Why are there so many cryptocurrencies

why are there so many cryptocurrencies

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However, most mainstream estimates suggest the following two cryptos have. Ethereum ranks as the second-largest. Similarly, it's most likely crypto top " Ethereum competitors " deploy projects on parachains connected.

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Innovation. Most cryptocurrencies have wild price swings that make them look like speculative investments. However, behind the dramatic price movements is an. All these virtual currencies have a fiat value, but they aren't all used as long-term stores of value or for peer-to-peer (P2P) transactions. Cryptocurrencies have no legislated or intrinsic value; they are simply worth what people are willing to pay for them in the market. This is in contrast to.
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  • why are there so many cryptocurrencies
    account_circle Gum
    calendar_month 17.07.2021
    I have thought and have removed this phrase
  • why are there so many cryptocurrencies
    account_circle Molkree
    calendar_month 23.07.2021
    Infinite topic
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The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity, or faith. Ether ETH is used to pay validators who stake their coins for their work for the blockchain, as a payment method off-chain, and as an investment by speculators. Because there are so many cryptocurrencies on the market, it's important to understand the types of cryptocurrencies. A CBDC would also be an equivalent store of value to other forms of money, since it could be exchanged for an equal value of physical cash or electronic deposits.