Why altcoins are rampant in the market

[Caldear]

When people saw the value of Bitcoin, they also created various altcoins. It will run away after harvesting and have no real value. Although these coins are not reliable, there will be some people who are willing to bet that altcoins can explode. Some people who make a profit from investing in Bitcoin will also choose to invest in altcoins.
In such a messy market, how should we invest in cryptocurrency? What should do with these altcoins？

[alevlaslo]

it is inconvenient to use bitcoin, 2 hours transaction

[Fivestar4everMVP]

Bitcoin being the first crypto coin to exist had a lot of mistakes which some of this altcoins tried to address, bitcoin was initially created to solve money transfer issues which comes with hefty fees and delays that some times take more than a week for the person on the receiving end to get it, bitcoin promised to solve all this issues which it sure did, but not fully, cus along the line, as more people began to discover and use bitcoin, the network became too congested which caused transaction fee to go extremely high and transaction with low fees gets stuck in the blockchain for weeks without confirmation, this issue gave birth to some of the altcoins we see and use today, and bitcoin itself has been shifted from being a coin for day to day transactions to a store of value, this means people are buying and holding it as investment, and this is why it's highly valued today.

[aylabadia05]

Altcoins are the solution when the Bitcoin network starts to run into problems. From this, Ethereum emerged with a network development that was considered a solution. When the Altcoin named Ethereum managed to attract many people, then another Altcoin appeared with the main goal in my opinion being positive to solve the problem.

[jrrsparkles]

it is inconvenient to use bitcoin, 2 hours transaction

You can make the transaction instantly and it may get confirmed in the next 10 minutes itself if you have used the highest fee, and in 30 minutes if you have used the recommend fee or it may take few weeks if you have used too low value.

@OP, greed drives the people to create such projects and investing on them as well.

[Mihawk]

Well, this is very simple. Altcoins should be an alternative to BTC, whether for sending or receiving coins, anonymous use or even storing value, Altcoins were created for this purpose. Nowadays there are many alternatives so people end up getting confused, if you don't look for financial results, it's easy to filter the Altcoin list. Most people see this market as a financial opportunity, which ends up creating more confusion and requiring more research.

[2tang]

Altcoins are the solution when the Bitcoin network starts to run into problems. From this, Ethereum emerged with a network development that was considered a solution. When the Altcoin named Ethereum managed to attract many people, then another Altcoin appeared with the main goal in my opinion being positive to solve the problem.

True, now many Altcoins have been born to deal with the problems of cryptocurrency users in general, but if we examine in general, the concept is almost the same even though the name is different, such as the example between ETH and BNB, where both of them are developing their respective networks, namely ERC20 (ETH) and BSC (BNB).

[Jating]

When people saw the value of Bitcoin, they also created various altcoins. Some people who make a profit from investing in Bitcoin will also choose to invest in altcoins.
In such a messy market, can we still allocate assets to cryptocurrencies? What should be done with altcoins?

There are bitcoin maximalist, and there are investors who played on both market, nothing is wrong with that.

As far as profit making, altcoins returns could be higher, obviously as the price of bitcoin can't be afford by average joe and there are investors that chooses altcoin and they can invest and play around and in return could make tons of profits.

I agree that it is a messy market, but it is free, open to everyone and trading is 365/24/7, so nothing can be done here. It's either you win or lose depending on your trading strategy.

[livingfree]

When people saw the value of Bitcoin, they also created various altcoins. Some people who make a profit from investing in Bitcoin will also choose to invest in altcoins.

Not all bitcoin folks are happy to invest in altcoins. If you haven't heard of those types of investors, they are the bitcoin maximalists. They don't have any intention of investing in altcoins and they're all good at owning bitcoin only.

In such a messy market, can we still allocate assets to cryptocurrencies? What should be done with altcoins?

Bitcoin is a cryptocurrency and if you're thinking about what you should do with altcoins. You take note of them whether you like to ignore them or not.

[danherbias07]

It becomes more popular whenever a big wave comes. Coders just probably want a piece of the pie and there are always those who will use the storm for their advantage.
ICO, that happened when bitcoin surged. IEO, DeFi and NFT. It's not that they helped Bitcoin be on the spotlight but it's because of them that Bitcoin is being seen more by the public as the best way to invest rather than risking high with newly minted coins. Where there is money, thieves and scammers are going at the same direction.

[Ararbermas]

When people saw the value of Bitcoin, they also created various altcoins. Some people who make a profit from investing in Bitcoin will also choose to invest in altcoins.
In such a messy market, can we still allocate assets to cryptocurrencies? What should be done with altcoins?

altcoin is just an option for everyone who really want to earn profits despite of the situation.. That's why some investors seeking for a new investment when bitcoin is struggling in the market because on that way even small profit is okay at least there's an income..  Indeed there are some good project nowadays that promising even trusted crypto in the market are not.  All i can say is it depends if you really don't want to miss the opportunity to earn even the market isn't fine. Because market is full of opportunities so it depends on you how to manage it.

[michellee]

We can still allocate assets to cryptocurrencies without a problem and we can choose to invest in bitcoin or altcoin. But you should use bitcoin for your main investment and use altcoin for a secondary investment. Bitcoin can work as a short and long-term investment but altcoin will be good for a short-term investment. If you see the altcoin start moves to the high price, that will be the sign for you to sell your altcoin and wait for the next downtrend to buy the altcoin again. The altcoin can give you a profit besides bitcoin, so if you have potential altcoin, you can expect to profit from the altcoin.

[john_nautica]

We can still allocate assets to cryptocurrencies without a problem and we can choose to invest in bitcoin or altcoin. But you should use bitcoin for your main investment and use altcoin for a secondary investment. Bitcoin can work as a short and long-term investment but altcoin will be good for a short-term investment. If you see the altcoin start moves to the high price, that will be the sign for you to sell your altcoin and wait for the next downtrend to buy the altcoin again. The altcoin can give you a profit besides bitcoin, so if you have potential altcoin, you can expect to profit from the altcoin.

I agree with you. I would also personally choose Bitcoin as a main investment then make altcoin a secondary choice for investment. Of course, in choosing what altcoin to invest with, I must research on what is the coin that has the most potential of producing profit so I could maximize the opportunity. Some might see the crypto industry as messy because of the numerous coins and projects existing and being introduce, but this is just a diversification that also present diverse opportunities.

[Wong Gendheng]

When people saw the value of Bitcoin, they also created various altcoins. Some people who make a profit from investing in Bitcoin will also choose to invest in altcoins.
In such a messy market, can we still allocate assets to cryptocurrencies? What should be done with altcoins?

The total coins/tokens on coinmarketcap currently reach 10800, this makes us confused, every day there are dozens of new coins listed on coinmarketcap, the ease of making coins makes anyone free to make coins, of course this must be immediately regulated with strict regulations.

[michellee]

We can still allocate assets to cryptocurrencies without a problem and we can choose to invest in bitcoin or altcoin. But you should use bitcoin for your main investment and use altcoin for a secondary investment. Bitcoin can work as a short and long-term investment but altcoin will be good for a short-term investment. If you see the altcoin start moves to the high price, that will be the sign for you to sell your altcoin and wait for the next downtrend to buy the altcoin again. The altcoin can give you a profit besides bitcoin, so if you have potential altcoin, you can expect to profit from the altcoin.

I agree with you. I would also personally choose Bitcoin as a main investment then make altcoin a secondary choice for investment. Of course, in choosing what altcoin to invest with, I must research on what is the coin that has the most potential of producing profit so I could maximize the opportunity. Some might see the crypto industry as messy because of the numerous coins and projects existing and being introduce, but this is just a diversification that also present diverse opportunities.

Maybe for the altcoin, you can select the top 50-100 altcoin list not to feel it is too wide to analyze. You can get more than 3 potential altcoins that you can select to buy but always analyze before deciding. Yes, we need to diversify our investment and have bitcoin, but altcoin can also profit, so I am sure we can get additional profit by selecting the right altcoin. When we can have more than 5 potential altcoin lists, that will give us more profit later.

[lucifur]

When people saw the value of Bitcoin, they also created various altcoins. Some people who make a profit from investing in Bitcoin will also choose to invest in altcoins.
In such a messy market, can we still allocate assets to cryptocurrencies? What should be done with altcoins?

People are attracted to new things and things that can make them earn money easily so investing in new coin is what they do. It's actually not that messy if you do know where to look and if you chose to ignore scam coins.

[bittraffic]

Few altcoins solve real problems but most of them are mainly to grab BTC from traders. So if you still want to invest in altcoins, you better pick the right ones because you don't wanna experience what Mark Cuban had just recently. I've joined bounty for altcoins before and tried to hold them thinking they are going to have good values in the next few years but with BTC drop a little, the altcoins I've held quickly dumped it all leaving me pennies.

If you have the chance to sell while you are profiting through them, sell the coins.

[vv181]

In such a messy market, can we still allocate assets to cryptocurrencies? What should be done with altcoins?

It all depends on personal preference based on various research that what our own should be done. If you look at the recent big drop in the markets, altcoins have taken a greater hit than Bitcoin. Most of them are having such a huge drop, it's not a surprise though cause they all have a lower market cap. Nevertheless, Personally, I rather allocate my funds to stable coins and watch how the market move/reacts, then I decided whether there is an altcoin that is worth buying for.

[YOSHIE]

What should be done with altcoins?

You don't need to panic and overdo it, you just observe the market carefully, towards new altcoins, need knowledge, research and information about current crypto, considering the number of altcoins that have sprung up.

You do what you believe in, don't be influenced by what other people say about something new (Altcoins), it's times like this that one must analyze carefully which ones are good and bad, Thus you will have a principle for yourself in judging.

[terciduk123]

Altcoins are rampant and more and more new Altcoins are born every day, Some are shit coins and some are useful coins.
Basically Altcoins are born to solve problems on Bitcoin or on popular Altcoins that have existed before. But there are also those born for personal gain and defrauding investors.