Should there be that many cryptocurrencies that exists?

[valek.bruno]

Indeed, this is a fact that today should be, because today many projects are simply being created in order to increase the demand of people for cryptocurrency, I am sure that this is important today.

[Asger223]

It's true that many different coins won't work like the more the merrier. But there are some special works where the popular coins can't be used and different criteria needs different coins. But again, the scope of scanning might increase, but the scope of investment too.

[sotovid]

The same question can be asked, why not only 5 brands of cars? everyone wants to compete and occupy leading positions.

[ADgordo]

I think that is really normal . There are too many developers in all sectors. Everybody try to develope better one. Also there are many kinds of investors and people want to choose the best one. and everybody can like different coin because of some reason. so i think that is normal and good. we have that kind of choices.

[fibrolit]

I really understood the question the author of the theme. If the founder raises money for the project,then he must purchase tokens of another project to pay off the buyers?

[Afiqa03]

In the beginning the new crypto was partly good and could be accepted by the community. But sometimes it may be constrained in the middle of the path of a failed project program that makes it a waste. so you should not need a lot of cryptocurency better but with real certainty so investors are happy and easy to control an investment.

[maaydin]

my  opinion  for  this   situation   is   that  it  is  good   to  have  lots  of coins  because  they  give  us  more  options  but  not  the  fake  ones  i  mean  not  to  copy  from  the  top   coins and  to make  exactly  same  thing.

[Emily_Davis]

Any one can create a coin (that doesn't mean it has value).

But if it doesn't have value, then why still make them? I know, it has its own purpose. I just wonder about its uses and what happens to it once its purpose has been served, I guess.

One of the many problems that you'll notice is most coins tend to lose value because of Bitcoin price movement which stops others from supporting a certain coin even if it's legit.

Are their prices dependent on bitcoin's own prices, or can they simply allot whatever price they want for their altcoins?

[Litefoxx1698]

I don't see something bad about this. Some project will be dead and some of them will survive and of corse people won't stop making investments

[Juggy777]

As of August 2018, there are over 1600 cryptocurrencies that exist, according to Wikipedia. I know that Wikipedia isn't the most reliable of sources because anyone can edit it whenever they want, but the point is the number of cryptocurrencies being introduced. Some of the new cryptocurrencies I've heard were DeepBrainChain, ByteCoin, IOST, and Elastos. There's also a new coin called Virie, which is apparently a cryptocurrency used to crowdfund and jumpstart the Virternity Project, a project that aims to digitized our minds, economy and the society. I believe that not all new coins aim to scam people, but do we really need more cryptocurrencies? Do we need new cryptocurrencies for every project that exists? Why can't there be one or five cryptocurrencies that all projects can use?

I will not comment on the number quoted by Wikipedia, but it's indeed true there're many cryptos in the market and it's very difficult to keep a track of those. I have always preferred quality over quantity, but when it comes to crypto world sadly that's not the case. There's nothing one can do expect weed out the spammy coins and if interested collect decent ones, while I don't like alts I have added few to diversify my portfolio but I'll sell them as soon they rise and buy more bitcoins.

[tanvir232]

I don't think such amount of cryptocurrency is needed but to be honest, there is a little amount cryptocurrency is there with utility while the others are nothing but some shitcoins. So, we need more real utility coin for using our daily life.

[xWolfx]

As of August 2018, there are over 1600 cryptocurrencies that exist, according to Wikipedia. I know that Wikipedia isn't the most reliable of sources because anyone can edit it whenever they want, but the point is the number of cryptocurrencies being introduced. Some of the new cryptocurrencies I've heard were DeepBrainChain, ByteCoin, IOST, and Elastos. There's also a new coin called Virie, which is apparently a cryptocurrency used to crowdfund and jumpstart the Virternity Project, a project that aims to digitized our minds, economy and the society. I believe that not all new coins aim to scam people, but do we really need more cryptocurrencies? Do we need new cryptocurrencies for every project that exists? Why can't there be one or five cryptocurrencies that all projects can use?

Wikipedia is more reliable than some people think in fact, even if anybody can edit it. It ends up being an strength at the end in most cases.

I personally believe that so many cryptocurrencies it's unnecessary, but we also have to understand that they use those coins to fund startups and at the end they just keep them instead of eliminating them after - Since a great part of people buying those coins is precisely with hope to get big profits in the future.

We only need Bitcoin and Ethereum at the end.

[labilaab]

We have the same question pal. I used to wonder about that also before. If there’s no halt in producing altcoins again and again maybe it will have a big affect in market even to Bitcoin itself. Since the volume of investors that is supposed to be for Bitcoin is now divided to other altcoins .

The problem here is not altcoins being created. People can freely create altcoins as much as they want and there's nothing we can do about it. The problem here is that people still "invest" in certain altcoins that are obviously is a scam or at least has a useless use-case.

Hopefully by time, people are gonna use their brains a lot more. Being able to do ICOs is GREAT in my opinion. If only it wasn't filled with scams.

Well theres this still successful scam coins that are blooming mate just like SCC ,they dont have legit team yet look at the price in market. Its the fomo also matters I think and the hype of it by people deceived on it but i know it will not continue in long run.

[Niresean]

All crytocurrencies are not expected to win the race. There might be some that will rise above and might be massively adopted. Bitcoin, Ethereum could be some of them.

[Taylia]

In my opinion it is not bad to have many cryptocurrencies in the market. All the cryptocurrencies have unique features and out of them all the strongest ones will eventually survive.

[Wicomas]

Every coin has its own features. Each are used in their unique projects. These projects are for different purposes, so we need many cryptocurrencies.

[Oliedric]

Every coin is unique in its own way. Each project is different. These projects are built on different blockchain which offers different features. So, yes, we need different cryptos. But to be honest, not all of these altcoins are any good. Many of turn out scams and it's sometimes so overwhelming just to get a proper idea about a good altcoin.

[suzanne5223]

I dont see any problem if we have many cryptocurrencies in the market because most of the new created coins are fixing the vulnerabilities of some old coins which is the reason why altcoin were created from the day 1 from the debating which occurred due to bitcoin limit and I believe this was the reason Satoshi make bitcoin protocol and code to be open source.
The most important is creating genuine and outstanding coin. Once we have that there's no problem in having many coins.

[Ultimist]

Many of the coins are trash. There are projects that do not need a blockchain and it turns out that their coin will be useless. We need to have several good project in different areas of our life, which would simplify our lives and it will be enough.

[42K]

There will be more cryptocurrencies which will be created before the year ends. This is because the blockchain technology is now being integrated in so many industries thereby leading to the creation of so many cryptocurrencies.