Bitcoin Forum

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?

I'd say nearly 99% of these 674 different cryptos are worthless clones copypasted to death and full of bugs. They have little value and will eventually die. Many have a market cap smaller than the average persons yearly income so I don't see that as being a threat to governments whatsoever.  :D

How many of these coins also were built upon older codebase that keeps replicating insecurities from one to the next? It boggles the mind.

I think the good ones will survive, and the bad ones will die. The market will decide. The same applies to the fiat currencies - some are on the way out.

One way or another, the dev of that 99% worthless cryptos came from another successful altcoins, who resigned and then creating their own with hope to replicate the success of that coin where they came from.
The problem here is not the coin per se but its the dev behind those shitcoins that has no concrete plan on how to move it forward. They only have a concrete plan right up to ICO then they just totally forget what they started. More like, next coin please.

We can all voice our opinions...
but in the end whats good for the world is for no one to decide

It doesn't really matter how many cryptocurrencies there are. It just matters how many of them actually get used. One of the long-term goals of the really good altcoin development teams is widespread adoption by merchants. That's one reason I accept so many altcoins for my writing services through Coinpayments (https://www.coinpayments.net/index.php?ref=6c8ae2bf41ba5dd6351fec80cc14518f). I kinda sympathize with the altcoin dev teams who are really trying to be seen as something other than a worthless scamcoin but are facing obstacles that include that kind of reputation.

Well, creating your own coin is not regulated by any laws or licenses. You can create as many altcoin as you wish - and it is pretty easy process.
Even if you are totally IT newbie you can hire someone to code a coin for less than $50. It doesn't matter if we have so many alts - 99% of them are useless anyway.

Bitcoin, Litecoin and maybe some privacy coin like Zerocash is all you need.

There will eventually be multiple crypto-currencies.

I suspect two or three that like bitcoin are international in scope, and there will be a few that are regional specific meaning they are rarely accepted at businesses outside of the geographical region they serve.

People who think a bitcoin will someday be worth 10 grand are going to be disappointed, because when it starts to get that valuable is when the demand for crypto-currency starts to be met by alternatives.

Many of them are useless and they will die with the time, many of them died already i guess, only the ones with higher values will stay in the market so there won't be any problems for this in future.

I guess that you should do your own research to make that decision yourself. If you hang around asking people you don't know in the forum in what coins to invest you will be harassed by every coin community shouting they have the best coin and that you should old it!

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! ;)

There are quite a few "good" coins to keep and sell just for profits, but not much innovation on them, just another way for the devs and possibly other people to take advantage of. Bitcoin and litecoin are what I think are the two best coins to hold and nothing more. Almost all of these cryptocoins are just ways to generate money for the devs and not much other than that.

Most of these altcoins are outright useless and only out there for a quick pump & dump. I don't think there is a restriction on creating new cryptos though.

Ok I totally disagree ^^

LTC is useless it's btc bis.
Bitcoin is the backbone of all of it of course.

But those altcoins are important. Look at the PoS system, it's brillant, innovative, and so is ETH.
Altcoins that are not just copypaste of btc are usefull because they innovate. And they make btc innovate too! Without the threat of other alt, they wouldn't even care about the size issue ^^

Interesting speculation. Unfortunately, crypto does not create new money. There's no problem to fix here by anyone and no real possible economic trouble either. The only problem being the division of investment as you notice.

7 Billions might be a considerable part of a country budget for many countries but it's far from being a "huge" amount of money worldwide.

When all is said and down there will be a handful of crypto that matter, and probably hundreds that dont.....

A shitpost that says absolutely nothing^^^^^^^^^^^^^^^^^^^^.

Siameze said it, and I second this:  99% (at least) deserve to, and will, die an ignominious death and likely within a year.  They are worthless playthings of ignorant and poorly-capitalized speculators created by mouth-breathing, neck-bearded computer programmers with not an ounce of creativity.  As such they deserve their fate.

TL;DR:  Fuck 'em to pieces.

Its best to have a full plate when it comes to different cryptos because different aspects become
heightened and expanded on for future changes all along the pipes.
Also gives people a niche they can belong to and hold for profits.

there are only about 20 that have any interest or prospect to last. the rest are just pump and dumps.

so if you concentrate on 20 currencies, and then compare it to the fiat legal tender world. which has 180 currencies.. then i think that there is room for all of the 20 main crypto's to prosper and work along side each other and work along side fiat without issue.

They are not really good for the world, but they can be good to you if you get in at the right moment. If you look at all the coins exploding lately, with massive volumes, there has been plenty of opportunity to make 2-10x investment easily on several coins.

Other than that, most of them have no real use and are only being hyped by the creators to increase their wealth.

i believe that good cryptos is just few in this world,they must be really consistence and life long,also have good volume over the year.

Most of those cryptos have very low volume, and very low users. I think sticking with a few is good, but you never know - maybe one of those cryptos will become very popular!

by class actually offer something different, yeah only 20 or so

I think competition is always good....one of them is going to win out or 2 or 3, each niche will be filled.

So yeah bring on competition.

From a market standpoint it is probably a good thing. Freedom of choice and everything.

From a growth aspect, it probably hinders a little because outsiders will go to look into crypto currency and see 700 coins with all these strange names and think it is childs play

Too much sh*tcoin out there, the coin is just a clone, maybe same developer. The coin is maybe just for advantage developer, because it's easy to dump and dead.
Just research first before adopt altcoin.

This is too much. More the number of cryptocurrencies existing the worthy coins like bitcoin,altcoin,eth will also loss its value. Even when the number gets constantly increase there will be governments intervention which may sometimes lead to banning of alternate currencies.

not all of those alternative cryptocurrencies are good or even legit. there is a lot of dead coins, scam coins, copycats without any change. so there is in fact a small number of altcoins (less than twenty) that are active and worth mentioning.

and to answer your question, i think it is a good idea to have more than one cryptocurrency. another altcoin that is good enough that can coexist with bitcoin and offers some different features than bitcoin so the users have additional choice.

and in the future i am sure that this is going to happen one of these coins that we see or maybe a new one is going to get big enough to compete bitcoin.

I have to say that, surely it's better to have only few as compared to the amount already exists now. The problem here is many would want their own coin and as result they pay someone to create a coin for them (just for sake of having their own coin) without having the intention to make it a good coin so others would use as well and as result were in a sea of too many coins that technically, are worthless and somehow damage the image of good coins too since some look at them and think other crypto coins are on the same standard to those. At most I would say 5 alt coins is more than enough to compete and be useful overall and keep on developing into something better (assuming they all differ in someways).

I agree with you. I think nobody needs 674 different currencies. The good news is that actually most of the introduced currencies don't last long so we have not that many. Also I think if someone wants to make a new crypto there's nothing wrong with that, it's like making funny fake "money" for a party.

wow Thanks sir  for this information on altcoins but then also their are so many altcoins who are almost done to pump and dump and some are ready to get burst and start to do this pump and dump procedure.

Can you please give some information on which are the 20 main cryptos you think will prosper. as i am not much knowledge about crypto but after your reply i am keen to know about this crypto so that i can also earn some from this crypto trading. as much i know dogecoin and litecoin other crypto i dont have much knowledge.

It's not about having, but about giving importance to...
The ones that you see with huge market capitalization next to BTC are the ones which are given good importance based on the technology and new features that these coins possess which seem better that Bitcoins...

I think we are in the experimental phase in which we need to fail n times... So it doesn't matter how many we have...

there is infact a very few good alt coins out there, the rest are useless and mere copy cats.most of the coins will fade away at some point. good or bad cannot be judged just like that only time can give a solid answer

Are so many species good for this planet?

Some coins are clones, scams, dead, worthless, jokes, ... and some bring inovation, great new features, some do good research.
The best "10-12" have the biggest communities, they are talked about most... but without the other many coins, some of these "10-12" would have never existed.
As simple as that.
All have the right to exist. The fittest ones will prevail.

it is obviously lways good to have multiple choices.

it would be like having paypal and another payment processor. or like different banks with different names.

as long as they all do similar things but with different perks, there should be multiple alternative to bitcoin too.

Well, I think the more we have people thinking about digital currency, the better. Obviously only a few coins will survive, and what dictates which one will survive is how useful and innovative it is.

In my opinion, a good cryptocurrency is well designed to serve one specific purpose.

In the end there will be plenty of different successful coins, each of them designed to work great for their purpose.

Competition is good when things are actually improved on and not just another pump and dump scammer throwing out a shit coin. In my humble opinion there is room for the top ten what bring something new to the game, everything else will fade out when the scammers have cashed in their bags.

In reality, most of alternative crypto currencies have no real use and are only being created and extremely hyped by the creators to increase their wealth and they usually fall after that (pump & dump).

Exactly, many of them are just created with the thought that they may get a value in the market but they don't, and then they just start dying because no one uses them.

I think in the next few years, there will be a few winners, and alot of losers.......

That Expanse coin is picking up a lot of momentum right now anyone mining this and selling for profit or holding?

I saw that people created a lot of fake crypto to earn money by actions of potential users. They give crypto for example for likes on Facebook but it will have never been valuable  :)

It's not fake, it's useless.
They're not fake as they do work. It's just that no one use them ^^

i think it is good to have all these alternative cryptos, because it is an open source technology and everybody can copy and change the code to improve it.

besides as long as a new altcoin is created and introduces a new feature even so small, i think it is helping the technology go forward. and eventually all the bad ones would be forgotten and the good altcoins will remain and grow out to be big.

To be honest you can barely call this a choice.
Most coins aren't even working, they don't have a wallet or anything. They just exist.

How can they even exist if you can't store them? Or well ok they exist because the code is published. But if you can't store them in a wallet you can't mine them. Means that they don't practically exist.

That's what I mean ^^
Lot's of coins are released just for early investors, the code is published but nothing more! And they sometimes get a hell out of money from it xD

I think we only really need one and one would be best in my opinion especially if we want some sort of global currency, but I believe in the free market. I believe in bitcoin as well but if something obviously better comes along that will probably get adopted. I think having all these niche coins for stupid shit is pointless and they'll likely die off over time anyway once people realize there's no real use for them so one will ed up prevailing over all (arguably bitcoin has done that already).

There are only a few which can be seen as reputable crypto currencies.
Others will die in the near future.

I too do think same. That is the reason I am personally using only one Crypto Currency. That is bitcoin. But in my opinion also, most of them will never live long. Bitcoin is first and most trusted and also best crypto currency.

I think around 10-12 currencies are better that having 674 different currencies and it will not threaten the existence of crypto currency world. 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.