Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
That's one reason, other are:
1. they want to challenge bitcoin's dominance
2. supposedly offer more privacy
3. solve real life problems in different industries/sectors
4. to scam people
And there could be more, but that's on top of my mind right now.
Well, this is what I was thinking of. Most altcoins are created to scam investors and make money in this market. Since 2017 until now I've seen a lot of altcoins being created, but only a few altcoins are good and growing to the present.