What's the point of so many cryptocurrencies?

[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.