Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for
P2P payments. All others are used mainly for
speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them
excluding tether are following bitcoin price chart. I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero)
https://www.wired.com/story/monero-privacy/ You can read about dark web here.
https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?
This is another instance where the low liquidity levels are affecting the psychology of crypto-enthusiasts. That and considering the percentage of people who own crypto is in the low single digits, well....
Put another way, knowing how all the altcoins ride on bitcoin's tail, then why not create a strategy of collecting and holding as many and as much crypto as you can? The controllers have not managed to kill off Bitcoin despite their best efforts. Since then, they've decided to co-opt the crypto markets to control them/drive them into the ground - to protect their precious dollar rackets. When their dollar mechanism has run out of steam, suddenly you will see govs and corps launch unlimited budget advertising campaigns to promote their own bug-ridden spyware cryptocurrencies, claiming everything else out there is dangerous and illegal.
With so few people owning right now, when the masses start trickling into crypto, discussions like this will be ancient history in short order. When the balloon starts to inflate, you'll be glad you have a collection of over 300 coins and tokens. It will be like a modern gold rush, but from the comfort of your own home. Like so many other things in life, patience is key. After all, we are talking potential generational wealth creation. Even if you don't live long enough to see the dawn of the crypto age, would you want your family members to live their lives in even worse shape than we've all experienced up to now?? I don't. I don't have faith in the world reserve currency either. But, like everything else that appears on earth, humanity is once again fighting an uphill battle just to be treated as equals, which we all are.