Post
Topic
Board Altcoin Discussion
Re: Are altcoins useless?
by
Almasani
on 26/06/2019, 23:14:14 UTC
Now days we have more than 1 000 altcoins on the market. The question is, are people really using them? Frankly speaking only bitcoin, ethereum and monero are used for P2P payments. All others are used mainly for speculation purposes. Is it worth buying altcoins now days? I guess no, because all of them excluding tether are following bitcoin price chart.  I mean if bitcoin is going up or down, altcoins are doing same. (Tether is connected to US dollar rate and used mainly for arbitrage trading purposes) So do we really need altcoins? Regarding platforms, only ethereum is mainly used, and mostly for creating ERC tokens. All others, like waves, neo, etc are used very rarely. Monero is used mosly for shady deals because it is untraceable. (I doubt about that, because one dude who opened a shop on a dark web for selling drugs was cached by police last week. For communication he used 3 level protected VPN and was accepting payments only in monero) https://www.wired.com/story/monero-privacy/ You can read about dark web here. https://www.techadvisor.co.uk/how-to/internet/dark-web-3593569/ days. The main question is: Do we really need altcoins? Or Bitcoin, Ethereum and Monero are enough for crypto comunity this days?


I think the altcoin will function depending on the platform they are developing. Even though they use the ERC20 blockchain, if the platform they develop has an effect on the global, then the altcoin will buy.
Simply put, they created a trading platform or about a hotel. Of course the altcoins they develop can exchange with the platform.
Suppose we book a hotel room to pay using the token. In this case, the price of the token does not depend on the prices of BTC and ETH.