What's the point of so many cryptocurrencies?

[Princejebs]

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

It also make no sense if we have just 10 project for the whole world. Where is the decentralization?
We should just keep on hoping on a single technology that may not satisfy everyone, besides we all have different taste and I believe every investors wouldn't like the idea behind that 10 project.
Knowledge is versatile, let's use it and create solutions to the environment, if one suit you, do a due diligence and invest properly, life is all about risk mate.

[lumierre]

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.

You're right, it's not about how many coins there are. There are dummy projects that only live as long as they can collect money. I always look at how long the project has existed and what has been done since its creation. This characterizes the project as really worthwhile.

[CryptoTrustRate]

And this year there will be many many more because of the new altseason. Everyone will create "everything" in few months and better then some projects which are doing for some years. Just remember 2017. Millions and millions transactions per second and so on and where are all of this projects? Ranking around 500 on CMC or they just quit this game.

[RobbyDama01]

cryptocurrency will continue to grow because it makes it easier for people in terms of everyday life, so transaction costs are cheap. however, the disadvantages are that there is no legality and a central bank so it will be easy to lose.

[FahriZah]

 If there isn't so numerous crypto projects today we won't know what crypto is missing, there are some field that should be probe, possibly it's appropriate for crypto or not we can't say until we give it a shot, having more activities leaves something to be desired and yet it's enlightening.

[Alohadanc3]

In this market a lot of crypto available and sometimes it feels so confusing. And you are right we really don't need this much tokens in the market. And mayb in few years many of them will just go vanished. Cause there are lots of projects available which are nothing but scams or here to make money. But in same catagory many projects do very good and they are healthy opposition of each other. I think that's very needy in this market. We should have many projects but only those which are good.

[Roidz]

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 first cryptocurrency was created by Satoshi Nakamoto a few years ago with bitcoin and after many were familiar with bitcoin, there were countless other altcoins, basically the creation of bitcoin or crypto only as a digital currency used for virtual transactions on the internet network with using secret codes that are quite useful to protect and maintain the security of the digital currency, but slowly over time, crypto has become an investment asset which is very profitable for all parties, even though it actually understates the basic use of crypto as a substitute conventional currency.

[bison]

The first cryptocurrency was created by Satoshi Nakamoto a few years ago with bitcoin and after many were familiar with bitcoin, there were countless other altcoins, basically the creation of bitcoin or crypto only as a digital currency used for virtual transactions on the internet network with using secret codes that are quite useful to protect and maintain the security of the digital currency, but slowly over time, crypto has become an investment asset which is very profitable for all parties, even though it actually understates the basic use of crypto as a substitute conventional currency.

That's what happened today. The use of crypto is not well targeted when most have no use as a means of payment but as a trading asset. we cannot deny that is what is happening today. although some platforms also accept crypto as a means of payment I believe that is only a small part of the many cryptos circulating in the market today.

[angrynerd88]

Anybody can dispatch a cryptocurrency, it costs completely nothing to do, not at all like with companies you do not require any enrollment or claim any capital. Combine it with the truth that there's continuously more noteworthy trick who will purchase a coin, no matter how doltish it is, and its simple to see how we finished up with thousands of coins. There is as it were limited coins and ventures to accept and can say that are trustworthy. Before contributing or buying crypto profound research is needed.

[avarnet]

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

[Luffygroove]

interesting question. Well, since it's decentralized, what do you expect?. Anyone, Everyone from around the world could try to implement their vision and mission through their project. These people have their own thoughts and fretfulness regarding issues around them. When they have knowledge about cryptocurrencies and would like to solve those issues, they make those project. Ofcourse they want their project valuable, according to that, they tokenized their solution. Each day people try to offering their solution, wether it's legit or not. This makes crypto world so crowded, but yet more interesting. 

[Vishnu.Reang]

interesting question. Well, since it's decentralized, what do you expect?. Anyone, Everyone from around the world could try to implement their vision and mission through their project. These people have their own thoughts and fretfulness regarding issues around them. When they have knowledge about cryptocurrencies and would like to solve those issues, they make those project. Ofcourse they want their project valuable, according to that, they tokenized their solution. Each day people try to offering their solution, wether it's legit or not. This makes crypto world so crowded, but yet more interesting. 

Cryptocurrency may be a decentralized sector. But that doesn't mean that anyone can plagiarize other people inventions (without giving the original inventors any credit) and come up with their own version of cryptocurrencies. Out of the 10,000 or so coins and tokens in existence, I would say that less than 10% are original inventions. Others are mostly plagiarized form the already existing projects.

[Mauser]

no need to bother thinking about so much crypto ,.  our goal is only to seek profit in crypto.  the more crypto the better, because there are many opportunities for us to benefit.  ranging from trading arbitrage and others. So focus on looking for profits

But the more cryptos there are the higher the risk of a coin to become completely worthless. It might be the case that a new coin gets hyped a lot but once all the support calms down, no one might be trading the coin anymore.

In my opinion we need multiple crypto currencies to have competition between each other. But eventually the best coins should prevail. If we had only a few crypto currencies it would be easier to get public support for all of them.

[bonyaserg]

Yes, now there are a lot of different cryptocurrencies and this gives a great opportunity for the development of a successful business. And I think that there is always a sense, since everyone wants to earn and receive decent profits from cryptocurrency. Fiat money is available, but not everyone has that much. And cryptocurrency gives a unique chance to earn money without leaving your home and get decent earnings. From all that has been said, I concluded for myself that cryptocurrency is a unique technology that will amaze us every day. And the future is in crypto assets.

[worldofcoins]

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 the cryptocurrencies or tokens listed there are Scams, Hyped up tokens that are hyped in a way to make their users think it'll Goto the moon
Now you'll ask what's the purpose of it? - Obviously to make money from dumping those Coins and Tokens on their investors/traders.

This implies to most of the coins as well new coins.

[LastKiss]

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

A lot altcoins created every week in this crypto space, because every cryptos have their own unique function for example their utilities (trading fees, gambling, and investment) most of them. Not only their utilities were unique but their products for every cryptos gave many different benefit to each user.

[jjdub7]

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

Blockchain technology is open and anyone can make their own coin for the purposes of their company, for example. Or a university coin and many more examples.

What is worse in this situation is that a very large part of the ICO projects that are launched are not aimed at developing the project, but only by raising and misappropriating funds from investors who hope that this project will be successful.

That's why you have to be very careful when choosing a coin to invest in, there are few that really deserve trust.

[RussianEnglishTranslation]

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

Why are there so many website? Each website has different utility. Projects that have no real world utility will fail. I investing in IOTA and 0xMR for example. IOTA is working on smart cities and CBDCs and 0xMR has utility in casinos, profit sharing, DeFi, and a future mixer.

[Fivestar4everMVP]

Well, am definitely not in support of many crypto coins that are in circulation today, but I will also like us all to know that in as much as we all think it's bad, it has helped the crypto industry in general to not only grow but to also grow people in it.
Let's see crypto currency as the world, in the world, there are different countries, and each of this countries have their own currency which the citizens transact with. So is crypto, crypto is the world, the projects are the countries, the crypto coins representing this projects is the currency representing each country.

Come to think of it, Do you have an idea how much a transaction fee would cost in bitcoin if bitcoin was the only crypto coin that exist.?

[dimonstration]

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.