What's the point of so many cryptocurrencies?

[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.