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.
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Photo credit: proactiveinvestors.co.uk.