This list of thousands of crypto currencies shows exactly what is wrong with them.
Sure there is a limited supply of any one coin, but anyone with a computer can make a brand new currency. Money supply expands faster and more easily than fiat.
—> Sure there is a limited supply of any one coin, but anyone with a computer can make a brand new currency. Money supply expands faster and more easily than fiat.
They are more like assets - stocks - than currency...
I keep pointing that, usually to an audience of crickets.
As the central banks and big financial entities roll out professionally designed coins that can meet the demands of widescale use, all these hobbyist coins will bleed out badly.
Well I see only 200, but there may be thousands someday. Many will go bust as well.
Playing this like any other commodity, may produce some really big money if you get in at the right price, and get out at its apex.
I still believe precious metals will be the long range thing to have. If you play the game right, you might end up with even more precious metals then you could with just the fiat currency you may currently have.
I bought $250 worth which went to $470 and shortly afterwards, I pulled $300 back to cash so I can’t complain. Pulled the cash to buy rear tractor tires. My remaining crypto is sitting at $93.
I think they’ll get whittled down to a couple of dozen once a few of them see a lot of real world use, leaving the others behind. Many of them are more about using the blockchain technology in real life and not so much as an alternative currency. ALGO is the only one I have now but I did have half in BAT which is by the Brave browser people.
BAT gets real world use by being ties into the Brave browser. You can leave content creators a tip in BAT. They also give you BAT if you allow desktops notifications to be turned on that are links to websites. I’ve earned 4.25 BAT (aka $3.20 currently) and I rarely click the links. You don’t have to click them to earn.
ALGO has a bunch of real world use cases in the works. Merely holding ALGO also earns you a little money. I’ve earned $1.50 so far. Been in for 3 1/2 months.