Bitcoin Forum

Blockchain will disrupt these industries Banking and Payments, Insurance, Voting, Forecasting, Government, Crowdfunding, Retail, and Real Estate. Yes, we knew this that blockchain will play a big role in the future of those industries and it's a revolutionary.

But, do we need lots of cryptocurrencies?

More and more companies or startup companies were developing their own cryptocurrencies and a lot more in the future but what's the point of creating or developing it? Maybe we only need 1 for every industry but why does almost everyone develop their own cryptocurrency?

Yes, and that is also the reason why there's so much cryptocurrencies in our current stream right now. They're competing and doing their best to get that spot, that one and only spot, in every industry. We may not need those but soon, we will pick one each.

Cryptocurrency is still at it's earlier stage so we need many cryptocurrency ,there are still many problems that needs to be fix  ,the more new projects are been released the more cryptocurrency will tightens up and get more advanced in the future

The reason we need many cryptocurrencies is competition and without it the market can easily be dominated and manipulated by one token or group which is why diversity and competition is needed. This is also true in forex which is a model for the currenct cryptocurrency model.

We cannot ignore the fact that there is an ongoing competition among developers. If they see that a certain platform lack something, they'll try to build a new one that can solve that issue (This is the also the reason why we now have other cryptocurrencies other than bitcoin).

Each project has a particular problem they want to solve. I think therefore they should be allowed to establish themselves and cement their relevance in the crypto-currency space in the long run those whose relevance are in in doubt would fizzle out

It's right, there are too much cryptocurrencies. There are more cryptocurrencies are more good, because we will have the competition between those, they wil offer us better services.

There are a lot of altcoin created daily, but only a very small number of them will succeed! We do not need much but need the quality and usability of altcoin or token!

Competition in development and an attempt to create something new and without problems of the previous project. Each developer has his own vision and opinion and creates a project under himself.

I think you have a better reason being that we are in a phase and that phase is getting us different "testing coins". My question is that, can it be possible to get one coin to serve all our purpose?

Cryptocurrency is not only used as payment system but for other use cases as OP has listed and more. Can blockchain harmonize all human endeavors and activities in one coin?

I don't think we need a lot of cryptocurrency, I think as time goes by the crypto currency will decrease and become less, we see which currency will survive from this industry, I wonder if there will be a currency that will merge.

Many cryptos emerge because they have different functions. systems, etc. If only we can integrate it as one then we don't need many crytpos. But that would be very difficult to do.

Have you seen all of coins that have become the major crypto that give a lot of domination to the crypto? they are getting a lot of inspiration from that. Remember everybody wants to create his/he own idea and then try to implement it in our life. We know that so many people are still seeing about a lot of opportunities in the crypto.

One coin cannot make a market! Wake up, it is impossible. You should know, that cryptocurrency works exactly in the same way as the traditional economic system does,

No, you only need crypto that can be use to grow up your business and alternative income activity. Have a lot of crypto is good but should fit with our need too much not good, specially at this time. Most people will chose 1 - 10 top coin from coinmarketcap and ignore rest of it. Besides that, have currency is more important than crypto. Think again before too late and good luck to you.

Thats the thing with every business venture if I can put it that way. Like the industries you mentioned, we don't have only one operating in that sphere but we happen to chose the one we think gives us the most satisfaction of service so will be the crypto world. Yes, we will have more cryptos trying to do the same thing but i believe at the end of the day, you will invest on the one you think is most stable and different people have different opinions for investment.  

Definitely, there is lot of competition going on crypto. Everyone want to make a new altcoin in this market as they hope it will become popular after few years. Money matters these days this block chain technology will play a big role in humans life. There are lot of coins being developed but only few succeed.

I dont agree that blockchain disrupt any sectors, it will help many sectors to become better and able to solve many problem, we actually don't need too many crypto, too many crypto with same usage will cause a weak crypto that will be abandon by the investors, each crypto for each sector for me is too crowded

The amount of cryptocurrencies grows and to my mind it is very nice that we have this great amount because their fight will show which of them are strong or not.

A person decides to himself whether hi need tokens in his portfolio or not. A lot of currencies in world economy don't force you to use them.

There are a lot of cryptocurrencies nowadays but but only a very small number of them will succeed and these altcoin will be destroyed soon. So i don't think we should worry about it

Agree with you, a lot of cryptocurrencies not bad at all, if the project have strong community ready to use the product why it cant exist? The more competitors the better result.

the main reason i think is because the cyptocurrecy itself wanna earn for "their own" benifits, or income

Cryptocurrency is predicted to be the driver of the global market in the future, no wonder so many have tried to develop cryptocurrency but eventually die because they have not been too strong to compete with cryptocurrency which has long been developing and has a well-known name, and certainly at a good price. actually do not need a lot of cryptocurrency if it eventually dies and harms many parties, it only needs some of the strongest

This is a question like others.

Do we need a different kind of FIAT for every country?
Do we need different brands of soap or milk?
Do we need a different company for a single brand?
We need more cryptocurrency to support many projects, for the development of the world.

I think we don't need all the cryptocurrencies but we definitely really need the ones with strong and stable projects. They will bring benefits to us.

As time passes cryptocurrency gains popularity and thus more and more variations are available, this might seem a lot but because of the amount, we are left with a larger number of choices than being limited by it because of the lack of it. But who knows for sure? maybe that'll change too.

A lot of cryptocurrency is needed or the market will be dominated by some particular currencies. The competiton is necessary at this early stage of crypto market. And this competiton also force the coins to present us better services.

no, actually we only need fewer crypto in the market. the number of companies that always make their new crypto, actually makes the market more crypto, and the price is always low.

In any business there is competition theres unhealthy and healthy competition they can easily make another cryptocurrency everyday but only a good project value will remain.


For me, yes if theres a healthy competition in the industry there will be large amount of community and good circulation of a currency.

Cryptocurrency is still at it's earlier stage so we need many cryptocurrency. We do not need much but need the quality and usability of altcoin or token.

Sometimes we need lot of cryptocurrency just to make few of it become on top crypto. To be honest we just need few of it but the competition are great when the participants are large in number. Only cryptocurrency who can make mass adoption are survive IMO, the others will turn into dust.

The more the merrier, some eventually will stick. Altho I don't think it will be any existing one at the moment.

Many coins have been formed to help the cryptocurrency market become more diversified and richer, which also contributes to the market's development. But there are too many new coins appearing but poor quality and no good management team also cause many difficulties for investors. Look carefully at the coin you want to invest to minimize the risk.

Yes, even Bitcoin, that we--said to be the King--has a particular bug that gave every bitcoin core user a bit of a goosebumps. *Ohhh*

Cryptocurrencies, or the Blockchain itself are still immature. That kind of technology needs a lot more year to be develop in a better and useful way.

yes we need a lot of cryptocurrency in the future and for that now we have to be more active at work we will be able to enjoy in the future ..
Maybe we only need 1 for every industry but why does everyone develop their own cryptocurrency? because they want to compete in crypto and want to be the best
example: why are many car manufacturers now with many products? why don't they build 1 car factory?
  >> of course because they want to be the best

I believed we need a lot of crypto currencies and if we don't need it there won't have some debating right before Satoshi implemented bitcoin which happen to be the  main reason behind ths altcoin we see today. Besides, there is nothing bad in having many coins since it have something good to add to the block chain network.

Personally, I don’t think we need massive billion dollar projects to increase “awareness and acceptance”. What we could really use are good ideas, which actually make sense of how the blockchain could be used for governance (and not only infrastructure) and start distributing benefits among all community members.

There is no need for the increase of number of cryptocurrencies and there is also no need for the decrease. If they want to produce new cryptocurrencies, they have to make sure that the coins they're making are not shit. Because shit coins will only confuse people and make other people's research a waste of time.

I think not especially because most of the cryptocurrencies I have seen are either scams, incompetent, and replicas. To achieve mass adoption these people making these crypto currencies must be
 collaborating and are envisioning the future and not just the monetary gains.

When I started at the crypto world, I thought that there are a lot of services that crypto can offer. I only realized that there are thousands of services offered and most of them are the same and it is redundant. They just keep on copying each others service just to sell a coin. For me, we don't need that many crypto currencies if they are a waste. Its better to have a few of them but offers excellent service.

I am think not.
There is too many coins copies from their original one. This coins is totally unuseless.
For exmple bitcoin cash he cant beat and never beat btc, because it unuseless copy

In some ways I will say we need them, while in other ways I will say we don't need a lot of cryptocurrencies. One of the way we need them is for competition, it is competition that sometimes make people to get better quality of a service. While on the other hand, many projects are just crappy, they only come with the motive of scamming people.

everyone wants a great profit or results from crypto they created in an era which is certainly more advanced. reasonable just because competition will certainly still be there even this certainly be good things which people will create things with something better than the other. the best would probably be a bad choice and would be a waste of coins. no problem even though many who create crypto respectively due to the market demand will certainly choose it is it worth or not.

Yes, I guess we need a lot of cryptocurrencies right now for them to compete against on which is the best among them all. Because there are a lot of cryptocurrencies in the financial field but only a handful are competent and functional.

Because this is a potential market for people who want to start a business. For example, I have a bold and interesting idea, but investors did not trust me and did not invest in me. Forcing me to look to the ICO to attract more capital. that's why. ;)

There is no any rules and conditions for making quality coins makes many people make their own cryptocurrency, there are hundreds of coins exist and dozens of coins that keep coming, we can't stop it because there is no power from us, all we can do is choose the right cryptocurrency with deep analysis so as not to be fooled

I think we are no need too many cryptocurrencies, until now more than 2045 cryptocurrencies have been registered on coinmarketcap.com, with the number of crypto certainly confusing us and I'm sure there will be many coins that die because they can't compete.

Think of it like the variety of brands for a specific product. So it is normal to have multiple altcoins for a specific field, such as banking, energy etc. However, we currently have lots of altcoins for even 1 field/industry. I think the stronger ones will survive this competition.

Its depend to your needs, if you want to get a lot profit then you need a lot crypto. Most of people do anything just to get lot of cryptocurrency and since there's no rules in how many crypto you should have so that many of us grab the opportunity to have a lot of it. Also having a lot crypto will give you lot of money which all of us wany it. If I have money I will buy a lot crypto and hold it until the highest peak.

In my own opinion, I dont really think that we need so many cryptocurrencies especially if they have almost the same purpose. I see many coins with almost identical purpose, but still they are functioning, so there must be some reason for this. Many alternative coins may also help lessen traffic for because the transactions can be spread rather than focused on one coin.

No we don't need lot of crypto currency as there are unnecessarily crowding the market and making people fool.But we really need few good crypto currency.

Now it seems that in the world of cryptocurrency intermediate stage, and all unviable coins will be eliminated as unnecessary. with time.
Remain the most stable and progressive.
competition is normal, without it there is no evolution.
It is possible that in the future there will be only monopoly coins in various fields.

Indeed its getting more complicated day by day. Many companies many ICOs many scam projects. This is the time of revolution so after a natural election we will see fewer but stronger cryptocurrencies.

We certainly do not need that many cryptocurrencies.
And i also think most coins will not survive.
Of course i can be wrong, but i presume it currently.

No we don't need them, the market needs cleaning and it has already begun.

I don't think we need lots of Cryptos. Actually there are more than 1000 coins who are already dead. So most of these coins will die and be forgotten. It's kinda like survival of the fittest. Let's see which ones will survive this crazy market.

In my opinion, all projects should use their chance and try their luck in the game market of the company. I think that society itself should decide which project will be liked and which one will not. Based on the relevance of the project in society and investment attractiveness, it will be possible to determine the prospects.

Of course, we do not, but if there were none being developed then the idea of innovation in this market would die out. So who thought having these many cryptos will be beneficial? Its what drives others to do better.

For me, we don't really need a lot of crypt I currencies, but we need meaningful cryptocurrencies that have good potential. That have the ability for further development. That aim at solving a particular problem. What I'm trying to say is that, someone might have 10 different cryptocurrencies in his or her wallet, whereas another person with just two might be better off. So it's not in the quantity at times, we need to consider quality too.

Maybe we have many crypto in various sectors to have varieties to choose from, competition is good to set others on their toes if a company disappoint you go with another.

The big answer is NO is you based it on the current number of crypto projects. There are too many new coins coming out each day and most of them are for funding purposes only. They only care about profits and sadly, most of them don't care of the project will become a success after the ICO. Some will even abandon the project after the ICO. Crypto is messed up right now as anyone can just create their own coin as no one is regulating it.

It can be a improvement for the whole market cap, but if we look at a few years back then we see that a lot of projects are dead. This mean that only the good and valuable projects will survive in the world of cryptocurrency.

we are at the beginnings and the fight is still very hard. the ones that the market/users will choose as the best will be the standards for each industry probably. but for now nothing can be selective/blocked

Realistically no, we don't. But if you think about it, those cryptos most likely end up being a scam or a fail,so those don't affect many things. The idea of using crypto to raise funds wasn't a bad idea until 2017 happened. People initially came up wonderful ideas, it just lacked proper implementation or some other key factor, and before you knew it: ICO industry became a joke. That's the take of most bitcoin enthusiasts.

Some poor quality projects, the value of the coins are always stomping in place, can not grow up. So do not make the wrong choice, consider and be careful while choosing the penny to invest.

We don't need a lot of cryptocurrencies, however, the nature of cryptocurrencies itself allows the freedom people to create their own currency and compete in the market. It has its good side as well as bad side. The good side is that it offers the freedom of choice and opens up creativity and innovation without hindrance by any authority, etc. The bad side is that many of the coins are of little or no value and are better of not existing. Too many coins indirectly means cyptocurrency value and volume of trade will be reducing- we cannot predict the rate at which new cryptocurrecy enthusiasts join the narket.

I think that most of the coins that exist on the market will simply disappear . There are a lot of shitcoins who are worth nothing and just litter   market.

Still for any industry we didn't found any good solution. Yet many come up with their idea and coin. But all we know with time major coin just gone and only with good concept can survive in the market. It's good to single option or more better multiple option so they make more better.

I think not, now there are too many cryptocurrency projects, and they are not much different from each other, while a large number of projects are closed every month and not every one of them needs their own tokens.

I think that we don't need lots of cryptocurrencies. What we need is the cryptocurrencies that are exactly profitable, promising, and will have good prospects in the future. We also need cryptocurrencies that include the great team in order to be able to manage the coins after on exchange and do some development. But it doesn't mean that we only need one crypto.

There are a lot of projects out there that need funding to be realized and developers will take advantage of the blockchain technology. IMO, it would be good that there are a lot of cryptocurrencies out to serve as a competitors to bitcoin.

Competition among projects is healthy so it's better to have many projects in each industry.
Sometimes, I see the market is chous, but I believe that only the good projects will thrive on chous.

In my own aspects it's a yes. We do need more Cryptocurrencies in the market but not only we need them but precisely good projects which can keep the market of CRYPTO going forward, not one that will ruin the market in future

I think that variety is in the taste, and I do not mind that there are so many cryptos in the market, since we will hardly see 2 with the same purpose, and many times those that are copies of other projects and end up failing quickly, so it is better to let the market self-regulate, in the end, the best are the ones that win.

I think that many ICOs dilute a little the investment in the market, plus most are scams or copies of other more useful and famous coins, so they end up being unnecessary, I do not think there should be any regulation, but if it is advisable that creating new ICOs is a little more difficult or requires some money.

The only advantage is that diversification. At least 10 coins is enough for me to manage and check my portfolio everyday and do trading from time to time.

And when you liquidate, rinse and repeat. Look for another good coin and dump when you have a good ROI already.

Sadly, there are so many factor to be consider like Security Exchange Commision's future plan. Things will be hard and harder as we continously accept cryptocurrency. So, I think, "being selective" is not only for now - even in future.

This is common, lots of project are just there to scam or to copy other's ideas, this should not be supported anyway as there's no particular future goals and subject for pumped and dumped, it's needed to have deeper analysis and well knowledge before investing with certain new project that exist around the market especially ICO's, there's no certain regulations so it will be depend on investors part how to take care of their money.

Every developer makes a crypto currency must have a clear purpose and function. And of course this function will differ between crypto currency one and the other. They will not have the same function, and usually if there is a crypto currency that does not have a clear function and the developer just makes it, the crypto currency will be lost and worthless. You can find that every crypto currency that has a good function will have a high price but if not then you will find that crypto currency will not have a value.

that is indeed the benefit of having a lot of cryptos but not all cryptos are worth to invest with . traders and investors do only need a lot of cryptos but regular workers such as bounty hunters do actually hates it because it can only cause confusion to them . more cryptos do also means lesser price for the big coins like btc and eth because that causes them a competition in which people can divert their attention to other different types of coins instead of foccusing to the legit ones .

with more and more features Cryptocurrency will be very capable of producing many more advantages to be able to continue to grow. so the number of supporters Cryptocurrency make progress against the influence of many more in profits.

If we actually look at most of the cryptocurrencies we are seeing today, a lot of them are just shit coins and recycled ideas with the team having no mind to even want to make an attempt at all to building something in the long run and for those kind of coins and tokens, it is really not necessary.
But of course, it is a decentralized and a non regulated space and that makes it a whole lot easy for scammers to evade the space, which I believe as the market gets matured , it would change eventually as we get to see the shit ones disappear.

Yes. Their trying to survive becoming in a fight and this fight helps to kill unnecessary coins that are weak or don't have the future and during this event other strong coins become stronger too.

There are already over 2,000 cryptocurrencies at coinmarketcap. Definitely, we don’t need such a number of crypto assets. There are not even two hundred states in the world, and here there is such a large number of coins. I think that most of them will not soon remain even in our memory.

Seriously we don't need this much cryptocurrencies as we already have. It almost makes the crypto market a bit childish since almost anyone can create a coin and organise an ICO at the end of the day the coin will make it to the exchanges with nothing new to add to the already crowded market.

There is too many of them already
So many of them has died already
Many will come many will die
The biggest problem with crypto is usage there is not any usage of crypto
Just trading  to btc
But alts are useful because they are crating demand for bitcoin

yes, we need lots of cryptocurrency. but as for now. more over 2000 altcoins
it's ridiculous lots of them.
just make us so much unfocus when trading.
the bad thing about this technology is it was too easy to copy a coin.

Perhaps a large number of cryptos is not necessary, but we must be aware that this technology is developing in the midst of a free market that is looking for the most functional options that can really mean a valid alternative to the current financial system. Therefore, as long as there is no consensus regarding the ideal characteristics that a cryptocurrency must have in a way that satisfies all its potential users, there will continue to be an endless array of options that, in the end, will contribute to maintaining this market in a continuous evolution and improvement.

Not at all, but at this stage, there is an enormous competition between the teams and it is probably going to pay off. One day one of these startups might become a big fish and it can become mainstream as well. It is a byproduct of an unregulated space that is inspiring creative people to come out with a game-changing idea. It is definitely the time that will be later classified as the "good old days.  :)"

Right.They are still not helpful to the success of the crypto world because most of them just died easily and won't even last even a year or two.For me having bitcoin is already enough.Its potentials cannot be broken easily and its here already for almost a decade so it's already well trusted by a lot of people.

if you analyze all the cryptocurrencies that exist, then among them there are a hundred really worthwhile ones and the remaining ones can be deleted because it is just a scam

Invest in electronic money to make a profit. Should hold as much electronic money as possible. Only thing you do not have money to buy many electronic coins. When the currency goes up you will be profitable. Many people get rich from investing in electronic money.

It is not about the amount of cryptocurrencies we are dealing with that matters, but  the number of good ones with products that can be adopted.
Some people just bring up projects for the sole purpose of making money, which is not good for long term inventors.
For every good project,there must be long term prospects and such must be productive.

of course we need a lot of cryptocurrency, because if we only have one cryptocurrency then the cryptocurrecny price will be unstable and can be manipulated, so we have a lot of cryptocurrency so we can have many choices and to avoid price manipulation

for example, every country has money itself because if every country has only the same money then the money will be very easily manipulated so that it can destroy the country.

actually we don't need cryptocurrency, quality is better than quantity. but what happens is that there are projects that have different objectives, even though there are also the exact same ones, plus the number of scam projects. why projects that have almost the same goals do not collaborate with each other

Yeah, so far as the world's problem keep on multiplying and solution are been made more coins will pop up. Every coin come with it own purpose and uniqueness but for it to stand the test of time only time will tell since most of the coins lose it relevance.

We need this to have a competition so developers will trigger to do their jobs. And if there is no competition there is no market. If there is no market there's no fund for development of bitcoin.

This is a new area and we can not yet say exactly what we need and what is not. Everything develops as it should develop, and the observed

I don't think we need to have a lot of coins. Because most of them are garbage who nobody will use. We need only useful coins, and there are not many of them.

I have no problem with market competition.

The weak and failed will fade out and the strong will shape this future of crypto.

I think the reason why we have a lot of cryptocurrency is the greediness of people, everybody wanna create his/her own currency no body wanna adopt other currency. The time shall comes when only the strongest currency will survive and others will not have the chance to see the spotlight

There can't be it that we will need a lot of different cryptocurrency. It seems to me that it will be very inconvenient. There have to be about 10 main cryptocurrencies for use.

No, of course not, only the strongest coins or the coins with great world usecases, the others will die in the near future.

but, now cryptocurrencies is more than enough,, and a lot of dev gone after their project dead and have no value,,
so, in my opinion we need only a few solid altcoins with serious dev my friend,,
because depends at coinmarketcap for now its more than 2000 crypto in the markets,,
and a lot of them have no value

I don't think we need a lot of cryptocurrency coin , because now they have thousands and still counting for sure but maybe they have still helpful even the coin is not potential because all we need is the cryptocoin who are potential to increase in the future.

in my opinion while the project has a useful impact and effect in the future it doesn't matter how much the amount will be if it is useful, of course it will be used, if the project is not useful it will die, we can see the number of altcoins that are no longer available, they really a scam in less than 1 year, and those who survive are worth coins.

No, we do not need a large number of cryptocurrencies. The main thing is that the project that issued the coins was a worker and his coin could be used inside his platform. After all, now there are so many projects that do not require a blockchain, they use it only to raise funds and, accordingly, their token will not cost anything.

I would say yes. The more altcoins out there, the more to choose. Competition is good on a business. There's the urge to make their product stand out and that's a advantage to the investors once you now what ICO to invest. The better the product, the more profit ad usage it will have.

Well I will prefer quality either than quantity. you might not agree with but  I think many cryptocurrency are going down the drain just like that with the motive that the new coin will be worth much than the previous.

We need innovation and that comes from competition in crypto

We don't really need them but once human greed comes out to play then there is no telling what will happen. Even now that we already have so much coins in the market, you are still seeing people bringing in their own coins not minding whether it is the clones or the same thing as coins that have already being in the market as long as they are making money

We need innovation and that comes with among other things - competition and free market.

Do we need that many coins? No we do not but we cannot stop it.

I think that, Yes unambiguously! Than they will be more than will be popular, cryptocurrency. And this will accelerate its development.

This is a competition, everyone wants to become a leader in a particular idea and get a lot of demand, and therefore profit. Everything as in any business, only the most capable and advanced in technology will survive, and for any investor it is only good luck when you can choose from several.

though many cryptos in the market but there is demand in the market that will select the number of coins. certainly, the market will be juxtaposed can know where the best crypto and which ones will just be shitcoin. a lot of the crypto there is still enough needed due to likely among the emerging new crypto there could be better or has the quality of biting with another crypto's been great at this time.

There are many crypto that bring value to businesses and businesses that people rarely use or know about. So they do not pay much attention to the coin, but the coin is still needed, because the demand from the business

We need few blockchain companies in every industry, but today every company can strat ICO. Due to this we can see 1600 tokens and coins.

Almost every day there are new crypto entering the market, and this requires a greater demand, if not the total supply of all crypto with unbalanced with demand and this will cause crypto prices will going to fall. Many new crypto only copy from existing crypto, and this causes the supply to continue to grow without increasing demand. I think we not need new crypto everyday but we should be more focus to promote old crypto to new people around the world.

The same as products, technologies, etc, in a free market currencies also compete for adoption/dominance.  That is why throughout history things such as gold/silver were generally dominant because of their properties, being exceptional for use as a medium of exchange.  Digitally, the question is, which currency will satisfy all of those properties?

I don't think so, i believe what we need is just several cryptocurrency that are fully tradeable with reasonable value of all time, I think with those limited amount of coins the value of the will be easier to be managed.

We need a lot of tokens. We can say that there are not many tokens. No matter how many of them are created, the market will discard useless tokens and leave only promising ones that will be in demand. ICO projects are a very good way to improve cryptocurrency. Even despite the fact that they now have a lot of fraudulent projects, this activity is very much needed.

There are too many industries at present and in the future there will be many ICO projects emerging. There are too many industries and in the future there will be many emerging ICO projects for those projects.
The future will no longer use paper money. The common currency may be BTC or a currency that will rise more strongly. Did you know that the prostitution industry also has a successful project. nothing is not!

there are just company that created coins only to be used in their own services which its only in their own economy but just listed on coinmarketcap so its still good if you get to benefit from it. recently i saw a token SURETY which were pumped but also dumped every time, i got interested and learned the tokens can be used in their own insurance services. yes we don't need much cryptocurrencies but we also can't stop developers from creating one.

"In 1988, the UK magazine, The Economist forecast that 2018 would be the year of a new currency which they named the Phoenix. Quite a mind boggling prediction 30 years ago, especially since 2018 looks like a year when a major currency upheaval could take place…"

Now the question is that if more crypto comes in the market it will again going to be the same-rich getting richer and poor getting poorer,and that's quite natural.If whole world start transact in same currency/lesser crypto it will be less easier for all.But unfortunately that is never gonna happen.More crypto means more money laundering and tax evading :P.People who have already come early to the party will get some and time will tell the rest.Privacy coins like monero dash and few more will sky-rocket in few years after the present scenario gets a little stabilized.

When you say need, there is really not a need because we can still have the transactions in the old way without having to make use of blockchain technology. As for the creation of coins, there are different purposes of different coins so maybe one coin for each category would be enough but then since it is a business, there are a lot of coins to choose from depending on what kind of coin you prefer and what benefit you can get from it. We don't need that thousands of coins and eventually, we would be able to see those coins that has really a worth and others would be gone.