What's the point of so many cryptocurrencies?

[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...