Hi Guys, since the day I have entered in to the world of crypto currencies, I was shocked to see the numbers of available currencies.
According to Coinmarketcap website, we now have 674 crypto currencies of various types which is more than the numbers of fiat.
Every now and then I am seeing a new currency is being introduced. I think this way we are harming the security of crypto currency sector. If this continues, government will have to intervene someday just to stop the free distribution of money (power) in to the society.
Also I see that the total crypto currency market size is 6,823,585,068 usd as per the above mentioned website and this huge amount of money is getting divided among these 674 currencies. The more people are moving to newer currencies, the lesser amount of money is getting circulated in to the established crypto currency trading, which in turn is decreasing the price of those currencies.
I think around 10-12 currencies are better that having 674 different currencies and it will not threaten the existence of crypto currency world.
What do you guys think?
674 Cryptos? xD
Didn't know we had so many!!!
Well in reality it doesn't matter that much. Of those 674 currencies, I'd say 600 of them don't really exist, they're not even mined or just enough to make a few tx. And all the coins are hold by the dev behind it.
Of the 74 remaining 50 are "local" or "special" coins such as the Franc which are created and supported by a cultural aspect. Coins for Germans/French/Green only ^^
Those are not made to be big but they do have a small community. Why not? It's not bad at all and brings some diversity!
Of the 24 remainings 23 are important coins. They got a purpose or a goal, something that makes them different from btc and a bit unique (except LTC, ltc is a mistake). They're all important because it gives innovation process in crypto world and force btc to be innovative too!
And the last one is our beloved btc of course, the one the best <3
So no it's not better to have 14 cryptos, the ecosystem is good as it is!