Do we really need a lot of Cryptocurrencies?

[pinoyden]

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.

that is indeed the benefit of having a lot of cryptos but not all cryptos are worth to invest with . traders and investors do only need a lot of cryptos but regular workers such as bounty hunters do actually hates it because it can only cause confusion to them . more cryptos do also means lesser price for the big coins like btc and eth because that causes them a competition in which people can divert their attention to other different types of coins instead of foccusing to the legit ones .

[MancyZz]

...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.

with more and more features Cryptocurrency will be very capable of producing many more advantages to be able to continue to grow. so the number of supporters Cryptocurrency make progress against the influence of many more in profits.

[eaglewhite80]

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 is no need for the increase of number of cryptocurrencies and there is also no need for the decrease. If they want to produce new cryptocurrencies, they have to make sure that the coins they're making are not shit. Because shit coins will only confuse people and make other people's research a waste of time.

If we actually look at most of the cryptocurrencies we are seeing today, a lot of them are just shit coins and recycled ideas with the team having no mind to even want to make an attempt at all to building something in the long run and for those kind of coins and tokens, it is really not necessary.
But of course, it is a decentralized and a non regulated space and that makes it a whole lot easy for scammers to evade the space, which I believe as the market gets matured , it would change eventually as we get to see the shit ones disappear.

[romeolopez21]

Yes. Their trying to survive becoming in a fight and this fight helps to kill unnecessary coins that are weak or don't have the future and during this event other strong coins become stronger too.

[Privatoria]

There are already over 2,000 cryptocurrencies at coinmarketcap. Definitely, we don’t need such a number of crypto assets. There are not even two hundred states in the world, and here there is such a large number of coins. I think that most of them will not soon remain even in our memory.

[Nasonn]

Seriously we don't need this much cryptocurrencies as we already have. It almost makes the crypto market a bit childish since almost anyone can create a coin and organise an ICO at the end of the day the coin will make it to the exchanges with nothing new to add to the already crowded market.

[Pab]

There is too many of them already
So many of them has died already
Many will come many will die
The biggest problem with crypto is usage there is not any usage of crypto
Just trading  to btc
But alts are useful because they are crating demand for bitcoin

[wanted sliter]

yes, we need lots of cryptocurrency. but as for now. more over 2000 altcoins
it's ridiculous lots of them.
just make us so much unfocus when trading.
the bad thing about this technology is it was too easy to copy a coin.

[patispace]

Perhaps a large number of cryptos is not necessary, but we must be aware that this technology is developing in the midst of a free market that is looking for the most functional options that can really mean a valid alternative to the current financial system. Therefore, as long as there is no consensus regarding the ideal characteristics that a cryptocurrency must have in a way that satisfies all its potential users, there will continue to be an endless array of options that, in the end, will contribute to maintaining this market in a continuous evolution and improvement.

[crenfrosck]

Not at all, but at this stage, there is an enormous competition between the teams and it is probably going to pay off. One day one of these startups might become a big fish and it can become mainstream as well. It is a byproduct of an unregulated space that is inspiring creative people to come out with a game-changing idea. It is definitely the time that will be later classified as the "good old days.  "

[Zooplus]

Seriously we don't need this much cryptocurrencies as we already have. It almost makes the crypto market a bit childish since almost anyone can create a coin and organise an ICO at the end of the day the coin will make it to the exchanges with nothing new to add to the already crowded market.

Right.They are still not helpful to the success of the crypto world because most of them just died easily and won't even last even a year or two.For me having bitcoin is already enough.Its potentials cannot be broken easily and its here already for almost a decade so it's already well trusted by a lot of people.

[Luvr1000]

if you analyze all the cryptocurrencies that exist, then among them there are a hundred really worthwhile ones and the remaining ones can be deleted because it is just a scam

[Caelanpelley]

Invest in electronic money to make a profit. Should hold as much electronic money as possible. Only thing you do not have money to buy many electronic coins. When the currency goes up you will be profitable. Many people get rich from investing in electronic money.

[Gab20]

It is not about the amount of cryptocurrencies we are dealing with that matters, but  the number of good ones with products that can be adopted.
Some people just bring up projects for the sole purpose of making money, which is not good for long term inventors.
For every good project,there must be long term prospects and such must be productive.

[kevinzxz]

of course we need a lot of cryptocurrency, because if we only have one cryptocurrency then the cryptocurrecny price will be unstable and can be manipulated, so we have a lot of cryptocurrency so we can have many choices and to avoid price manipulation

for example, every country has money itself because if every country has only the same money then the money will be very easily manipulated so that it can destroy the country.

[b3llsf1l3s]

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?

actually we don't need cryptocurrency, quality is better than quantity. but what happens is that there are projects that have different objectives, even though there are also the exact same ones, plus the number of scam projects. why projects that have almost the same goals do not collaborate with each other

[Asantewaa2000]

Yeah, so far as the world's problem keep on multiplying and solution are been made more coins will pop up. Every coin come with it own purpose and uniqueness but for it to stand the test of time only time will tell since most of the coins lose it relevance.

[fitzzz]

We need this to have a competition so developers will trigger to do their jobs. And if there is no competition there is no market. If there is no market there's no fund for development of bitcoin.

[atariguy]

This is a new area and we can not yet say exactly what we need and what is not. Everything develops as it should develop, and the observed

[CryptoToxicAvenger]

I don't think we need to have a lot of coins. Because most of them are garbage who nobody will use. We need only useful coins, and there are not many of them.