TOO MANY ALTCOINS & TOKENS?

[Techno Dude]

Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?

[Philjim]

You are absolutely right, it’s very rampant especially at this age, that is exactly why careful analysis is important before engaging in projects. You have to make sure that the project is one sufficient utility that can be sustainable. Incase you need an instant of a good project to engage it, you should check out Bitay. At the moment, they’ve got one of the best exchanges that enables trading and investments of various crypto pairs and cryptocurrency and also ensuring efficiency and ease in the process.
There is also the presence of an academy for enlightenment, NFTs inclusive and earnings can be made via the P2Es and watch to earns. You should hop on this and do research as well. It will be highly profitable.

[Astra]

Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?

First of all, I want to clarify that altcoins are all cryptocurrencies with the exception of bitcoin, that is, all tokens are also altcoins.
Due to the fact that thanks to decentralization in this market, the open source code of coins, the admission of anyone to the possibility of creating new tokens, no one can control the emergence of a new cryptocurrency. Therefore, their number is already reaching 16,000 and, for sure, their number will continue to grow. Everyone has their own motivation for creating cryptocurrencies. Of course, in many cases, the ability to collect a significant amount of money from investors in the future cryptocurrency plays a role in the creation of cryptocurrencies. Someone has an idea for a new and useful use of cryptocurrency, while others use this opportunity just to get rich. We cannot influence this process.

[Octoalts]

I think it is, they founders of new Cryptocurrencies/new Altcoins see here there is great potential for profit. So they create Altcoins and market them, if their Altcoins sell in the market of course that person will become rich. Moreover, if the Altcoin that the person created can be popular, of course the creator or founder of the new Altcoin will become rich.

[viki]

Yes, of course everyone wants to make money, so everyone tries to come up with their own project. I think it's good that there is a lot of altcoin, a lot of competition will only benefit the cryptocurrency market.

[Freemind]

@Techno Dude there is already a thread in which this same topic (and with the same title) is discussed, it is not necessary to open different threads to talk about the same thing since it is better for the forum community to concentrate the posts on the same topic in a thread, that way we also keep the forum more organized.

If you want to continue talking about this topic you can do it here: https://www.altcoinstalks.com/index.php?topic=126280.165

Thanks for your understanding!

[Anonylz]

Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?

Just maybe outside Bitcoin by Satoshi, every other Alt token/coin is basically for the Devs to make money and this is not to say that they might not have some value to the system but making money is the top priority. Plus it is all not bad too, once there is completion amongst the same projects, investors will also go for the alternative. Imagine if there was not alternative to the high Eth fees 

[Ankit1999999]

Solana ,Matic DOT, ADA etc. many people are interested in it at this time and they do not see about the prohibition that has occurred in several countries against cryptocurrencies so that the popularity of Solana, ADA, Matic has increased sharply this year.

[atrizbtc]

Because now it is very easy to make tokens, so everyone is making his/her token and launching it. You must invest carefully. Now there is also website where you just have to pay some fee and the contract address and token will be ready. That's there are now many coins.

[TomPluz]

Yes, all the many projects and platforms operating in the cryptocurrency market - which is expanding largely by the way - are all here to make some good money but a good project should do it by introducing innovations or improving what can already be found in the market. Now, if one is just copying things and even getting into low quality offers then eventually it will never last and will just be eaten alive by this getting to be very competitive industry.

While we can be dismayed with the mushrooming of so many projects in the market, we have to understand that there is actually no way of determining which will eventually survive and make it so we might as well allow all to compete and see what will be. I am sure that some will really end up as winners and leaders while majority will be on the trash can and be losers -- this is just a natural progression of things and can be true with any industry even including the religious ones.

[Noverteno]

It is a decentralized market that is not regulated by anyone. Anyone can create their own cryptocurrency and no one can prohibit it. And it attracts people to create cryptocurrency both the opportunity to introduce new ideas and the opportunity to make money on the created cryptocurrency. Therefore, more than 16,000 cryptocurrencies have already appeared on the market, and we probably know no more than a hundred that are worthy of attention. Others will either prove themselves useful over time, or will be forced to leave the market. This is a normal, natural process.

[satpol_PP]

Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?

I think several of them are scammers. Becareful, too many altcouns and tokens.
We must do research before invest, because I see many projects are RUG.

[masterrex]

Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?

IMO, I believe that the main reason is they are doing some "fishing expedition" Let us say that the crypto market is like an open ocean that has been much fish to catch, It is comparable since most of the projects are selling tokens in order to raise some funds for the development of the project that's why many people are doing that in a couple of years now with or without knowledge.

[Cleanerbd]

You can also create tokens or coins yourself. But you just made coins, but if you can't bring those coins to Coinmarketcap, then there will be no profit  with that token. But those who have created and popularized coins or tokens are still making money. And they had to spend a lot of money first to make the coins popular.

[elbans89]

Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?

Make sense, if you talk the reason why too many altcoins.
Their funder just interested in making money, because I see several projects are not potential.
That's my opinion.