Bitcoin Forum

As of August 2018, there are over 1600 cryptocurrencies that exist, according to Wikipedia. I know that Wikipedia isn't the most reliable of sources because anyone can edit it whenever they want, but the point is the number of cryptocurrencies being introduced. Some of the new cryptocurrencies I've heard were DeepBrainChain, ByteCoin, IOST, and Elastos. There's also a new coin called Virie (https://virternity.com/virie), which is apparently a cryptocurrency used to crowdfund and jumpstart the Virternity Project, a project that aims to digitized our minds, economy and the society. I believe that not all new coins aim to scam people, but do we really need more cryptocurrencies? Do we need new cryptocurrencies for every project that exists? Why can't there be one or five cryptocurrencies that all projects can use?

I always say, quality over quantity and that's always better in our life but does it matters for you in crypto world? There are only some coins alive, you can't even feel if others exists and it happened to you too, you only discovered them after reading a list on wikipedia. On another hand it's normal because there is possibility that there will be better altcoin created in future, so why do we have to not let others to develop and create good things or bad ones which can't damage anyone?

Should there be that many cryptocurrencies that exists? Yes. I think so. Because competition matters. What I don't like is people being easily convinced to invest in certain coins/tokens just because of those dumb buzzwords like "x coin is the future of x". There should be competition. But people are taking advantage of this. Instead of making good competition, they scam ignorant people instead.

Because not all projects are focused on being a for-transactions coin like bitcoin. Most projects are made for different purposes.

There are lot of coins that lack purpose and long term vision. Some ICOs may have a great business model but instead of doing a more traditional fund raising or an IPO, are opting for a token sale. In most cases, those tokens don't serve a purpose after the ICO except being used for speculation or if they do, lack the liquitidies to be used properly. This long bear trend is purging the market from a lot of these tokens.

Here's an article about 10 characteristics a utility token should have:

https://medium.com/@marc.couzic/make-utility-tokens-great-again-f236b64ee31b

I used to think in pretty much the same way before, but now I understand that yes, we do need many cryptocurrencies. The first reason for this is that some projects actually use cryptos for their projects anf cannot use the main coins for the same purposes. The second reasons is that even projects that need crypto only to accept it as payment are still justified in making their own tokens, because they can't trust top coins. It sound weird, I know, but look at how volatile the main coins are. They are mostly gaining their price from constant trading, while companies might prefer their own tokens with prices depending on how many exchanges of tokens for products occur.
Finally, more cryptos means less pressure on each separate blockchain, which contributes both to decentralization on the market and safe usage (no '$20 btc transactions' stuff).

Yes, we need more and more crypto, but not fraud ICOs.

But wouldn't that just confused other users if there are way too many cryptocurrencies that exist? I wonder if the other existing projects that created their own coins have succeeded? Not the scam ones, but the legit projects that created their own coins to crowdfund their projects, does it really work, and what if they have reached the target amount? What's next? What happens once the project is successful? It's just that with all the scammers around, it's sometimes hard to believe the reliability of new coins.

I have to agree with this. Not all projects would work on other existing coins such as bitcoins or ripple or other altcoins. Some needs a specific coin to run their projects, like DeepBrain I think and Virie. That said, I wonder how people would react to too many coins if and when cryptocurrencies became a worldwide digital currency. Do you think that people will be open to the idea of learning about different coins for different purposes?

There is so many untapped potential in cryptocurrency.
And while majority of the coins are replicas with little disruption in any field. Every now and again a developer comes along and unlocks another key quality of digital assets and the blockchain technology.

Poorly organized and irrelevant projects would most likely not survive the test of time, bearish markets and smarter investors.

You can simply look at coinmarketcap and see on how many total crypto's are there already.

I think this isn't the first time of hearing that type of project aiming to digitize economy and society but digitizing the minds of the people? that crazy.

We don't really need more of those crypto's that's just add confusion to the people on what to hold.

This is a natural cryptocurrency selection! ;)

According to Coinmarketcap we have 2085 cryptocurrencies so it means Wikipedia only knows few 1600 coins over 2085 coins. However, every month there are new project releases so more cryptos will come.


Honestly, for me, we don't need more cryptos but they are mostly using it for trading purposes.

Well, sometimes there are some coins have unique features that the other doesn't have


Well, it depends on us if we use only one or five cryptos but since there are many competitors and each of them has their own unique features that the other doesn't have they are still trying to keep making a new project just to fulfill investors needs and to replace bitcoin.

It has its pros and cons.

The positive side is that for a trader the more the coin there is the better chances of winning. Especially on those startup coins. They can give lots of room for profits.

The negative side is that most of the coins are just there for us to speculate. Over time, It overpopulates the market with coins that don't have value.

last time i checked, there were over 2000 listed on coinmarketcap. people just won't stop cranking them out. :D


because there's nothing to stop anyone from creating new cryptocurrencies---except lack of demand.

if someone wants to fork a coin or spin up an ICO token to raise some funds, they should be able to. we wouldn't want it any other way. it shouldn't be up to me or you to decide how many altcoins should exist. it should be up to the market!

There are more coins than the number given above. I believe in quality more than quantity but I think as more projects keeps emerging, there would be more coins to compete with the already existing ones including bitcoin The huge number of cryptocurrencies is cool, I believe in healthy competition among the coins when it comes to the world of crypto.

I think there are more than 1600 cryptocurrencies that evolved in the crypto market. Moreover, new ICO's are coming probably because there is a great opportunity in cryptocurrency market and there are more investors that are investing in cryptocurrencies since they were able to make promising profits.

There are more cryptocurrencies than you can find on coinmarketcap.
Coinmarketcap only lists cryptos that are tradable and have value.
Any one can create a coin (that doesn't mean it has value).

No we don't need too many crypto, we already got more than enough crypto, unfortunately people keep on creating a new one hoping that the coin can make them rich, and it makes the investors confused, actually some of the new coin got a good potential but because of too many coins that appear, it makes the investors missed to see its real potential

If those other users are well informed about cryptocurrencies they shouldn't be confused which one is which unless someone tries to deceive you like what roger ver's site does.

After that they have to do what is mentioned on their roadmap. One of the many problems that you'll notice is most coins tend to lose value because of Bitcoin price movement which stops others from supporting a certain coin even if it's legit.

because each altcoin has a different purpose and use case
and each altcoin has advantages that bitcoin does not have like ethereum which has a smart contract, litecoin fork from bitcoin that is able to process transactions more quickly
so i think we need altcoin
but many of the other altcoins are useless and worthless

Yes there should be even more crypto-currencies than the ones that already exist. Because if there will be more cryptos then there will be some good competitors for the current cryotos, and the competitors might have some better features than the ones that already exist.

In the past we've seen that there were some cryptos that were made only to scam the greedy ones who at that time thought that there will be huge profits within days. But on the other side of the chain we have seen some really competitive cryptos that took part in the race and undoubtedly some of them made huge successes within few weeks or months.

But even if there will be some legit competitors to the already present, well-reputed crypos like Bitcoin, still every one of them will be under the shelter of Bitcoin. For example if Bitcoin goes down they will also go down and the market cap will go down as well.

It's good/better to have different coins made for some specific purpose, but recently we have seen repeatition or copied ideas.
If projects can come out with great concept that will give the existing ones a run for there money, they are more welcome, we need good competition and good products.

We don't need many coins; there aren't actual use case for some of them. Much better if they dissolve and get shaken out of the market for good so people's focuse on coins wouldn't be divided further.

Agree with you, we don't need many of them, is ridiculous to see the copy of the copy, but at least is nice to have a different type of them. I mean, the different type of mining we see now day make it worth the different type of proof of... there should be only one coin for each proof of... coin. I mean one Proof of Work, one proof of stake, etc...

We have the same question pal. I used to wonder about that also before. If there’s no halt in producing altcoins again and again maybe it will have a big affect in market even to Bitcoin itself. Since the volume of investors that is supposed to be for Bitcoin is now divided to other altcoins .

The problem here is not altcoins being created. People can freely create altcoins as much as they want and there's nothing we can do about it. The problem here is that people still "invest" in certain altcoins that are obviously is a scam or at least has a useless use-case.

Hopefully by time, people are gonna use their brains a lot more. Being able to do ICOs is GREAT in my opinion. If only it wasn't filled with scams.

any existing crypto always comes up with new technology and also a new system certainly could have been better than his predecessors or even worse. This must be a new innovation which many who want new technology for the development of crypto. many are hoping the new crypto there is better and here's the real goal of many new cryptos keeps popping up.

No, I think these projects must be collaborating more so there will be less coins or tokens. Majority are just money grab and shitcoins that is better left untouched.

They will exist as long as people see value in them, once they stop bothering with them, they will cease to exist.

Among those many cryptocurrency that available right now, there will be applied a natural selection, all the coins that has a good quality will be able to survive and coins that has no quality will surely vanish.

It is all the same as in Russia, after the revolution of 1917, they tried to ban all types of shoes, except for one set by the government. Who are the other types of shoes that interfere with? What are the cryptocurrency varieties? If they turn out to be unclaimed, they will disappear in time. And why bother to raise this topic at all if we can’t ban them anyway? Does anyone like so many stars in the sky? This, too, someone too lazy to view. Let's ban?

       It's hard to tell if we need so many crypto coins. There are many projects on the market, but they are used for different purposes. In my opinion, a restructuring on the crypto market should be made in the future. The importance is the quality of the projects, not the quantity, and this restructuring or a possible sorting of projects on the basis of their potential, would bring many pluses on the market. People are clinging to so many SCAM projects they've invested in. This is the most important step the crypto market should do for people to invest in the crypto coins.

it is simply because there is nothing stopping you from copying the code of some altcoin and create money out of thin air with near 0 effort and that attracts thousands of people that are trying this every day. the number is a lot more than 1600 but most of them die in infancy since they are so shit! and nowadays with ICOs and the easiness of creating a token the problems have doubled.

Why not, because all projects solve some problems related to technology, and tokens are a way to attract investors, the main thing is that projects are working!

Most cryptocurrencies are not required, but since ERC-20 provides merchants with a quick way to create tokens, many merchants copy some old coins for fraudulent purposes!

Every project wants its own cryptocurrency for obtaining a large amount of money. I can't blame the projects for it, because any business requires a lot of money. I believe that a large number of projects and cryptocurrency help the market develop, projects compete among themselves, thus creating a better product that more people will use it.

A quick scheme to create such a new coin and we don't need a lot of them because basically they are created non sense idea and they used it to raise the funds from the investors to scam purpose only.
We shall remove more than 80% of them because they are dead coins right now.

There are more than a thousand crypto on the market, but for many people, even the top 50 don't know what it is. If it is not because of the interests, then I believe that there will not be so much crypto in the short term.
So do we need so much crypto? I am very aware that 80% of the crypto that exists today is not needed. But perhaps with the development of the market, one day we will see thousands of real crypto in this market. Not now these SHITCOIN

Coinmarketcap says there are 2090 cryptocurrencies in the market, the more the merrier they say. There are shitcoins of course that goes into the market, but I think we can't say they are shitcoins until they have fully developed their product the only we can conclude shitcoins are the ones airdropped and not even listed to its dex.

I think that should happen, because it gives more competition in the crypto market, and also helps the technology in this area quickly break new ground. In any other field, such as stocks, you also see that many stocks are listed on the stock market.

Cryptocurrencies appear on the market and it is not the bad having the dea because it means that the variants for choosing will be larger and more nice.

The amount is really amazing but I think that weaker ones will die soon and other that are more prepared will be increasing too that will make them stronger.

The only reason why there are so many Currencies these days is because the creators have heard stories of coin creator of the past and how successful a couple of them have become! Everybody want's to make money only a few desire to create something decent and more useable! 10 currencies would be a lot ideal after all in the real sense  of it everyone is creating a payment solution to be used for some platform which those that were aready available could be used for! Its ridiculous how only a few still consider basic economics in creating a coin, and guaranting the reason for which $Bitcoin was created. On a second thought too many currencies can only create opportunity for a better one, as everyone is given the opportunity to explorer their own expertise in the process.

If all these coins were only created for new and unique projects It probably would have been better but most of them are only repetitions of already existing and thriving projects, Yet they do not posses the criteria and ability to do better than the already existing competitors, which makes them irrelevant within a short period of time. It is not necessary to have so many cryptocurrencies if a huge percentage of them are not serving any purpose other than pump and dump.

We don't need a lot of cryptocurrency. A lot of people are still creating more cryptos and they hope that it can make them rich but in reality most of the coins here are shitcoins that causes of loss.

I just want to share that AML BitCoin is here to stay. AML BitCoin rests on a privately regulated public blockchain that facilitates AML-KYC compliance and identifies criminals associated with illicit transactions while maintaining and strengthening the privacy protections for legitimate users.

I checked out the Virie coin you shared and it looks like a new coin made for a specific project, Virternity. This is acceptable since the coin will serve its own purpose, which is to fund the project to make it work. This is the same with the other new coins. They are tailored based on their purpose. It's true some of these are scams, but there are other new coins being made solely for their specific use, and that's okay.

In my opinion, there is no need for too many coin.Too many coin is doing crypto space more harm than good.Though we need competition to get better,but too many coin is giving room for scammers to have their way which is a negative impression on crypto as whole.

At present, I don't think we need more cryptocurrencies. We already have more than enough. I wish there could even be a merger of some of the existing Cryptos.

Too many doesn't create a better opportunity for a good one because the market conditions aren't right. A little competition is great but too much competition and choice is a burden. The best projects may not get funding or recognition because people cannot distinguish them from all of the crap money grab projects that you spoke of. Ideally there needs to be not more than 5 or so coins competing in each niche, right now in some areas we have 100s.

There are too many scam coins, that are overwhelming the crypto market. We need more great tokens, that already have their working product, that we can use in our daily lives. Most of the tokens do not even have an MVP yet.

As for me we don't need all these altcoins, because some of them their purpose is to scam people. But I've seen a lot of good projects also that I never thought it is possible, why don't we give them a chance to create a project based on their ideas and creative minds. After all, it's up to us  invest or not.

Most of the thousands of cryptocurrency nobody needs. They were created at the peak of the capitalization of the cryptocurrency market in order to earn some money due to the huge flow of investments in 2017. It is already clear that at least 80% of the projects were frauds, and these coins will not remain even in history.

Only if there is a real benefit from them, and today many coins are just dummies and they are created only for the purpose of getting rich quickly, so the real product is what you should pay attention to first.

According to CMC there are 2097 cryptocurrencies. It is a way too big number, but we are at free market and
competition is allowed and it is good for the progress. Best projects will survive and the others will fail.
This is the  natural selection on the market.

useful will survive and that do not have a purpose clearly will be a waste of coins and only settles at the base. well, maybe that expression for a large number of current crypto. lovers of crypto himself will choose where the crypto and which ones are not. so, of course, I just the best functional and which will survive and be the choice.

 Competition is a necessity in the crypto-market. And that is why a vast number of crypto is out there in the market. More coins are emerging almost daily to maintain the competition in the market, and though not all of them are able to stay in the market, their emergence is essential for the grpwth of the market.

Different projects have different visions and purposes. There are some scams but many projects provide very good services to their users. All these coins promote more copmpetition which is beneficial to the market.

There are lot of coins that lack purpose and long term vision. Some projects actually use cryptos for their projects and cannot use the main coins for the same purposes. More cryptos mean less pressure on each separate blockchain.

Due to the popularity of cryptocurrency there are a larger variety of coins now than it was before. It's not technically a bad thing as it isn't hurting anyone rather, it gives people more options and if you're looking to invest you can choose one or several depending on what you're looking for and interests you.

Indeed, this is a fact that today should be, because today many projects are simply being created in order to increase the demand of people for cryptocurrency, I am sure that this is important today.

It's true that many different coins won't work like the more the merrier. But there are some special works where the popular coins can't be used and different criteria needs different coins. But again, the scope of scanning might increase, but the scope of investment too.

The same question can be asked, why not only 5 brands of cars? everyone wants to compete and occupy leading positions.

I think that is really normal . There are too many developers in all sectors. Everybody try to develope better one. Also there are many kinds of investors and people want to choose the best one. and everybody can like different coin because of some reason. so i think that is normal and good. we have that kind of choices.

I really understood the question the author of the theme. If the founder raises money for the project,then he must purchase tokens of another project to pay off the buyers?

In the beginning the new crypto was partly good and could be accepted by the community. But sometimes it may be constrained in the middle of the path of a failed project program that makes it a waste. so you should not need a lot of cryptocurency better but with real certainty so investors are happy and easy to control an investment.

my  opinion  for  this   situation   is   that  it  is  good   to  have  lots  of coins  because  they  give  us  more  options  but  not  the  fake  ones  i  mean  not  to  copy  from  the  top   coins and  to make  exactly  same  thing.

But if it doesn't have value, then why still make them? I know, it has its own purpose. I just wonder about its uses and what happens to it once its purpose has been served, I guess.


Are their prices dependent on bitcoin's own prices, or can they simply allot whatever price they want for their altcoins?

I don't see something bad about this. Some project will be dead and some of them will survive and of corse people won't stop making investments

I will not comment on the number quoted by Wikipedia, but it's indeed true there're many cryptos in the market and it's very difficult to keep a track of those. I have always preferred quality over quantity, but when it comes to crypto world sadly that's not the case. There's nothing one can do expect weed out the spammy coins and if interested collect decent ones, while I don't like alts I have added few to diversify my portfolio but I'll sell them as soon they rise and buy more bitcoins.

I don't think such amount of cryptocurrency is needed but to be honest, there is a little amount cryptocurrency is there with utility while the others are nothing but some shitcoins. So, we need more real utility coin for using our daily life.

Wikipedia is more reliable than some people think in fact, even if anybody can edit it. It ends up being an strength at the end in most cases.

I personally believe that so many cryptocurrencies it's unnecessary, but we also have to understand that they use those coins to fund startups and at the end they just keep them instead of eliminating them after - Since a great part of people buying those coins is precisely with hope to get big profits in the future.

We only need Bitcoin and Ethereum at the end.

Well theres this still successful scam coins that are blooming mate just like SCC ,they dont have legit team yet look at the price in market. Its the fomo also matters I think and the hype of it by people deceived on it but i know it will not continue in long run.

All crytocurrencies are not expected to win the race. There might be some that will rise above and might be massively adopted. Bitcoin, Ethereum could be some of them.

In my opinion it is not bad to have many cryptocurrencies in the market. All the cryptocurrencies have unique features and out of them all the strongest ones will eventually survive.

Every coin has its own features. Each are used in their unique projects. These projects are for different purposes, so we need many cryptocurrencies.

Every coin is unique in its own way. Each project is different. These projects are built on different blockchain which offers different features. So, yes, we need different cryptos. But to be honest, not all of these altcoins are any good. Many of turn out scams and it's sometimes so overwhelming just to get a proper idea about a good altcoin.

I dont see any problem if we have many cryptocurrencies in the market because most of the new created coins are fixing the vulnerabilities of some old coins which is the reason why altcoin were created from the day 1 from the debating which occurred due to bitcoin limit and I believe this was the reason Satoshi make bitcoin protocol and code to be open source.
The most important is creating genuine and outstanding coin. Once we have that there's no problem in having many coins.

Many of the coins are trash. There are projects that do not need a blockchain and it turns out that their coin will be useless. We need to have several good project in different areas of our life, which would simplify our lives and it will be enough.

There will be more cryptocurrencies which will be created before the year ends. This is because the blockchain technology is now being integrated in so many industries thereby leading to the creation of so many cryptocurrencies.

Actually we will have hundreds of thousands of ICO that will listing on CMC in the next few months and years. So be more attentive on this one. Coz more companies will create their token to incentivize  by using the blockchain technology.

No one knows which coins could be good and somehow the coins which will follow in the footsteps of bitcoin. many new cryptos may have the impact of good and bad. but this will give you good results because a lot of the new technology gives certainly crypto. of that will be identified which coins could be best not even impossible to beat its predecessor.

Yes there will be many Cryptocurrencies that will exist as long the project has real use cases then this is part of revolutionary platform. As CZ said CEO of Binance there will be more cryptocurrencies that will exist and most of this coins are back up by different kinds of industry.

It seems to me that today there will be quite a lot of development of the project, but in any case only those who the community will trust and whose project will be in demand the most will remain .

because everyone wants to be a boss, even though they don't have the intention to do a scam. The problem is that each token has a different function, so they always release new companies and have the product that is seeded. maybe in the future we will see useless tokens which will be converted into one new thing

Pretty much like stock, everyone are trying to do IPO while most of them im sure will be failed because it's natural selection. ICO is no different, people would eventually realize that ICO is no different than IPO in term of crowdfunding.

I think at this moment, the crypto market has more than 2K Coins! But how many coins you have known yet? A very few of course. Even most of the coins we don't know their name. That's why sometimes I feel we need regulations in the crypto industry. So, 1600 or 2K just a number, after a few years, lots of coins will be dead or scam or vanish!

Yes why not. for each case to argue they should not, there will be a case to say they should.

No, a lot of coins won't do any good. Better they will be few, but such who have a good working draft. For coins the main thing that it can be used.

Having a mass of coins isn't really good.

But somehow I'm looking to the positive effect of it that most of them will still fall to bitcoin if they will start selling those coins.

Yes as there were many different people with different ideas, they saw this as an opportunity to raise money through ICO and started their own company.  Thus today there are many cryptocurrency that exist. But projects that has no working product or has a useless working product will eventually fail. It's like survival of the fittest.

Crypto still being in a nascent stage, this is bound to happen. For in all these new cryptos only a few will successfully survive.

Well I guess everyone wants to have their own identity in the financial system in the form of their own cryptocurrency and of course, each one promises to be be better than the other so it's just really up to us to identify which ones is worth getting into and which ones are not. Let's allow them to develop whatever currency they want because in the first place, we don't have the right nor the means to stop them, do we?

No, it should not be. What can we do about those other cryptocurrencies if it does nothing to the cryptocurrency? I like the idea of the you should always look for the quality and set aside the quantity. It is applicable for all things such as here. You will manipulate the most profitable ofcourse because all we want here is to make the cryptoworld healthy. We must disregard the other coins.

view all the coins that are on the stock exchange on mainmarket. and also on the form of new projects. each project wants its own coin, it is clear. it's trendy. although a large number of disadvantages, it still gives competition.

No I think it shouldn't be that way because that it the cause the many people are afraid to invest in crypto. And people always make that coin in order for them to get money from other people for their own agenda.

if now there are indeed many cryptocurencies that appear but they are of less quality, unlike the previous ones, cryptocurency with not too many participants but their coins weigh.

I also find, that there are too much crypto currencies on the market and they are going to become even more, because there is still enough ongoing ICOs. But I think we should ban all the projects that do not have a working product a year after the ICO.

Absolutely not, but people are still investing in everything or have invested till August. Thats why we have such a variety of coins and I am sure that at least 50 percent will never develop anything and will quit without any product.

So what if there are million different types of cryptos? You are not required to invest in all of those. Just choose which one has to most potential based on your own analysis although sometimes, the newer ones are better. Just use your good judgement whatsoever.

I think you asked a very interesting question. It is very difficult to answer your question. I think no one can answer your question.

Since so many people/group wanted to make their own private cyrptocurrency for their project/company.
That is what makes there are so many new cyrptocurrency being created.
I think utilizing existing coins already suitable if its only be used as the way to collect funding.

That is life if you are going to indulge yourself into different or particular activity you should look for the pros and cons or advantages and disadvantages that might bring of it. In trading it needs to clarify clearly what will be the result so that you will be able to distinguish what to do. The decision making will bring you to positive and both negative as well.

m-m... what to buy at now?

I think now it makes no sense to sell something

I've heard of Virie as well.. and i think that they are actually doing quite good at the moment.
As of, on or max 5 cryptocurrencies.. i think that's easier for people to understand this mecca of online coins. I think that more and more people get lost in their online research and get unsure on which to invest and what to do with their investment, how trading works and how everything helps them. Also.. most of people don't really know what block chain means or is.. and also everybody thinks that all the online investments are some sort of scams by the end of the day.
So, in order to be able to have one unique currency, i think we should first educate the consumers and then unite as many currencies in order to have less on the market. Also, by putting together more currencies i can only guess that they will become more valuable and also governments will gain their trust and so we will have worldwide crypto payments made legal.
On the other hand, what the Virternity project aims is a really cool thing. I've been researching about it, read their book/project and i really hope there is a future for the idea.
An owners free world is what i've always dreamed of! Don't you?