this new project claim to solved can be solved using Bitcoin.

Before the so called defi tokens we already have bitcoin that's truly decentralized and not all the centralized project claiming to be defi. The reason we have so many tokens is basically as a result of greed (project developers looking for fame, monetary value and ego of been one of the pioneer of the cryptocurrency industry.

Quick research through the so called aits you'll notice most operate similarly so why then do we need them all instead of focusing that energy on one and makes it a success. 99% of the other cryptocurrency are worthless and only valuable through trading.

Educate me the more, I see something different from this your points.

[zayika570]

If only those projects come to reality and not just ended up in papers, we will have a better use of crypto in our everyday life. The common problem in most blockchain projects is that even if they have noble use case, actual implementation is hard. If the team is not hard working enough, they won't get active users to use their platform, which will end up abandoning the platform. Remember those projects exploring in science, logistics, name it, where are they now? Implementation is a challenge for them as well as the funds needed to move forward with their developments.

It is very important for all the project to be implemented and have results of work.
For example there is ecological MOSS project https://moss.earth/blog
Thanks MOSS it was attracted R$55 mln to safe the Amazon forests.
It is very important to check what have already been done buy cryptocurrency project.

[posi]

Main purpose: A distractions from bitcoin, alts were created to steal your bitcoin (keep this in mind always lol). This coins/tokens are been created from thin air just like the fiat so you lose focus on what the ideology begin bitcoin is. The industry has been monetized, some might argue that the reason behind so many tokens is because they're different problem each were created to solve but don't be decieve as most of the problem this new project claim to solved can be solved using Bitcoin.

Before the so called defi tokens we already have bitcoin that's truly decentralized and not all the centralized project claiming to be defi. The reason we have so many tokens is basically as a result of greed (project developers looking for fame, monetary value and ego of been one of the pioneer of the cryptocurrency industry.

Quick research through the so called aits you'll notice most operate similarly so why then do we need them all instead of focusing that energy on one and makes it a success. 99% of the other cryptocurrency are worthless and only valuable through trading.

Educate me the more, I see something different from this your points.

Honestly, I totally supported the main purpose explained by the above users cause I have once seen a thread created on this forum where the author considers Bitcoin not to be true liberation for the people and he later said "I am selling 325 coins today I bought at 4$ and making a new currency to replace fiat and bitcoin." though we have a situation where the altcoin Dev is not planning to distract us from Bitcoin or greedy which ETH and another genuine fall in that category but 94% of all altcoin Dev follow the part explained by Brainboss.
 

[Adya]

there are many alts which are utility tokens. those tokens are useful in their applications which developed by hundreds perspective startups. plus there are tones of scam projects. that is why we have a lot of crypto currencies.

[mezzaluna]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

The purpose of these Alternate Cryptocurrencies varies on why they are made on the first place. However, some of these Cryptocurrencies have never even reached their original goals because of the lack of further development and lack of attention that they have been expecting to get. These Alternate Cryptocurrencies are something that everybody can create as long as they have the knowledge to develop it and maybe some developers do it for the money so as long as they are creating new ones, they can create a source of different income for them and maybe that is one point if you are a developer.

[mirgo1791]

as developer works on customs of manage, those to leaves with chance on investors to gains on involvement, that developer as first to manage work on manufacturing of the product or delivery of service while embedding crypto with the work on finance.

[leea-1334]

They don't really have a different use. As you have said, they're following bitcoin which is a payment for all transactions and the same use. There's no difference between the use of bitcoin and these altcoins. They have a preferred industry to be made as a token but that's just the same as bitcoin being a payment for most transactions. It all started from the ICOs which preferring to the industries that they are promoting like in Energy, precious metals, you name it, there are many of them before.

I have been here long enough to know that even for socalled utility tokens,,, the uses are all made up. They are logical and rational,,, but the motivation is seldom big enough for people to want to use (usually for cheaper or faster but nothing is as cheap or fast as Visa at the moment).

Worse still is getting merchants to accept alts. Almost near impossible.

[tabas]

They don't really have a different use. As you have said, they're following bitcoin which is a payment for all transactions and the same use. There's no difference between the use of bitcoin and these altcoins. They have a preferred industry to be made as a token but that's just the same as bitcoin being a payment for most transactions. It all started from the ICOs which preferring to the industries that they are promoting like in Energy, precious metals, you name it, there are many of them before.

I have been here long enough to know that even for socalled utility tokens,,, the uses are all made up. They are logical and rational,,, but the motivation is seldom big enough for people to want to use (usually for cheaper or faster but nothing is as cheap or fast as Visa at the moment).

Worse still is getting merchants to accept alts. Almost near impossible.

Time after time, most merchants and people will start accepting the most popular cryptos. Those projects that are still making tokens and calling it as a utility will have to stick to their products.
But in real world, they will mostly be ignored because of their focus as a utility to a project and product that they're working at.

[kooboat]

We are looking  at different  ideas  from a number of  people across the globe.  The huge number of crypto  is largely  due to  the decentralized  basis  of  blockchain  technology.  Basically, there is no control  in this crypto  space  hence more room for many projects  including  scam ones. It's all good  for diversity  and competition as people have choices in the kind of digital asset they wish to hodl.

[hahay]

They exist only to be competitors and also with the many cryptocurrencies that exist it makes the opportunities for adoption even better, because each crypto has a difference in terms of transaction speed and there are many others that make a difference and this will make many choices. With many cryptocurrencies available in the market, of course the competition is getting real and that way, they will compete to be the best until development will continue.

[Ozero]

They exist only to be competitors and also with the many cryptocurrencies that exist it makes the opportunities for adoption even better, because each crypto has a difference in terms of transaction speed and there are many others that make a difference and this will make many choices. With many cryptocurrencies available in the market, of course the competition is getting real and that way, they will compete to be the best until development will continue.

It's not just about competition. Coins mainly compete with each other, which have a general purpose as a means of payment. The main part of the cryptocurrency is made up of tokens and many of them serve any kind of business. Tokens compete with each other if they perform homogeneous functions.
Different types of cryptocurrencies will emerge as everyone has the opportunity to create their own cryptocurrency. Even in spite of the fact that many of them turn out to be fraudulent or simply useless, the process of their development takes place very quickly in this regard.

[doctor877]

Majority of the them came to solve shortcomings of Bitcoin, be Better than Bitcoin and solve daily live issues and then many of them have vanished and some are struggling now. That's why there are so many of them and more still keep coming.

[leatutz]

You will find out the best answer when you search for old and new projects ANN thread. Why and which problem is trying to solve all projects. Better service in an easier way without any problems and low cost. After everything, now we can't send money anywhere, so many countries don't support Bitcoin. I think we need currency to minimize the cost and increase the services.

[royalfestus]

The basic challenge is the failing idea brought to cryptocurrency. We can't reject copycat in crypto currency, some came to displace the trailblazers, especially if he does not know what he is doing. We have more smart contract, DEX, CEX, DEFI, etc in the market, they produce competition while some did not prepare for the market. In the next bear we will know the outstanding DEFI, when survive and compete for next bull

[imstillthebest]

The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

what did eur do or what it reduced in fiat ? eur is also a fiat and if they create eur that means they add more currency in the current fiat system and they did not do reduced . maybe they add eur to put less stress on other existing fiats like for example usd , so many users are now using usd .

the same concept can also work in the cryptocurrency system  . if theres only one bitcoin and not altcoins , bitcoin can be verry congested now and hardly workable anymore but thanks to the concerned developers for creating alternative cryptos

[Ultegra134]

For the same reason so many cigarette brands exist. Just kidding.
It's mostly due to the extensive freedom regarding their creation process, anyone can create an Altcoin, without many prerequisites. Others were created to compete with Bitcoin, or to offer something different, such as better anonimity, or something that Bitcoin can't do. Others were created for scam purposes or for entertainment, such as Dogecoin.

Likewise, investing in Altcoins can sometimes turn into large returns in terms of profit.

[Zemomtum]

Most of them are created for-profit purposes and not to solve any real problem. Over 90% of the projects are reinventing the wheels just to be part of the pioneer or the intention to dump the token on unsuspecting investors. Blockchain has created freedom and anybody can create anything without having any deep knowledge and this is one of the cons of the unregulated market.

[Luqman]

Many cryptocurrencies will bring more chances for people to take profits. Yeah, we have 2000 cryptocurrencies more, and it always increases daily. If the trend of new crypto coins is still good, I think we cannot stop the more cryptocurrencies. But I as I said before, it is not too bad to have many cryptocurrencies, we can have many alternatives to invest and take profits. I cannot imagine if we only have few cryptocurrencies, some people may feel bored investing in the same coins after years.

[Ryushin]

It makes no sense to me either, if only 10 crypto projects shares the whole marketcap they will be 10 times stronger and also have better value, less scamming experience too but there is nothing one can do to change this than been careful when choosing new projects

[adekogbe]

i really dont see the need of too many cryptocurrencies as a means of value exchange, however, the blockchain offers new innovative projects the possibility of raising funds from the public for their projects.
with that said, i think all cryptos should be universally tradable with USDT. this will solve most of the headache of investors and it will also mean most cryptos will be able to command its true value in the markets

[FlagstaffRevel235]

There are many coin developer developed their coin and its image with an ICO program with greedy concept, but ultimately they have failed to continue it's trading condition as a result, many more coins are counted as dead coins and they still listed in CMC. I hope you understand the many reasons for his amount of coins. I think all of the coins are not for suitable coins for actual traders.

[Flowzer]

Majority of the them came to solve shortcomings of Bitcoin, be Better than Bitcoin and solve daily live issues and then many of them have vanished and some are struggling now. That's why there are so many of them and more still keep coming.

True, its like startup model on blockchain. Developers try to develop their own project to solve some issue near them.
But remember some developer just want to try to solve their financial issue .

[JackieAinsley]

It is very important for all the project to be implemented and have results of work.
For example there is ecological MOSS project https://moss.earth/blog
Thanks MOSS it was attracted R$55 mln to safe the Amazon forests.
It is very important to check what have already been done buy cryptocurrency project.

I checked the price of MCO2 token. It is growing. It is good that people is starting to understand how it is important to protect the nature from CO2 pollution.

[SirLancelot]

You do not have to consider all the new ones as things that will be around for years, some of them willingly start because they want to get out as well, think of some projects like small time short term deal that offers you to make money for 6 months and then its gone. You do have that type of investments in fiat world as well, most famously the shorts and longs right now fighting it out on GME for example, and that is basically what we are talking about here, that type of short term things exists in crypto as well.

For example it has a pre-sale period, everyone gets in, owners do as best as they can to make it sold as long as possible, and then it starts, gets on an exchange, and then it gets traded for a while either up or down, then it goes down and becomes irrelevant. People who made profit made it, people who lost lost it, after that its useless.

[Youghoor]

What's the point of so many cryptocurrencies?

Personally, I don't really understand why any cryptocurrency projects decide to develop their own crypto coin. This is one reason why mass adoption of cryptocurrency is not taking place. There are a lot of worthless crypto coins in the cryptocurrency ecosystem.  Some of these coins are not really needed in the crypto market and the crypto ecosystem.

[kindbtc]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

I am also against too many coins most of them just uselessly dilute market volumes without any practical use cases and most of them are created just for the personal gains without any business segment in mind. May be it is time to filter out such coins from the market by using some minimum requirement rule.

[Princejebs]

It makes no sense to me either, if only 10 crypto projects shares the whole marketcap they will be 10 times stronger and also have better value, less scamming experience too but there is nothing one can do to change this than been careful when choosing new projects

It also make no sense if we have just 10 project for the whole world. Where is the decentralization?
We should just keep on hoping on a single technology that may not satisfy everyone, besides we all have different taste and I believe every investors wouldn't like the idea behind that 10 project.
Knowledge is versatile, let's use it and create solutions to the environment, if one suit you, do a due diligence and invest properly, life is all about risk mate.

[lumierre]

Majority of the them came to solve shortcomings of Bitcoin, be Better than Bitcoin and solve daily live issues and then many of them have vanished and some are struggling now. That's why there are so many of them and more still keep coming.

You're right, it's not about how many coins there are. There are dummy projects that only live as long as they can collect money. I always look at how long the project has existed and what has been done since its creation. This characterizes the project as really worthwhile.

[CryptoTrustRate]

And this year there will be many many more because of the new altseason. Everyone will create "everything" in few months and better then some projects which are doing for some years. Just remember 2017. Millions and millions transactions per second and so on and where are all of this projects? Ranking around 500 on CMC or they just quit this game.

[RobbyDama01]

cryptocurrency will continue to grow because it makes it easier for people in terms of everyday life, so transaction costs are cheap. however, the disadvantages are that there is no legality and a central bank so it will be easy to lose.

[FahriZah]

 If there isn't so numerous crypto projects today we won't know what crypto is missing, there are some field that should be probe, possibly it's appropriate for crypto or not we can't say until we give it a shot, having more activities leaves something to be desired and yet it's enlightening.

[Alohadanc3]

In this market a lot of crypto available and sometimes it feels so confusing. And you are right we really don't need this much tokens in the market. And mayb in few years many of them will just go vanished. Cause there are lots of projects available which are nothing but scams or here to make money. But in same catagory many projects do very good and they are healthy opposition of each other. I think that's very needy in this market. We should have many projects but only those which are good.

[Roidz]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

The first cryptocurrency was created by Satoshi Nakamoto a few years ago with bitcoin and after many were familiar with bitcoin, there were countless other altcoins, basically the creation of bitcoin or crypto only as a digital currency used for virtual transactions on the internet network with using secret codes that are quite useful to protect and maintain the security of the digital currency, but slowly over time, crypto has become an investment asset which is very profitable for all parties, even though it actually understates the basic use of crypto as a substitute conventional currency.

[bison]

The first cryptocurrency was created by Satoshi Nakamoto a few years ago with bitcoin and after many were familiar with bitcoin, there were countless other altcoins, basically the creation of bitcoin or crypto only as a digital currency used for virtual transactions on the internet network with using secret codes that are quite useful to protect and maintain the security of the digital currency, but slowly over time, crypto has become an investment asset which is very profitable for all parties, even though it actually understates the basic use of crypto as a substitute conventional currency.

That's what happened today. The use of crypto is not well targeted when most have no use as a means of payment but as a trading asset. we cannot deny that is what is happening today. although some platforms also accept crypto as a means of payment I believe that is only a small part of the many cryptos circulating in the market today.

[angrynerd88]

Anybody can dispatch a cryptocurrency, it costs completely nothing to do, not at all like with companies you do not require any enrollment or claim any capital. Combine it with the truth that there's continuously more noteworthy trick who will purchase a coin, no matter how doltish it is, and its simple to see how we finished up with thousands of coins. There is as it were limited coins and ventures to accept and can say that are trustworthy. Before contributing or buying crypto profound research is needed.

[avarnet]

Adoption from retail businesses that we can use using blockchain. that's why there are so many altcoins with various concepts. I think this is a good thing because with so many sectors that can get adoption from the blockchain, it's not just transactions. because now in particular cryptocurrency has been in the spotlight of many people for investment preferences. this is a great move for the future

[Luffygroove]

interesting question. Well, since it's decentralized, what do you expect?. Anyone, Everyone from around the world could try to implement their vision and mission through their project. These people have their own thoughts and fretfulness regarding issues around them. When they have knowledge about cryptocurrencies and would like to solve those issues, they make those project. Ofcourse they want their project valuable, according to that, they tokenized their solution. Each day people try to offering their solution, wether it's legit or not. This makes crypto world so crowded, but yet more interesting. 

[Vishnu.Reang]

interesting question. Well, since it's decentralized, what do you expect?. Anyone, Everyone from around the world could try to implement their vision and mission through their project. These people have their own thoughts and fretfulness regarding issues around them. When they have knowledge about cryptocurrencies and would like to solve those issues, they make those project. Ofcourse they want their project valuable, according to that, they tokenized their solution. Each day people try to offering their solution, wether it's legit or not. This makes crypto world so crowded, but yet more interesting. 

Cryptocurrency may be a decentralized sector. But that doesn't mean that anyone can plagiarize other people inventions (without giving the original inventors any credit) and come up with their own version of cryptocurrencies. Out of the 10,000 or so coins and tokens in existence, I would say that less than 10% are original inventions. Others are mostly plagiarized form the already existing projects.

[Mauser]

no need to bother thinking about so much crypto ,.  our goal is only to seek profit in crypto.  the more crypto the better, because there are many opportunities for us to benefit.  ranging from trading arbitrage and others. So focus on looking for profits

But the more cryptos there are the higher the risk of a coin to become completely worthless. It might be the case that a new coin gets hyped a lot but once all the support calms down, no one might be trading the coin anymore.

In my opinion we need multiple crypto currencies to have competition between each other. But eventually the best coins should prevail. If we had only a few crypto currencies it would be easier to get public support for all of them.

[bonyaserg]

Yes, now there are a lot of different cryptocurrencies and this gives a great opportunity for the development of a successful business. And I think that there is always a sense, since everyone wants to earn and receive decent profits from cryptocurrency. Fiat money is available, but not everyone has that much. And cryptocurrency gives a unique chance to earn money without leaving your home and get decent earnings. From all that has been said, I concluded for myself that cryptocurrency is a unique technology that will amaze us every day. And the future is in crypto assets.

[worldofcoins]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Most of the cryptocurrencies or tokens listed there are Scams, Hyped up tokens that are hyped in a way to make their users think it'll Goto the moon
Now you'll ask what's the purpose of it? - Obviously to make money from dumping those Coins and Tokens on their investors/traders.

This implies to most of the coins as well new coins.

[LastKiss]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

A lot altcoins created every week in this crypto space, because every cryptos have their own unique function for example their utilities (trading fees, gambling, and investment) most of them. Not only their utilities were unique but their products for every cryptos gave many different benefit to each user.

[jjdub7]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Blockchain technology is open and anyone can make their own coin for the purposes of their company, for example. Or a university coin and many more examples.

What is worse in this situation is that a very large part of the ICO projects that are launched are not aimed at developing the project, but only by raising and misappropriating funds from investors who hope that this project will be successful.

That's why you have to be very careful when choosing a coin to invest in, there are few that really deserve trust.

[RussianEnglishTranslation]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Why are there so many website? Each website has different utility. Projects that have no real world utility will fail. I investing in IOTA and 0xMR for example. IOTA is working on smart cities and CBDCs and 0xMR has utility in casinos, profit sharing, DeFi, and a future mixer.

[Fivestar4everMVP]

Well, am definitely not in support of many crypto coins that are in circulation today, but I will also like us all to know that in as much as we all think it's bad, it has helped the crypto industry in general to not only grow but to also grow people in it.
Let's see crypto currency as the world, in the world, there are different countries, and each of this countries have their own currency which the citizens transact with. So is crypto, crypto is the world, the projects are the countries, the crypto coins representing this projects is the currency representing each country.

Come to think of it, Do you have an idea how much a transaction fee would cost in bitcoin if bitcoin was the only crypto coin that exist.?

[dimonstration]

Adoption from retail businesses that we can use using blockchain. that's why there are so many altcoins with various concepts. I think this is a good thing because with so many sectors that can get adoption from the blockchain, it's not just transactions. because now in particular cryptocurrency has been in the spotlight of many people for investment preferences. this is a great move for the future

With the plenty of cryptocurrencies develop we will be able to choose among them which works better, though it’s quite risky but we really need to be motivated in studying them and to know whether they will be able to get much of what that business really needs. They have specific purposes that may not suitable in other projects, we just need to know whether we really need that crypto or not.

[bitzizzix]

How big a cryptocurrency is does not matter and most importantly we can choose the right and trusted coins for investment, especially old coins.
the increase in cryptocurrency is a sign that cryptocurrency is growing because it is decentralized so that anyone can create it, and but don't trust new coins too easily before learning about them and doing investigations and so on.

[CryptoATM]

Main purpose: A distractions from bitcoin, alts were created to steal your bitcoin (keep this in mind always lol). This coins/tokens are been created from thin air just like the fiat so you lose focus on what the ideology begin bitcoin is. The industry has been monetized, some might argue that the reason behind so many tokens is because they're different problem each were created to solve but don't be decieve as most of the problem this new project claim to solved can be solved using Bitcoin.

Before the so called defi tokens we already have bitcoin that's truly decentralized and not all the centralized project claiming to be defi. The reason we have so many tokens is basically as a result of greed (project developers looking for fame, monetary value and ego of been one of the pioneer of the cryptocurrency industry.

Quick research through the so called aits you'll notice most operate similarly so why then do we need them all instead of focusing that energy on one and makes it a success. 99% of the other cryptocurrency are worthless and only valuable through trading.

Still the existence of bitcoin is to eradicate economy issues, poverty and other things but many have made alot not from bitcoin but altcoins only, altcoins are mostly for short term profit making, if you are smart you won't hesitate to take profits, like you said BTC is all that matters

[Spaffin]

I believe that it is thanks to the popularity of Bitcoin that a lot of cryptocurrencies appear every year. Initially, the developers' actions were aimed at improving BTC and eliminating shortcomings. For the entire existence of the cryptocurrency market
a very large number of projects appeared and immediately disappeared, which could not even interest investors and other users of the cryptocurrency. But today, many cryptocurrencies survive due to competition with each other, and each of these cryptocurrencies has its own fans, thanks to which these cryptocurrencies do not feel bad in the market, having large trading volumes and volume capitalization. But if we consider cryptocurrency from the point of view of real benefits for society, then cryptography can be used with great success in various sectors of human life, including genetics, bionics, pharmaceuticals, genetic engineering, as well as in space and nuclear industries. Based on this, I am sure that we will observe the emergence of new projects and, accordingly, new cryptocurrencies for a very long time, but only the most popular and promising ones will survive.

[doomloop]

Adoption from retail businesses that we can use using blockchain. that's why there are so many altcoins with various concepts. I think this is a good thing because with so many sectors that can get adoption from the blockchain, it's not just transactions. because now in particular cryptocurrency has been in the spotlight of many people for investment preferences. this is a great move for the future

With the plenty of cryptocurrencies develop we will be able to choose among them which works better, though it’s quite risky but we really need to be motivated in studying them and to know whether they will be able to get much of what that business really needs. They have specific purposes that may not suitable in other projects, we just need to know whether we really need that crypto or not.

I do not think that retail would mind, as long as we can grow on online place that would be a lot more important. Think of how many websites in the entire world where we do not have crypto accepting just yet, even the huge biggest ones like amazon and google and facebook do not accept crypto payments just yet, that is why the best place to start would be to get crypto accepted in the online world if we can achieve that we can start thinking about what we can do with the rest of the retail world.

Going to a place and paying and waiting for 30 minutes is not something that we can accept, but if we could actually make that online world work that would be simpler because you are at home buying something and you can wait 30 minutes or few hours just for it to get accepted, not like you have any rush, it would be better of course if it was quicker but bitcoin is slow and expensive unfortunately.

[Mauser]

I believe that it is thanks to the popularity of Bitcoin that a lot of cryptocurrencies appear every year. Initially, the developers' actions were aimed at improving BTC and eliminating shortcomings. For the entire existence of the cryptocurrency market
a very large number of projects appeared and immediately disappeared, which could not even interest investors and other users of the cryptocurrency. But today, many cryptocurrencies survive due to competition with each other, and each of these cryptocurrencies has its own fans, thanks to which these cryptocurrencies do not feel bad in the market, having large trading volumes and volume capitalization. But if we consider cryptocurrency from the point of view of real benefits for society, then cryptography can be used with great success in various sectors of human life, including genetics, bionics, pharmaceuticals, genetic engineering, as well as in space and nuclear industries. Based on this, I am sure that we will observe the emergence of new projects and, accordingly, new cryptocurrencies for a very long time, but only the most popular and promising ones will survive.

I agree, the popularity of alt coins and crypto coins in general is dependent on bitcoins. Without the huge success in bitcoins we would see much less investors in the crypto world. But how many different crypto coins are going to be enough? There is a lot of competition already between different coins. And for companies who accept crypto coins for payment it is getting harder to decide which coins to include. Should doge or lite coin be included? Or is ETH and bitcoin cash enough? The more coins there are the harder it is to unify the market.

[electronicash]

the thing without opensource is that it attracts developers to create their own version. this is why the first influx of altcoins has its own blockchains. before the ICO boom, there were tons of altcoins already having their own blockchain and mostly are listed to exchanges easily like crypsy and so on. you can tell from that time that it's mostly just a means to get BTC from investors. this time however there are altcoins that have a use case and some are still just a distraction to other altcoins like the eth killers.

I believe that it is thanks to the popularity of Bitcoin that a lot of cryptocurrencies appear every year. Initially, the developers' actions were aimed at improving BTC and eliminating shortcomings. For the entire existence of the cryptocurrency market
a very large number of projects appeared and immediately disappeared, which could not even interest investors and other users of the cryptocurrency. But today, many cryptocurrencies survive due to competition with each other, and each of these cryptocurrencies has its own fans, thanks to which these cryptocurrencies do not feel bad in the market, having large trading volumes and volume capitalization. But if we consider cryptocurrency from the point of view of real benefits for society, then cryptography can be used with great success in various sectors of human life, including genetics, bionics, pharmaceuticals, genetic engineering, as well as in space and nuclear industries. Based on this, I am sure that we will observe the emergence of new projects and, accordingly, new cryptocurrencies for a very long time, but only the most popular and promising ones will survive.

I agree, the popularity of alt coins and crypto coins in general is dependent on bitcoins. Without the huge success in bitcoins we would see much less investors in the crypto world. But how many different crypto coins are going to be enough? There is a lot of competition already between different coins. And for companies who accept crypto coins for payment it is getting harder to decide which coins to include. Should doge or lite coin be included? Or is ETH and bitcoin cash enough? The more coins there are the harder it is to unify the market.

due to the development today that we can already create tokens easily, there is no end to developing new coins. every person could even have their own coin.

[corel]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Rejoice in freedom. There are many altcoins now due to the lack of regulation

[crazy-pilot]

Everyone are trying to get rich and they believe crypto can give them that, it's why we even have many more developers in crypto space this days, beware though, not all of them are real blockchain experts, they are just here for the money

Everyone wants to make money, and creating your own cryptocurrency that will be bought is tantamount to a gold mine. For many projects, a breakthrough is enough so that later on from shit coins they can trade for quite a long time in all this variety of original "competitors". You can see the consequences of this by looking at the cryptocurrency chart with a list of all cryptocurrencies. 2/3 meaningless coins that have no purpose other than to bring money to their creators.

[Willitivity]

I believe they are even more than 2000, it's probably about 6,000+ coins in the crypto market with 80% percent of them having no real use case, the devs are just interested in making money out of investors, they would just mint a shitcoin out of no where and start selling them out then later the project eventually dies and its on and on.

what's the purpose of so many cryptos?

The reason why there are so many cryptocurrencies is that each of them claim to solve one problem or the other, although only a few of them actually succeed to do that, the rest have no real use case just hungry devs or scammers.

[Fredomago]

Everyone are trying to get rich and they believe crypto can give them that, it's why we even have many more developers in crypto space this days, beware though, not all of them are real blockchain experts, they are just here for the money

Everyone wants to make money, and creating your own cryptocurrency that will be bought is tantamount to a gold mine. For many projects, a breakthrough is enough so that later on from shit coins they can trade for quite a long time in all this variety of original "competitors". You can see the consequences of this by looking at the cryptocurrency chart with a list of all cryptocurrencies. 2/3 meaningless coins that have no purpose other than to bring money to their creators.

Greedy developers can easily create new coins and hide from the identity of another person, its useless to create more coins if it's only intended to allure investors and runaway after collecting fund.

We can't deny the fact that most of the time, developers are after the money that they can collect during and after the initial sale
some might take longer stay but still along the way, it will ends up running and abandoned the project, it's hard to predict which
is which that can provide good value for your investment, you need to take time researching and studying before releasing your fund.

[carrie_white]

The important point of the many types of crypto coins is the different uses of each coin, especially now that crypto is used in various fields, therefore the various types of crypto coins continue to grow

[criket]

Why do you think that?
they are useful for supporting the market too. other than that it is useful for the benefit of the project. the presence of a lot of cryptos will be the foundation for strengthening market capitalization.
assets with a good market are considered.
maybe there are thoughts about why it is operational and the developer of a project does not use existing crypto? I also ask such questions. but I believe there are a lot of cryptos circulating in the market today making the crypto market even stronger. because the situation would be different if there were only bitcoin and ethereum in the market. or maybe some of the top 10 altcoins in the market.

[pinggoki]

This all starts on bitcoin because people saw that there would be some potential on bitcoin especially when bitcoin starts to increase ir pump up and that is the starts that many companies wanted to make their own cryptocurrency as they may follow bitcoin's run and that's the main reason why there are so many cryptocurrency right now. Most of them are just shitcoins which are develop just to become a trash coin and to scam people.

[Imran232]

There is one and only reason which is to steal your bitcoin ( always remember that). Lots of people thought every alt project is decentralized or anonymous. But what anonymous means it means it should be private. It Should be controlled via users not via a company. Its up down shouldn't depend on companies working progress. Well i don't want to blame such those project which are doing soo well. But it also limited such some projects which are truely well. But lots of are coming to steal our bitcoin. After that they Don't think about us. It's truely ridiculous.

[bryant.coleman]

There are many different reasons we have so many cryptocurrencies: There are people with bright minds and awesome plans, they can develop many differen chains for many different purposes. Think about smart contracts as well and how many different things you can do with it, from defi to nft, from visa cards to ticketing purposes. Bitcoin will always be one true god although others are not worthless.

The problem is that so many people have plans that are very awesome, but once the ICO is complete and they get shitloads of money, they lose their interest in converting this idea to a finalized product. And then they get some other "awesome idea". So what they do, they put the first project on hold and go for the ICO with the second project. And once the ICO is completed, the same cycle repeats. IMO, we should stop supporting ICO of various projects that don't have a final product (or at least a draft version).

[sapnu]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Each ICO being released in the public have different purposes and that could one of the reason why there are so many cryptocurrencies out in the public right now. Another possible reason could be the influence of bitcoin, as many people ended up seeing bitcoin's potential, many tried to copy what bitcoin did but most of it probably failed. It is not actually a bad thing that we have so many cryptocurrencies right now, actually it helps the market in some ways too wherein it appears to be a support at some point that helps lift up the cryptos that are currently at the top.

[Ozero]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Now there are already more than 9000 different types of cryptocurrency and their number is likely to continue to increase. This is both natural and normal. After all, the cryptocurrency is open source, which allows anyone to create a new cryptocurrency. Despite the fact that there is a lot of abuse allowed here, however, at the same time, this is the only good opportunity to quickly develop a cryptocurrency.
On the other hand, we cannot influence the process of creating new cryptocurrencies in any way.

[kak uli]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

some say the more crypto, the greater the growth achieved by virtual currencies. there are some currencies created by the developer just to look for the benefits of these tokens, and there are also currencies that are created with a good purpose to make it easier for many people to make transactions, both in making payments online or can be used in certain applications. but in my opinion, the more currencies that are created, the greater our chances of finding good currency to invest in.