Topic: There is too many coins and chains but why need? (Read 165 times)

Just select an established chain or coin like Bitcoin and Ethereum and you will be probably safe.
Most TOP coins are very established already and you can make a good decision by selecting established coins.
Such coins will be much safer to be still leading in a few years.

That's because there's a lot of wannabes and innovators that want to make money and make changes to the current system, that's the beauty of competition, you create variety and make it so that we're not susceptible to monopoly and market manipulation, we're also at a much better position with more altcoins because that means that the introduction of cryptocurrency to more people is much higher than that if we only have one cryptocurrency, more people getting into cryptocurrency means that more demand that would make countries/governments consider the fact that cryptocurrency isn't just some sort of a fad and that they need to get their hands on it if they want to get those profits.

They are many alt-coins as the Blockchain are all difference with a purpose of creation, when it comes for a means of transfer Coin or online payment, considering the cheapest rate, I think considering the following: polygon Matic, Litecoin and TRX Network. The network transaction charge fees is very low to compare Ethereum and other network.

I think the use of many chains by Tether was to boost each blockchain network and make it active. You know that USDT is been used every day and because of that, any blockchain network that is faster will have more adoption and will make it more popular and for that reason, the price will adjust or boost more, this is why TRX remain valuable by market cap even though nothing spectacular is going on the chain.

However, have you for once ask yourself why many people still use ethereum for usdt transactions? It's because when it comes to security, there is no any network that comes close, never since Tether has been on ethereum there has been any hack. Sometimes, despite the fees Tether foundation deploy more coins from Tron chain to Ethereum and it even has more coin on ethereum than any other chain despite the fees some people are worried about.

You have to understand that currently cryptocurrency has turned into a big money business, so it's not surprising that you continue to see lots of new tokens or networks being created, they even collaborate with big people to make their project a success, if only they don't looking at crypto as a business, developers will definitely only develop one network and make it very fast, instead of continuously creating new networks

Because no single chain can solve all the problem. There are different problem in the market and all the chain are trying to focus on one goal to solve the problem. That is the reason there are too many chain in the market. Actually, that is not totally bad as it opens the door for more innovation. Though most of this chain will be dead at the end and only the superior one will survive the day but it won't stop the dev from launching new chain with new concepts. More chain is not the problem but fragmented liquidity is which can be solved through matic new innovation agglayer.

Those projects or L1 projects even L2 are creating a more scalable platform for anyone to use. As you can see not all have fast and cheap transactions. So these projects are sprouts giving other users option to pick their project instead of the other. Its like a competition and which one best served will go on top.

Simple answer: not everyone is the same.

The things you use coins for might not be the same as others use cryptocurrencies. As we all know, various cryptocurrencies have different features which indicates that they each have different advantages on one another. Some people may enjoy those advantages from another coin but some may not.

A coin that has a different function for what you need it for does not necessarily mean that it already is useless or a bad coin. It simply is a point of preference.

I think it's very important that there should be variety of options available so that they can have a competition among themselves and ultimately it'll benefit all of us who are using their services. Everyone has its own taste and many people recommend different exchanges meanwhile.

It depends on us now which suits us and what we will use. It's not only the fees that matter but there are many other factors that help us to determine what service we will prefer.

I guess the reason why bitcoin can't pump now is because money flow is being distributed with thousand of alts. Unlike before that theres very few alts most money is being HODL in Bitcoin

Crypto market has always been speculative. You can argue the market is a decentralized ponzi. No one controls it but we are not sure when the price would stop rising. There ought to be a price point after which people would no longer invest on that coin. The crash won't be immediate but that would happen.
With the rise on new coins everyday, there's a limit how much people are willing to invest in crypto. When they have enough, they would sell some to invest on others. That would make some coins die as newer one prosper. We are already looking at once popular coin die in real time like EOS and NEM.

If you feel confident & comfortable in using USDT then it is your choice. There are many who still prefer using BTC for payments and other purpose. There are traders who use Ethereum as gas for transaction within the Ethereum ecosystem and that goes for others that you have mentioned.  All I trying to say it depends on your requirement and your needs to use other chains. You need is USDT that is why you are using it.

It is all about money. We only need one or two scalable blockchains to handle it all. The main issue is that cryptocurrency is evolving these days with so many people are seeing this as a way to make money instantly. It has become an easy way for you to receive millions of dollars in funding from large companies, it's kinda different when it was going through another way like create your real business then listed on the stocl market. It does require various requirements like financial report every year. This is why so many parties are competing to build as many blockchains as possible caused by how easy the company to issue their token that priced the same as shares.

I don't even doubt it because cryptocurrency is the simplest way to make money as long as you're capable of building your own blockchain then you can easily become ceo. You got funding and became CEO of your company, which created a new blockchain and this is how blockchain busness is working right now.
You only need a few blockchains, but it is not limited to you. People nowadays place a high value on money. That is their main motivation for building as many blockchains as possible. Basically, they all have the same concept, but it has been repeated numerous times.

VCs prefer to fund them because they can use the tokens issued by these developers to target retail investors then dump them all. i have been seeing so many times how the price dropped so hard after VC was dumping their tokens. That is why the cryptocurrency market works today. It's just a money printer for some people to keep give them millions every month through dump their tokens.

While I think some of them are unnecessary, they have their uniqueness too. I think it depends on the person who is making use of the blockchain and what they are trying to achieve. Just like there’s USDT on these other blockchains, you would wonder why they need but they have different use cases, their scalability, their privacy and security too, and even their community. There’s a lot more than sending and receiving cryptocurrency on a chain.

I also asked myself this same question a few years ago and what came to my mind as an answer was that many people saw this cryptocurrency market as a get-rich-quick scheme, creating meaningless projects or altcoins or tokens, deceiving and deceiving people and then get rich when people buy the coins they create. it's that simple. look at how many coins there are, there are already more than 4000 coins that exist, but when we research how many are actually useful, we will see that the number will be very small. for example a few years ago when bitcoin transaction fees were very high, many new altcoins started to appear, when I saw what the purpose of their existence was

I saw them saying: they will have very low transaction fees, so they were copies of bitcoins, but according to the creators of such altcoins, they were saying that they were better projects than bitcoin because they had lower fees and were faster in transactions. Then came ETH with the idea of smart contracts and it didn't take long for many altcoins to appear with the same purpose. So the answer to your question is simple: there are a lot of currencies because people are looking at this market as a way to get rich quick

I doubt he'll even bother reading at all. Maybe he doesn't even care about decentralization and network security since all he talks about transaction fees and fast confirmation. I think his view of utility is only limited to those two things. That's the mainstream crypto user for you.

perhaps it's time for you to read the Bitcoin whitepaper... isn't?

How can you just jump into the crypto space and not know what Bitcoin is about or what it is for?
If you want a chain which is very secure, highly decentralized and is censorship, Bitcoin is for you.

If you want to take a risk with POS coins, the choice is yours.

You can have other stable coin options when Tether decides to freeze the USDT from your wallet.
You can have other crypto to use as payment when there's a major outage in Solana and it took them hours to fix.

There are so many brands of shoes but why need more than one or two?
There are so many brands of T-Shirts but why need more than one or two?
Do you see where I am getting at with this?

Every chain wants dominance in the crypto market, this can be realized if a project really has one or many things that the market needs. Honestly, in my view, we don't need as many chains as there are now, but how do we stop them? everyone has their right to choose which chain they want to use.

A little statement, even though the Bitcoin (BTC) chain is the slowest chain or sometimes the network fees are expensive, Bitcoin (BTC) is a safe haven, always remember that.

Then don't use them. Why would anyone even be interested to talk you into them, if you only have use for usdt in TRC20 tokens? You obviously don't need them.
Some people use various other chains because they want to support the infrastructure. They believe that these chains are able to scale in the future, or they are speculating and waiting to profit from them. Tron would be expensive too if it was decentralized and used for anything else then sending usdt.