How many cryptocurrencies does the world need?
There are 1,110 cryptocurrencies registered on Coinmarketcap.com; nine of them have a market cap of above $1 billion, and 377 have a market cap of above $1 million. This naturally begs questions like “Does the world need all these cryptocurrencies?”, “Will the one with the largest market cap survive and all others disappear?”, “Will a new currency take down the rest of them”, and “Could all these currencies co-exist peacefully” (no one really believes the last one from what I’ve seen).
When looking for answers to these questions, it’s natural to look for a familiar analog to compare cryptocurrencies to, such as fiat currencies or precious metals.
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