Do we really need a lot of Cryptocurrencies?

[Docbee]

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.

[1715253983]

1715253983

[ColdEmbrace]

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.

[secondhandlark5]

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.

[medical-student]

...we only need 1 for every industry...

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.

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

[pitiflin]

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?

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.

[baricuri]

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.

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.

[evichi]

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.

[ripzombie]

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.

[bharatpatel]

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.

[elrugrim]

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.

[goolesby]

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.

[Rrtt]

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?

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.

[Asmh85]

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.

[timmydakolo2]

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?

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

[irenegaming]

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.

[Lilmon]

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.

[Reatim]

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.

[deeofficialx]

...we only need 1 for every industry...

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.

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

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.

[Golftech]

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.

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.

[ballerin and giroud]

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.