What's the point of so many cryptocurrencies?

[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.

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[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.