Topic: What cryptocurriencies do we really need? - page 2. (Read 953 times)

We'll be needing just a few coin which will sort them out within some years, the Top 10 in price gives a good image yet they can change rapidly in this primitive time.

not easy to make something new. it's easier to change something that exists into something new on the basis of the existing blockchain.

Blockchain is changing the meaning of 'currency'. This is the ability for you to create your own currency that will meet your business needs just perfectly. It can be simplified to the following example.

Imagine your parents own a farm. Ordinary farm with cows and plants, no Ethereum mining. The farm provides milk and vegetables to several shops in a nearest city. Shops sell it to the citizens. Bank helps them all to keep money safe: parents, shop owners, and citizens almost don't care about their bank accounts, they just work to know they have money. Everyone glad to be assured that nobody can steal money or don't pay a debt. Bank fixes and invest money to provide its services and generate own revenue. Bank provides government with all the data about payments to allow it charge taxes properly. Banking service is a pretty hard job and it costs money. Now imagine a different picture.

Your parents create own currency their bank doesn't support. But that's okay since the new currency doesn't need to be supported as the previous kind of currency. It fixes and keep all the transactions safe automatically. Government could have an access to it just like by the link from your parents. Your parents currency is not better than Bitcoin, it could be even a bit worse. But if all the business needs of your parents and those several shops satisfied, the business could work.

Automated systems have lower costs. So your parents can cut prices or just earn more money for you and your little sister.

In short, new cryptocurrencies make financial ecosystem better for people's daily life.

I meant from existing ones, but your interpretation of the question is even better. I meant amongst existing ones, but your interpretation of the question is even better.

That's good observation, thank you. It helps to understand why sometimes people just do something for itself.

Token sale purchase is also best to go but the you have to safe to research more about the whitepaper release before invest to it. I would go with the bitcoin or eth only always.
That would give the better profit without investing as business like just buying the bitcoins or ethreum. I don't how source coding is been shared.

It is just this, when there is a store near you that sells a shoes and your neighborhood sees it as a great business then suddenly after a week they build up their own shoe store near by your house, look at the shoe store as a cryptocurrency coin here and look at this stores like Bitcoin and Ethereum, they are both cryptocurrency but they offer different kind of platforms and protocols even though they are both using blockchain(this is the shoe for example) technology as their ledger.

Bitcoin, Ethereum and Litecoin is sufficient. I also Like Steem and Steemit for fast zero fee transactions.

Most of the coins developed are just copy cat of already existing coin and the one behind the project will hold large amount of those coin to dump on peak price when listed.

ETH based tokens were created to identify their Investors, its like certificate of company share and through smart contract they can pay divided to all their token holders.

Crypto-Currency gives the right to anyone create their own currency if they want. People are free to create their currencies and to use any currency they want. Some developers are newbies and want to practice their skills, others want to create a currency they can use among a friend's network... Everyone has their own reasons to create their own currencies. But for most people almost all of these currencies aren't necessary.

It will depend what is your reason to be on Crypto-Currency world. For an example, BTC holders only need BTC, traders need more currencies to make their operations, buyers/sellers may need some main AltCoins to transact while BTC network is overloaded...

Yes, we don't really need another one. But if to answer abstractly, to imagine, it would be freely convertible, with own quick wallet with all the amenities like cold access type and 2F, with better opportunities for mining and a worthy overall project goal.

I agree. The trick is about competition. By creating just another coin you help all the cryptoeconomy system to evolve. Most of existing cryptocurrencies will be dead, but this is good for cryptoeconomy.

I think it is all about competition, some are creating new currencies because they want to go on top on others, but we don't really need all of those. I believe one should stay stronger after all has been made, and that one should be the one that we really need. The one that will save us from everything.

Its not just a money making method but a BTC making method. Thats an important distinction. All those altcoins and tokens are usually converted to BTC in time by their owners because its really BTC they want.

Unique cryptocurrencies that bring something new are too few and far between.

Bitcoins are here to stay, so we're going to need that for sure.

Ethereum has a lot of potential, and is also likely going to stay, unless some other crypto is able to find a way to implement smart contracts better.

Litecoin is the silver to Bitcoin's gold. I like Litecoins as a currency, with low fees and fast transaction times, but it's unfortunately quite redundant. It could still very well exist alongside Bitcoin though.

There are very few cryptocurrencies that actually had something to offer and successful, an example is ethereum. Ethereum was created to make it easy for developers to make smart contracts. Now, that technology is being used to make loads of other coins with specific purposes trying to be unique to each other. Ranging from trading, gambling, medicine, gaming and a lot more, even for adult content. All because of one reason, quick profit. Few every now and then is ok, but now, ICOs are just everywhere.

It's all about the money and there are way too many different coins at the moment.  Some of these are going to crash heavily.  The market can't support thousands of different cryptos.

Why are there so many altcoins out in the market but they only offers the technology which are about the same as others, it is simple, because it is an easy way to crowdfund funds for their companies on new projects, by launching an ICO, it is easier to reach out to more users and it provides the company an easy solution to collect funds into their wallet.

Well to be honest and outright, we really don't need any other cryptocurrencies. I think the reason that we have so many is due to greed, people simply want money. And one of the paths to money in  Crypto is to make a coin, generate hype around it, (premine as well) and then go ahead and sell this coin for whatever you can pull together.

I would say we could be fine with just BITCOIN, though it is alright to have something like 10 if these are really trying to go ahead and change thing. As changes in other coins could promote change in BItcoin itself through innovation.

Of course,
Cryptocurrency exist because of Bitcoin itself,if Bitcoin lose its value.
there will be no more cryptocurrency,and every altcoins will be died in the future.
Bitcoin still has a lot of room to grow and it has not implemented yet.
right now many countries trying to figure it out how to regulate it,
slowly we can see it,like right now Japanese regulated their exchanger.
and chinese will do so.

so if you are asking about long run ?
i am absolutely sure it still has a potential in the price and its usability