why so many currencies? - page 7. | Bitcointalksearch.org

KingScorpio

sr. member

Activity: 1470

Merit: 325

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

why do all have to suborder themselves under the ethereum sect, and further enrich them, its bad enough that people focus so much already on bitcoin and ethereum at all.

money isnt funny,

this whole who can create money and who not, question is about who has power and who has to sell his time.

MCVXYZ

member

Activity: 630

Merit: 24

Try to imagine that There were one good like bitcoin,After this different developers started to create new coins to competite it,with the hope that one day their goods would be better...But that does not exclude that Today we have many different and unique projects and coins,Like Ethereum,This coin for me its not a payment method its something different and more ''intelligent'' thing...So If you keep your eyes on this process you will certainly see differences between this coins,I don't speak about shitcoins just look at unique and useful coins.

RebelSnake

newbie

Activity: 17

Merit: 0

There are basic coins and their analogs. Many coins were created precisely for the convenience of trading. And somebody try to find their own benefit by creating new coins.

Viscera

sr. member

Activity: 660

Merit: 250

Cryptocurrencies are everywhere not just in one or two countries. It's a combination of stock market and Forex trading, all in one with it's famous technology we use blockchain. We have several altcoins and I think every country will build token on smart contracts which it can be use in the future.

mentalny

member

Activity: 133

Merit: 10

I think the answer is simple. There is a boom on cryptocurrencies and everybody want to take their own piece of pie.
Of course after some time, most of cryptocurrencies will disapear, but ones that left will be really "strong" and expensive

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

ScroodjMoney

member

Activity: 210

Merit: 10

There are lot of crypto currencies right now because currencies in the past is already improving. Especially it is because technology really do improves to and bitcoin becomes more popular than before.

INBOT

newbie

Activity: 36

Merit: 0

We are just in the beginning of a new stage where the money as we know it will most probably disappear or at least the market will chance drastically. No one really know what the future will bring, this is the reason why there are many alternatives too.

vnnbot

full member

Activity: 294

Merit: 100

We are at the very beginning of the era of digital currencies, There are no restrictions yet here. With the time most powerful and reliable currencies will survive. Of course there will be Bitcoin , ETH, Ripple and some others.

cryptodoido

newbie

Activity: 28

Merit: 0

Quote from: RoommateAgreement on October 16, 2017, 11:00:41 PM

we don't have so many currencies.
* we have fiat and then we have bitcoin.
* then there are some altcoins like Litecoin and Monero that have been trying to act as a currency, they succeed a little.
* then we have lots of "tokens". just numbers on the screen created for trading alone.
* then we have lots of different "tokens" like ETH that are not even supposed to be a currency but people mistake them for a currency.

no one can answer better

12tribes

member

Activity: 378

Merit: 11

The 21st Century is a digital one and innovative and highly decentralised applications and platforms are desired and required to make life easier and smoother,
In my opinion the coins in their numerous volume allows for healthy competitions.....

Veterock

member

Activity: 238

Merit: 15

Why so many currencies?)Because a lot of scammers wanna earn easy money Grin

Petmalu001

newbie

Activity: 168

Merit: 0

Currencies are like houses. You chose what suits your need-1 BHK, 2 BHK or a mansion, whatever your pocket says. Also when you are low on money, you

may have to move to a more decent home than earlier. Same is the case with currency. Having so many currencies has certain benefits. Different countries

have different habits. They are big old boys, some gentle, some badass. Accommodation of such habits needs many currencies and individual political

system.

xxToaDxx

full member

Activity: 406

Merit: 100

Currencies area unit like homes. You selected what suits your need-1 BHK, two BHK or a mansion, no matter your pocket says. additionally once you area unit low on cash, you will got to move to a additional tight home than earlier. Same is that the case with currency. Having such a lot of currencies has bound edges. totally completely different countries have different habits. they're huge previous boys, some mild, some badass. Accommodation of such habits desires several currencies and individual form of government.

NewBet

hero member

Activity: 966

Merit: 500

A lot of them are just created because the developers are trying to make a lot of money in a short time, they create these coins and keep a large number for themselves so when the coins start doing well they can sell and make a lot of money while their investors are left holding worthless coins in their hands. They won't last long though and most of them will die out in a couple of years.

Washball

full member

Activity: 266

Merit: 151

First crypto index traded as a token!

Today there are about 1500 altcoins and most of them are just shitcoins that will disappear in a short while. There are lots of start ups that use ICO's for crowd funding while the service they offer has nothing to do with Blockchain and cryptocurrencies. Tokens from these companies will not exist so long.

alexbitman

newbie

Activity: 12

Merit: 0

Because the market is poorly named and a great many of these are not "currencies" in the sense that Bitcoin is a "currency" to be spent.

They are innovative methods of using the blockchain to track and store data on a distributed ledger, or using tech similar, but different from blockchain to facilitate data transfer between people or systems. IOTA, for example, uses a system they call "Tangle" to facilitate data transfer and communication between devices within the "Internet of Things", which are technically connected, but like a bunch of people from different nations, have difficulty fluently communicating with one another (here is useful article)

Also, there are some Crypto projects out there aiming to be "bridges" between currencies, so you can have a single receiving address, and if you send me an invoice for 35 XRB, on my end, I will immediately be told what the amount is in the currency I favor and utilize, and can send you, for example, .01 BTC, which will simply send BTC from my account, but convert to XRB before it hits your account.

These are all things that are possible, and being explored.

zakirazak

full member

Activity: 287

Merit: 100

I do not think that all you see is a digital currency,
if observed, we can divide into 2 Coin classes traded on the cryptocurrency market
namely "Original digital Coin" and nodes coin (such as Masternote / Supernode / Delegates / CryptoNote)

In addition, the Token (Under ETH smart Contract) can be divided into 2 classes,
Utility Token and Secuarity Token,
I'm not sure with secuarity token offering,
but for utility token is a business model with service offerings and products powered by blockchain Technology
like Games, Education, investment, banking and etc,
but this is quite different from some Token types like
TokenGo (https://tokengoplatform.com/),
because it is not a Token but is a delegates coin
that offers dividends through Delegated Proof of Power (DPop)

but I am not surprised with the presence of various types of currency in markets
because if we observe the world there are also various types of Fiat Money with different values.
Furthermore,
I am more concerned to give category to "any token"
not based on the "mining concept"
is are like same with the stock or future index not currency types.

and i not sure for DAO

m1c0

jr. member

Activity: 148

Merit: 3

There are so many different currencies because blockchain technology can offer a wide range. There are several ways to do this, such as a currency like bitcoin,
platforms like ethereum, coins which are very specialized in anonymity and so on. Each team tries to approach the masses in a different way.
In addition, there are now many tokens from already existing companies based on ethereum neo or other platforms. These are mostly utility token.

gantez

full member

Activity: 1736

Merit: 121

We have so many currency because people see this new internet business as a place of investment. Everybody wants to make money and they now even operate as ponzi business, giving out so many unrealistic gift in form of airdrops and the likes just to capture people to eventually invest.

IgniHash

member

Activity: 224

Merit: 10

One Token to Move Anything Anywhere

This is my thought
First of all, there are many ideas to explore which also can connect with Crypto.
Secondly, maybe too many people are greedy to build their own Cryptocurrency.

Topic: why so many currencies? - page 7. (Read 3051 times)