why so many currencies? - page 19. | Bitcointalksearch.org

BlackPanda

legendary

Activity: 1414

Merit: 1001

Quote from: sv624 on October 16, 2017, 10:23:13 PM

Hi All,
Please help me understand in plain English how will we benefit from so many currencies?
I see so many startups with decentralized blockchain ideas with their own crypto currency.
Today I purchased oatmeal directly from a mill at their website.
This mill sells its products thru grocers and other online stores as well.
They probably gave 3% to the credit card company, which they could reduce by using blockchain.
But if every store and every business starts creating their own currency, then I will have to go thru an exchange to convert BTC or ETH to that coin to make some purchase.
Then we would need miners to process all those transactions in various coins.
Why can't they just use ETH? Just like all IPOs use dollars.
Thanks in advance

What you have to understand first is what digital currencies mean. actually simply a digital currency is the same as the currency of the world. for some investments there are those that require certain digital currencies, such as bitcoin or etherum. it is a natural thing because it is in accordance with the interests and one of them is the project owners see there are opportunities in one of the coin. so this is the same as USD dollar or yen and yuan. you are only told to choose and that is your way to invest. the result is you get a profit and you can see how important is the variation in digital currency. digital currencies are not just bitcoins, but there are hundreds of coins that have the same opportunities to grow better.

Xester

hero member

Activity: 994

Merit: 544

Quote from: sv624 on October 16, 2017, 10:23:13 PM

Hi All,
Please help me understand in plain English how will we benefit from so many currencies?
I see so many startups with decentralized blockchain ideas with their own crypto currency.
Today I purchased oatmeal directly from a mill at their website.
This mill sells its products thru grocers and other online stores as well.
They probably gave 3% to the credit card company, which they could reduce by using blockchain.
But if every store and every business starts creating their own currency, then I will have to go thru an exchange to convert BTC or ETH to that coin to make some purchase.
Then we would need miners to process all those transactions in various coins.
Why can't they just use ETH? Just like all IPOs use dollars.
Thanks in advance

Business indeed. There were many digital currencies that emerged about bitcoin showed its potential. Many sees it as a good way to earn money and that many people are starting to get use to crypto currencies. Since many people are trying to invest their money and explore many potential coins that can give them money, thus, there are many emerging cryptos in the market. Promising to be better than the other.

Naster

sr. member

Activity: 699

Merit: 274

Crypto Currency Exchange, IPTV, AWS

There is always a room for improvement in every currency, even in Bitcoin.
Of course, every new currency tries to make some money but also tries to make something better, sharing its own vision of the crypto world.
I'm sure we will continue to see in the future a lot of new currencies, saying that, no one can predict that the bitcoin will be always the Number 1 on the crypto market, even it has been now for 10 years at this position.

ScaryMe

full member

Activity: 135

Merit: 100

I believe it is just like some token or ICO projevt that pop.up with so many coins and suddenly dump. But if that thing will.happen of making so.much coin then we do not have other choice but to follow them with their purchasing way of their product, but surely it will.be more expensive in buyers part.
But I really believe we only have 1coin and it is bitcoin alone.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Many try to copy BTC achievements and create new coins only to make some profit of that,but BTC is out there for almost 10 years and it is the most famous crypto coin and yet is still very unknown to the wider public.Let's imagine then what the future is for some other coin which appears on markets and tries to do something.In most cases they are sentenced to failure and the only benefit is for the owner and few lucky traders.

People see a chance to make money and is not so difficult to do made new coin,so we have so many of them.How many will survive for long time it's hard to say,but in my opinion that number should be between 10-20 coins.

pnx17

newbie

Activity: 55

Merit: 0

Why are there so many cryptocoins? Greed. People don't want to invest money and have a nice 10% return next year or double their investment in a couple of years. They want to get rich fast.
99% of the more than a 1000 (some sources even mention 2000) cryptocurrencies are probably scams, getting rich schemes by the makers. If enough suckers buy into them, the founders will get rich. It also means that the money people want to or can afford to invest in a cryptocoin now is spread over more than 1000 coins instead of just a few like Bitcoin and some special purpose altcoins like Monero, Zcash, Ethereum, ... If there were only a dozen cryptocoins, the price of those coins would steadily increase and would offer a nice return on investment. With new coins created almost every day, we are in a bubble, a mania and it will inevitably collapse.

dreamer81

sr. member

Activity: 616

Merit: 252

There is room for all the coins. Each coin tries to do something different. In the end there will probably only be around 100 coins left, the rest will die of starvation ( no users).

mdripon

full member

Activity: 308

Merit: 100

Quote from: newlone on October 16, 2017, 11:25:53 PM

What you say can be very simple but big business guys do not think so. To create a single currency requires a great deal of money to set up. Not all customers know and want to use virtual currency as a form of payment, although it is more convenient than conventional but the use and purchase is too complicated.

you have to understand about crypto currency. have many currency in our business that, eth ,waves etc and all currency uses block chain technology. all currency do make is BTC and different currency different value.

DewiKirana

full member

Activity: 378

Merit: 102

I think too much digital currency will definitely confuse users. Users will definitely prefer the bitcoin and eth which is certainly more reliable. It is very inconvenient if online stores and wholesalers only use their coins for transactions.

CryForA

member

Activity: 98

Merit: 10

to be a new currency you must have an awesome idea. wich are mostly based on security's features. but on tokens you may earn somthing too, why not.

CrMg

member

Activity: 70

Merit: 10

There are a lot of tokens, which are not currencies per se, they are just like common stock of the company - provide you some sort of participation in different startup projects.

Mister1k

hero member

Activity: 896

Merit: 520

Quote from: Red Fish on October 17, 2017, 02:02:16 AM

Right now we have around 100 most popular crypto currencies, which you can find here - https://coinmarketcap.com/, including Bitcoin. Bitcoin is most popular crypto, with more than 200 000 daily users. So you can use Bitcoin and also other most popular altcoins, like ETH. Why so many ? Because many people like to create own altcoin, and just some of them are popular and in real use. Grin

All the cryptocurrency are developing our society. because humans are like to use digital product and digital life it is more comfort to access the currency. but most of the users create a own digital currency. This users are like to popularity in society, So they are create a own currency.In current market all the traders and users are like to invest in high value currency. Because all the currencies are not maintain a standard.

maokomioko

newbie

Activity: 15

Merit: 0

First, most likely you mean tokens, not a currency. As for tokens, they are usually used for working inside the project (online stores, casinos, etc.), also possible that the token is something like shares - so that you as an investor were rewarded. Why so many? Because different projects offer their own conditions, have their own interest for different people.
Another question is the uniqueness of the proposal. and vitality. I see a lot of problems with this today...

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

I know the numerous coins out there makes one's head swoon sometimes. But hey, the more the merrier. Maybe we take note about the cryptos but how many of us look at the so many start up companies swinging up every single day? Let more come to the market and with time the wheat will be separated from the tares.

If a limit were put on social media after WhatsApp was created I am sure we wouldn't be having the telegram (which is better than WhatsApp). Just a thought.

cynical

full member

Activity: 490

Merit: 136

I think most of the alt currencies are not really currencies but blockchain projects offering blockchain solutions to traditional business models.

Almat

sr. member

Activity: 254

Merit: 250

Every other altcoin wants to be the next Bitcoin. That's not always bad though. Some coins aim to improve the cryptocurrency game by creating coins that are technologically superior. Others, though, aim to just create a quick buck with pump and dump tactics.

Razick

legendary

Activity: 1330

Merit: 1003

Quote from: sv624 on October 16, 2017, 10:23:13 PM

Hi All,
Please help me understand in plain English how will we benefit from so many currencies?
I see so many startups with decentralized blockchain ideas with their own crypto currency.
Today I purchased oatmeal directly from a mill at their website.
This mill sells its products thru grocers and other online stores as well.
They probably gave 3% to the credit card company, which they could reduce by using blockchain.
But if every store and every business starts creating their own currency, then I will have to go thru an exchange to convert BTC or ETH to that coin to make some purchase.
Then we would need miners to process all those transactions in various coins.
Why can't they just use ETH? Just like all IPOs use dollars.
Thanks in advance

It is not as altruistic as you are proposing here. While what you say is true and 99% of coins will die eventually and become worthless, the reality is that they are so easy to make it simply does not make any sense for someone who owns a business to make a coin for said business, do an ICO and run a bounty campaign. Bounty campaigns are free as you pay using your token/coin so there is very little risk and a great potential reward.

Red Fish

sr. member

Activity: 435

Merit: 251

Right now we have around 100 most popular crypto currencies, which you can find here - https://coinmarketcap.com/, including Bitcoin. Bitcoin is most popular crypto, with more than 200 000 daily users. So you can use Bitcoin and also other most popular altcoins, like ETH. Why so many ? Because many people like to create own altcoin, and just some of them are popular and in real use. Grin

erickkyut

hero member

Activity: 1176

Merit: 509

We can't deny the fact that Bitcoin is really successful. That is one of the reasons why there are so many currencies. They wanted to achieve what Bitcoin did. Aside from that, some currencies have their unique characteristics from others while some are just trash. There are lots of shitcoins so beware where to invest.

Getcoinsite

sr. member

Activity: 714

Merit: 260

Quote from: sv624 on October 16, 2017, 10:23:13 PM

Hi All,
Please help me understand in plain English how will we benefit from so many currencies?
I see so many startups with decentralized blockchain ideas with their own crypto currency.
Today I purchased oatmeal directly from a mill at their website.
This mill sells its products thru grocers and other online stores as well.
They probably gave 3% to the credit card company, which they could reduce by using blockchain.
But if every store and every business starts creating their own currency, then I will have to go thru an exchange to convert BTC or ETH to that coin to make some purchase.
Then we would need miners to process all those transactions in various coins.
Why can't they just use ETH? Just like all IPOs use dollars.
Thanks in advance

its for the investors to have lots of choices were to invest,and competition makes the community grows,thats the nature of cryptocurrencies to grow in their own ways,so dont be bother about the countings..be aware for were to invest,just learn the system and keep on searching

Topic: why so many currencies? - page 19. (Read 3051 times)