What's the point of so many cryptocurrencies?

[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.