How many different cryptocoins we need

[slaman29]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

Decentralization and democracy means that there really is no limit to currencies and tokens. We have to one day realize that we need to focus on only several important cryptos. The few as currency and means of payment (if not only one which is Bitcoin) and several utility tokens (if only there were tokens that also moved beyond trading and exchange utility). Ethereum is probably the closest in this regards, along with Monero that focuses on privacy. I see my alts and I only really need Ether for gas and Litecoin and Monero for buying. Bitcoin for everything else.

[lyons]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

I think cryptocurrency world needs a lot of coins, but of course, just the strong and promising ones. If some people stop tryig to be rich by making new useless coins, the cryptocurrency world will become much more reliable.

[nelsmining]

I would say after all the dust settles there will be somewhere in the area of 30 to 50 strong coins with around 50 to 75 coins trying to be included in that top 50 on a revolving basis. There will always need to be startups trying to make a better mousetrap.

[Haunebu]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

Decentralization and democracy means that there really is no limit to currencies and tokens. We have to one day realize that we need to focus on only several important cryptos. The few as currency and means of payment (if not only one which is Bitcoin) and several utility tokens (if only there were tokens that also moved beyond trading and exchange utility). Ethereum is probably the closest in this regards, along with Monero that focuses on privacy. I see my alts and I only really need Ether for gas and Litecoin and Monero for buying. Bitcoin for everything else.

You summed up my opinion perfectly. The possibilities are seriously limitless in this aspect. No one can accurately say how many cryptocurrencies are necessary, but what is important is the legit coins need to be identified among the plethora of scam and worthless coins. As you mentioned, I honestly feel that Bitcoin, Ethereum, Litecoin and Ripple are the only truly useful coins at the moment while there are many with huge potential like Electroneum which could be useful in the future. All that matters is that bitcoin needs to be adopted on a global scale which will help drive the value of the crypto market upwards.

[GanzLang]

You are absolutely right. The majority of new coins are trash, just aimed at making some quick money, without any product or long-term goals.

You can break coins down in to a number of categories:

Payments and Currency: Bitcoin, Litecoin, Nano
Platforms: Ethereum, Neo, Icon
Security and privacy: Monero, ZCash
Finance and banking: Ripple, Stellar, OmiseGO, Request
Business and industries: VeChain, Waltonchain, Exchange coins
Others: Ark (inter-blockchain), IOTA (Internet of things), etc.

I would argue there is a long-term use for less than 50 cryptocurrencies. If your product is trying to fit in to one of the categories above, tell me what it does better than one of the coins already in that category. If the answer is "nothing", then your coins is trash and unnecessary.

Example: Dentacoin. An overvalued scam coin, that is thankfully slowly falling out of the top 100.

Thanks for you catagorizing!
It's very useful for me!
Too many cryptos here for a newcomer. Now I can see tops and where they can be used So I can research them thoroughly.

[Igromania]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

They will be more, it not to stop.The only way not to run into scam is to seek advice from people who are not the first year engaged in the selection of ICO for investment.

[PadenoM]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

Yes this is part of the game, if there is opportunities to make money , there will be more and more people as long there is money to make.

[makishart]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

Actually i agree with you, the cryptos coins should be just several cryptos coins but it will not happening because cryptos coins is decentralize, every people has right to make their own cryptos coins related with the business and their projects. Let them makes innovations in cryptos coins, we just need to analysis of cryptos before desicions to investing in them and ignore the scam cryptos coins.

You didn't understand what already happened with crypto currency right now. The only problem is more people are realizing crypto as easy money just like more and more people try to implemented their own solution to the new crypto currency, that makes there will be more and more new coin in the market.
These days there are so many projects with non sense business plan.

[sksshopee]

This is a very "newbie" type of thought, but when you look at how many people are unfamiliar with cryptocurrency on top of how many are just plain not good with computers I think this creates a barrier to investing in cryptocurrency. there are multiple coins and how coins actually work and can hold value so it makes sense to me now.everyday new altcoins appear.so newbees become more and more confused.

[jacafbiz]

There is no limit to the number of coins we can have as long as they are real project, with improvement in technology and science more project will come to the space, but what people need to understand is that good idea is not enough to make a project success

[jan.nicolas]

A very abstract question that requires a very objective answer, I certainly will not write for so long, because I will erase my fingers, I think that we need as many tokens and coins as there are ideas for humanity to implement it, so I think there are no limitations .

[sourish]

This sounds like a pipedream. How can one stop innovation from happening, and why limit it at all. Whining or personal comfort should not be the yardsticks for universal change.

[rouhaud]

i think lot of coins can be useful regarding what you want to chieve, but i also a lot of coins are overbought at the moment, the ultities of a coin will not always related to a market grow of the price.

[Karto]

hmmm i think that 3-4 coins that you very familiar with are enough
they also can be changed depends on the momentum
but holding too many different coins is not fun :X

[lovela]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

Having a lot of Cryptocurrencies are not that bad because if you're going to match it with the gold and oil reserves, Crypto Market has still a lot of space and I do believe that this kind of Crypto Market capital is still on it's early stage. Half trillion dollar Crypto Market is a very small asset or like just an asset of a tiny country.
We need more Cryptocurrencies because there are hundreds of thousands of businesses around the world that needs to adapt blockchain and Cryptocurrency in order to offer more scalability and flexibilities to their clients and customers.

[lovela]

There is no limit to the number of coins we can have as long as they are real project, with improvement in technology and science more project will come to the space, but what people need to understand is that good idea is not enough to make a project success

Indeed, I would agree that there is no limit on Crypto Market, and I believe that having over 1,500 altcoins today do have a lot of space in the market and we still do have to make a lot of Cryptos to accommodate all the people's money and to be the world to adapt fully Blockchain and Cryptocurrency that is indeed important for our future.
Cryptocurrency is our future and it is the most important thing happened in my life since last year.

[VenturaBro]

Actually, If the entry barriers are low and new cryptocoins are easy to introduce to the market, I don't think that's such a bad idea.

This might pose a threat to the already competing coins in the market but I also think that's good. More competition means more coins stepping up their game and this is good for the crypto currency as a whole.

[Snarks]

It's just like people: how many do we need? We got billions of them. Most are useless, but 1 in a few hundred million turns out to be a genius that changes the world forever.