Topic: why so many currencies? - page 3. (Read 3055 times)

Hi
Now cryptocurrency field have many currencies. So i think most of currencies are scams.

Smaller price, but yeah, there are too many coins and they often don't server a purpose at all. Just for the devs that are trying to win some cash, in the future they will all die and be forced to migrate to established coins.

There's many currencies. All other are called Altcoins. Anyone can make there own, But you should always remember most of them are scam. Better to stuck with bitcoins and ETH. Bitcoin is the most famous currency if you're looking to invest you can chose this one. ETH isn't currency but most of people consider it as well.

At the moment, 1610 currencies are on CMC and this is not the limit. People are very greedy and try to sell even the smallest project under the guise of a unique blockchain technology.

Now a lot of altcoins, a lot of ico , the issue of coins . Development is going well and everyone uses it.

just like there are lots  of money in the world. Crypto also have a lot of currency, because anyone can make crypto but sometimes most of the ico are scam so be careful.

They are so many because anyone can make one which means there are also scammers out there so be careful and engage yourself in the ones that are know to be legit.

There are not too much coins that are worth somethink cause of course on market there are a lot of shit coins which prices are just below 0.1$ but most of investors even don't care about them cause they will probably lose their value in 99% of cases

Block chain -is a digital ledger in any transactions made of bitcoin or other crypt I currencies
Recorded chronologically and publicly.the other currencies that could serve as an alternative cash
Thats the point of cryptocurrency.this the true of bitcoin is not the case with every other cryptocurrency.

HabBear  gave a great response below:


I would add a couple of points to this:

Four, crowdsales empowers future development in a good way. ICOs give start-ups the ability to crowdsale and not have to deal with private, angel, and venture capital investors.  True: scammers are putting ICOs in a bad light. But as this space matures, hopefully, standards and better rating systems will emerge. But you will never get rid of greed and fraud.

Five, the potential of a TRUE Trustless Network has not been realized. The space is still in its infancy and could remove many of the problems associated with privacy violations, selling of personal info, and ad schemes.

Six, BTC may be the current king, but it has serious issues with security, transaction speeds, and scaling...All of blockchain does.

At (7) transactions per second, exactly how is BTC going to provide point-of-sale transactions for the globe?

Ethereum isn't going to do it either, they max out at (20) per second.

Compare that to VISA who is the largest provider in the world at 24,000 per second and can handle global point-of-sale (physical and web) or enterprise level transactions.

Blockchain cannot support large data sets or enterprise level systems.  A real world example was December of 2017 when the action for all crypto was drastically up and transactions took minutes (at times up to 30 minutes) and exchange withdrawals were being made unavailable for a day or more. (bc of the consensus delay)

Imagine 5 people standing in line trying to checkout at a physical location and lets say the transaction time was 3 minutes.  The 5th person would wait 15 minutes just to start checking out.

That's not gonna work.

Not to mention PoW wastes massive amounts of energy. 

“In a distributed consensus based on the proof of Work, miners need a lot of energy. One Bitcoin transaction required the same amount of electricity as powering 1.57 American
households for one day (data from 2015).” [2]

Clearly, there is a lot of poor engineering in existence because the space is new and we are learning.  BTC is a great store of value but is not practical for making everyday transactions possible.

This is exactly the point all the crypto-haters and economics people make in articles, blogs, and on TV.


REFERENCES:

[1] https://howmuch.net/articles/crypto-transaction-speeds-compared

[2] https://blockgeeks.com/guides/proof-of-work-vs-proof-of-stake/

There are so many currency and token in market. All tokens and currencies have different roles. Roles is defined by their based project. Now a days  ICO and crypto currency are one the best method for raise fund from the society.

There is a difference between coins and tokens. Many of the tokens are utility tokens that are meant to be used in a certain project.

Inbot (www.inbot.io) for example created InToken so that we are able to reward our community. We started off with fiat but soon realized that it is nearly impossible to manage 60k members in 161 countries in fiat.

So we now have our own currency that is equally fair to all of the community members and can be transferred to fiat or any other crypto after ICO. This also gives the community members the freedom to choose whether they want to hold InToken and follow the development of it or sell for something else.

There surely are many scam projects in the markets at the moment, so if you are planning to invest I would strongly recommend to do your research and maybe ask advice from someone you really trust.

The more currencies the more we have the choice and be careful with our choices

Most of the coins out there believe they have a problem with which they can solve when given the chance..how ever only the strong will survive...i.e coins that have very strong fundamental analysis and goood use case

There has been a plan to develop digital currencies from more than years and finally someone designed it. This is a development in technology a combination of technology and financial industry. I would say, technical money.

Lots of people/teams with their "version" of what is a "good" cryptocurrency.

Currently there are only 3 that are worth investing in long-term.

Monero, BTC and Ethereum.

There may be a few more worth a punt on, but I doubt there is anything in it for them long-term.

Because anyone can make one.

Your correct the vast majority of them will never be used for anything. As for why people buy them. Either they are duped into thinking they will have value at some point or they are basically gambling with them since they are volatile. If you look very far down the list though, you will see that very few actually have much trading volume. Though it's deceptively high right now because we are in the middle of a large bitcoin surge and a lot of people are finding out of about crypto. Check back after it settles down and you will see very little actual trading on coins below the top 20.

Very simplified summary of the major alt-coins. As some of them do have uses other than as a currency.

Ethereum is for programing digital contacts and probably a lot of other interesting things.

Ethereum Class is an split off of Ethereum that didn't want back peddle transactions to fix a mistake.

Ripple is something weird I don't really understand.

Monero and Dash are offer added anonymity.

Litecoin is just bitcoin with a deferent mining algo (most coins are basically the same thing)

MadiSafeCoin is used to try and create a private internet somehow...

Steem is a monetized social media (think Reddit but where upvotes are coins)

Factom is similar to Ethereum

Dogecoin is an awesome joke.

In my opinion actually there are many cryptocurrencies have for its competencies in terms of its values, supplies, demand for etc and its role in the crypto world. There are also upcoming ICOs and tokens used them for trading and exchange to bitcoin and other cryptocurrencies they want to convert.

Different currencies getting into existence is not a big thing, but how long they stay active in the market needs to considered. Over the same time of bitcoin, several other currencies got developed. But, till date none other gained popularity same as bitcoin.

I think more 3000 cryptocurreny