Today I decided to look at the different crypto currencies on coinmarketcap.com. There are currently 788 different crypto currencies. That is huge. In fiat currency, that means money for 788 difference countries. If you think of the Euro and CFA then that means that 788 currencies will be used by almost 800 different countries.
Bitcoin was created on the 3rd of January 2009 and some who believe in cryto currency or at least feel like risking their money invested in it. Many of them are now millionaire. Then, more coin were created. For instance, lite coin was created in 2011. Dogecoin, Emercoin and gridcoin were created in 2013 and other coins followed. Since then more coin have been created.
Now the real questions is, what does this mean for us all?
The first thing to consider is that the more coin been created, the more it affect the worth of other coin. For instance, when I first decided to invest in crypto currency, All I know of is E-dinar coin and Bitcoin. That was all. I bought some bitcoin for my self and later, I kept hearing of Ripple, dogecoin, Ethereum and the rest. Then I stared exchanging my bitcoin for the other coin. It is clear, the more coin we have, the more it affects other coin.
Secondly, some of the coin were been created by individual who has not future plan for this coin. The create them, involve in pump and dump strategy, earn some bitcoin for them self and goodbye. That become and abandon. Investor and traders need to make a lot of research to be sure before investing in any crypto currencies.
In a nutshell, having many coins is not really a blessing for us. We don't need many of them. Please think well before you invest your money on any coin.
Please this is just my own view point. I really welcome your comment and please let me know if I am wrong.
Please Upvote and resteem
Photo credit: proactiveinvestors.co.uk.
Bitcoin made early investors millionaires and completely changed the potential of a global currency. However, there is no way that these altcoins will reach simoar levels. At some point the crypto market will peak, and ICOs will face regulation. It's just simply not feasible to have so many coins that gain value. We have perfect use case for several coins right now. Accenture and IBM are just two companies that have rolled out blockchain technology without a coin.
The pump and dump teams and schemes that people are successfully crushing some money on will only hurt the community and causes regulators to step in and make uneducated decisions about the space.
In the next five years I think ten coins will run the table of market cap. Altcoins will still be around but the "gold rush" era of crypto will be gone.
If your not invested in crypto now is the time to get involved!
I like BTC, ETH, LTC, and dash for now.
Good points. I agree with you. Thank you for sharing your comment. I sincerely appreciate.
Yup, I agree.
It is out of hand and something will cause more regulation and consolidation.
Welcome to this quantum reality. We seem to be a few years behind you, but several years ahead in cryptocurrency creation.
It was a typo error. That has been corrected. I mean 3rd of January 2009.
Eventually, I think they'll consolidate down into one like the powers that be actually want and then chip everyone ;) Boooohooohahahahahaha!!!!! (eeerrrrie vampire horror flic music.........)
i agree most of the altcoins available are shitcoins that are probably doomed to die in a few years.
Well not all will die. But maybe many will.
i said most, i never said all.
I am very sorry about that.
no problem. anyways i upvoted :)..have a nice day
Thanks for upvoting my post. Will do same for you too.