I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.
Actually some of that coins or tokens have their own reason why created. But don't know it is because of bad movement in market or maybe developer's hidden purpose when create that coin. Some of them not really follow their roadmap and seems leaved by their dev.
Topic: There are so many cryptocurrencies in the market, what do they do? - page 3. (Read 525 times)
February 10, 2019, 04:16:36 AM
February 10, 2019, 04:06:12 AM
I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.
Distraction and decrease in capitalization, I see the main reasons for the appearance. Many coins are not used at all and hang on the stock exchange as a dead load, and I am not talking about useless forks yet. February 10, 2019, 03:36:58 AM
I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.
You are right. Even almost all the crypto currencies are promising some special reason for their existence, they are not having any unique feature to justify their existence. Almost all of them are just an approximate clone of bitcoins but having a modified mining algorithm or having some enhanced features added. Nothing else more than that we can expect with most of them.bitcoin gives a proves in some country, and you can see that there are ATMs installed in that country so people can use the machine.
Except bitcoins, most other coins are just the existing and simply following bitcoin for having real-life applications. Simply we can say they are all just here for no reasons in the view of a payment processor. ATMS are not an innovation of cryptocurrencies and BTMs are being installed for the reason providing people easy access to cryptos.Quote
Besides that, we can use bitcoin as another payment system by using the third party, so we don't need to confuse about converting from fiat to bitcoin because they already calculate the converting.
Bitcoin is itself a payment process on its own but we need third party support when we do think about converting it into fiats to escape from price fluctuations. This can be a case against any altcoins too as altcoins are also heavily fluctuating. February 10, 2019, 03:27:25 AM
I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.
Of course there is a role for every crypto currency being created and you can see that in their whitepaper.
It is just that this new currencies cannot surpass the softcap to continue the project or they are pure scam from the start.
Anyway, it depends upon you. You have the chance to research them first before investing with them.
Make it 3 to 4 times of checking before you hand your money to them in exchnage for their token.
Higher risk could mean a higher profit but it is dangerous.
February 10, 2019, 03:25:16 AM
Cryptocurrencies are created or developed with the aim of solving a particular problem or develop a useful product through blockchain technology. However, lots of projects have drifted from this primary objective. There are a lot of cryptocurrencies today that are not useful for anything because they were not well developed, they lack value and utility and that's why they are not making it or competing favourably in the market.
February 10, 2019, 03:24:55 AM
I am afraid there is no other role except to make money until now. We see many new projects launch, and their purposes behind the project are collecting money and get that money. Until we can see the implementation for the cryptocurrency has already happened in everywhere, then each coin can give the real benefits to the people. But bitcoin gives a proves in some country, and you can see that there are ATMs installed in that country so people can use the machine. Besides that, we can use bitcoin as another payment system by using the third party, so we don't need to confuse about converting from fiat to bitcoin because they already calculate the converting.
February 10, 2019, 03:12:00 AM
They are created for different purposes. But I think they have the same goal of taking money from investors. I still don't see any real products or applications from coins. It only runs in one cycle: ICO -> listed -> silent or dead.
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February 10, 2019, 02:40:09 AM
Those coins are nothing but shitcoins. People come up with copy paste another crypto. No utility, no real life usage, nothing in fact. Only for getting cash. It has become a good way to earn money and that's why a lot of new coin are there.
February 10, 2019, 01:35:07 AM
I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.
Every new ICO comes with an idea and launch its cryptocurrency inorder that token to be used to access their services. Its a fact that most of the new ICOs are not fulfilling their promises and their tokens are of no use in real life scenario. Its not surprising that new ICOs with new cryptocurrencies will keep on coming but the projects with solid plan will only survive. One should always study the project thoroughly before investing into it, a good project can multiply the investment many folds. Its like mining diamonds from coal minecraft.
February 09, 2019, 11:17:03 PM
I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.
Yes, it is. I don't see the real use case for me except BTC and ETH. I use them to make payments between my friends and partners. Stablecoins are ok as well - they are necessary for hedging. The rest are just speculative assets, nothing more.
February 09, 2019, 09:46:06 PM
It is very much crypto every day, always growing big every day. All crypto certainly has an important role for every coin that exists. Because we can't know one by one the crypto role. With the amount of crypto certainly will have a big impact on the growth of crypto.
February 09, 2019, 07:42:12 PM
Most of them are created only to attract investment and do not have a finished product, but only plans and ideas that are not implemented, so expecting something big is not worth it in 90% of cases, over time you can understand which coins become valuable and which ones still stuck on that level.
February 09, 2019, 07:41:07 PM
I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.
To make money and yeah hype the people to invest so they can have more when they leave the market. Most of the coins are just the same with other good coins, they create the same project over again because they know it can attract money. Don’t worry shitcoins will not go to the next round because investors are more educated now. 
February 09, 2019, 07:36:58 PM
I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.
Actually some of that coins or tokens have their own reason why created. But don't know it is because of bad movement in market or maybe developer's hidden purpose when create that coin. Some of them not really follow their roadmap and seems leaved by their dev. February 09, 2019, 07:18:43 PM
I have a lot of questions about the cryptocurrency market.What is the role of so many cryptocurrencies?I feel that there is no other use besides hype.
The number of crypt I currencies with no definite usecase are much more than those that are really useful.One of the most important things when it comes to the popularity, use and success of a coin, is mass adoption.
So many of them cannot be adopted, let alone mass adoption.
February 09, 2019, 07:17:14 PM
To be sincere, I've gone through many whitepapers and seen project aims of many different projects. Some are just baseless, while others are copycats. I think many projects won't stand the test of time. Many teams are just interested in fund raising, and no product development. Well, let's keep hoping new projects won't keep popping up with irrelevant or already existing use cases, unless with revamped features.
February 09, 2019, 07:15:04 PM
Yes there are many cryptocurrencies in the crypto space . Some holds true and genuine ideas in revolutionizing he world while some don't have any use case just to scam investors. So one need to be careful, before investing do a good research.
February 09, 2019, 07:06:19 PM
its original purpose was of course currency but in practice it was not like that, not because crypto deviated from its original purpose but because of the lack of support from many parties for example is a place to shop and sell
if only there were many sellers who would accept crypto as a payment tool, crypto would not be just a hype
if only there were many sellers who would accept crypto as a payment tool, crypto would not be just a hype
February 09, 2019, 06:58:09 PM
Among them there are many fake projects and copycats without any use case, but also there are legit projects with unique ideas. Competition between ideas is good and the market will decide which project has future.
February 09, 2019, 05:41:03 PM
The role of such a large number of cryptocurrencies, is nothing, just many have successfully earned money in the wave of market growth.
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