Are so many cryptos good for the world? Or is it better to have only a few?

[NorrisK]

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.

[1715355047]

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[1715355047]

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[yenxz]

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 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.

[BlockyChain]

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!

[jubalix]

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.

[DrLove2048]

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

[avatar_kiyoshi]

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.

[romero121]

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.

[Herbert2020]

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?

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.

[SFR10]

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).

[Betwrong]

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 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.

[bipinbansoli]

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?

[Pk880058]

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.

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.

[gkv9]

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...

[7788bitcoin]

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...

[D3ViL]

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

[NeuroticFish]

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?

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.

[talkbitcoin]

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.

[fair_player]

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.

[m4nki]

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.

[opossum]

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.