Main purpose: A distractions from bitcoin, alts were created to steal your bitcoin (keep this in mind always lol). This coins/tokens are been created from thin air just like the fiat so you lose focus on what the ideology begin bitcoin is. The industry has been monetized, some might argue that the reason behind so many tokens is because they're different problem each were created to solve but don't be decieve as most of the problem this new project claim to solved can be solved using Bitcoin.
Before the so called defi tokens we already have bitcoin that's truly decentralized and not all the centralized project claiming to be defi. The reason we have so many tokens is basically as a result of greed (project developers looking for fame, monetary value and ego of been one of the pioneer of the cryptocurrency industry.
Quick research through the so called aits you'll notice most operate similarly so why then do we need them all instead of focusing that energy on one and makes it a success. 99% of the other cryptocurrency are worthless and only valuable through trading.
Topic: What's the point of so many cryptocurrencies? - page 11. (Read 2107 times)
legendary
Activity: 2408
Merit: 4282
eXch.cx - Automatic crypto Swap Exchange.
there are more than 2000 cryptocurrencies!
Way more. Coingecko currently has 6088 tracked currencies and these are just the ones that are currently active as coins/tokens gets delisted regularly when they go bust or turn to a scam.what's the purpose of so many cryptos?
A huge chunk of them have no practical use case and were only invented by the devs for profits; They create tokens easily on a platform, market it as a link between the block chain and xyz industry, run a presale or any other type of coin offering and hope people would exchange currencies like BTC, ETH or fiat for the token, they can also dump the tokens back on investors if it ever gets listed on an exchange.This is the downside of having an unregulated market, anyone can create a token easily.
Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?
thanks
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?
thanks
Jump to: