What exactly is the point in the ton of different cryptocurrencies out there, and who actually buys them?

U

umbreno

Junior Member
Jun 9, 2023
143
760
Im no expert on crypto but for me I think I drew a line fairly quickly about the use and utility of Crypto. I’ve got btc, ltc, xrp, xmr and eth. Btc was about store of value, most of the other were for the utility they provide. I’ve looked in to dash and zcash too which seem decent but i’ve never felt the need to buy them as someone who primarily just uses crypto to buy stuff.

So I logged on to Coinbase to make some updates and to my surprise I see there’s literally dozens of cryptos listed. And I just can’t help but wonder if i’m missing out here at all

Why are there so many? Is there really any need for it??
 
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In my opinion different cryptocurrencies help in different purposes like digital money and tech platforms to niche applications.A buyer maybe a retail investor,institution,invidual who is interested in vast uses of crypto and potential returns.
 
The illusion of choice, means people part with their money much easier. In the case of crypto's, people shit their money out their noses! lol
 
The whole crypto scene is sick, you only need a couple for storage and a couple for daily transactions bound to usd/euro and so on. Thousands of different cryptos are just made for scamming and air value.

I miss the old times where you had just e-Gold, to bad it was centralized though and got shut down.
 
To be honest it has blown a bit out of control which dilutes the space and increases the scammy feel which hurts adoption for legitimate projects. There are genuine use cases, but they can be lost in a sea of millions of memecoin ponzis
 
mmm, I believe most of them don't serve a purpose is like everyone try to create a crypto currency that can defeat bitcoin or become as good as bitcoin and others could be projects I don't know but mainly because they want to turn them into bitcoin.
 
MoonStarz said:
mmm, I believe most of them don't serve a purpose is like everyone try to create a crypto currency that can defeat bitcoin or become as good as bitcoin and others could be projects I don't know but mainly because they want to turn them into bitcoin.
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I don't think that is exactly true, many have a specific purpose that is unrelated to the purpose that bitcoin is fulfilling.
 
Everybody can create crypto currencies. The fact that matters is what is the purpose of this specific coin and how do we benefit from it.
 
99% is useless and will be wiped in long run. Once the concept of bitcoin became popular, others tried to copy the concept with some variations. Overall, most are not needed just handing around hype around crypto.
 
There’s absolutely no need for 99% of the coins out there. Pure hype/speculation - hence the popularity of memecoins every bull run because the space gets flooded with degenerate gamblers chasing the next x100 coin.

I’m sticking to the ones I personally believe in, which is mostly BTC, ETH and a couple other coins (all in the top 50 in terms of market cap). My portfolio is 90% BTC/ETH, I’ve learned my lesson dealing with small caps lol.
 
There are so many cryptocurrencies because each one often serves a different purpose or offers unique features. Some focus on privacy, others on smart contracts, and some on speed or low fees. While many may not have long-term value, diversifying can offer opportunities depending on your goals.
 
umbreno said:
Im no expert on crypto but for me I think I drew a line fairly quickly about the use and utility of Crypto. I’ve got btc, ltc, xrp, xmr and eth. Btc was about store of value, most of the other were for the utility they provide. I’ve looked in to dash and zcash too which seem decent but i’ve never felt the need to buy them as someone who primarily just uses crypto to buy stuff.

So I logged on to Coinbase to make some updates and to my surprise I see there’s literally dozens of cryptos listed. And I just can’t help but wonder if i’m missing out here at all

Why are there so many? Is there really any need for it??
Click to expand...
The market is very open and free. People will always take advantage of that.
 
janubaba said:
There are so many cryptocurrencies because each one often serves a different purpose or offers unique features. Some focus on privacy, others on smart contracts, and some on speed or low fees. While many may not have long-term value, diversifying can offer opportunities depending on your goals.
Click to expand...
To be fair many are pointless and just jumping on bandwagons. But there are a few really interesting and useful projects to find if you look hard enough.
 
There are some coins like privacy coins which have some unique purpose other than bitcoin. Rest are simply useless and will die in few years.
 
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