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Why is there a continuous increase in the number of cryptocurrencies?

Because decentralized technology is still new to the world. Its market penetration and adoption is still negligible.

With the passage of time as more and more people are aware of this technology, it is becoming more and more popular. 

Now even many countries has started accepting this as currency and many other are in the process of adopting.

So in future a more countries will jump into it and it will gain more trust of people. Its value will also increase.

Honestly speaking, crypto has still lot of potential in it. Especially if someone is targeting it for a longer period. 

If someone intends to invest in this business, one should be very careful and have proper study of the crypto currencies, which he/she intend to buy.

One should also be very clear which type of investment he/she wants to make i.e short term or day trading, medium term and long term.

It seems that prices are at the lower side and eventually will go up if invested for the longer period. The point here is one should invest only that much of amount which he can afford to hold for a longer period. 

If someone is will for short term, he should have proper market research before entering into some coins. It is also advisable to have some market to form an opinion.

Another point where many of us make a mistake is that one should not invest all the money in one coin instead invest should be diversified. 

One should not make all the investment at once in one time instead investment should be made in steps. 


99% of them are for greed. People are hoping to cash in on the "easy" money that is crypto currencies

Very few of them offer any innovation or purpose at all. Those are usually the ones that stick around. 

The others are pump and dump schemes or scam ICOs designed simply to make money for the creator and the few that are involved at the beginning.

It's so easy to clone a coin now, change a few variables and voila instant new crypto-currency. Also since this is an unregulated area it is prime real estate for scammers and hustlers to come in, create a coin, scam, pump and dump, abandon the coin, create another and repeat over and over again.

Since the coin never actually "dies" (the closest thing to death would be to be delisted) the number of crypto-currencies simply keeps increasing over time


Because they keep finding suckers to invest in them promising that their coin will be the next bitcoin. They then pump and dump and move on to the next sucker. 


To make money.


One important fact is that human imagination is limitless. We are bound to create and discover more things for a lot of purpose.

As mentioned by Einstein in his quote : "Logic takes you from A to B. Imagination takes you everywhere". 

It is a result of hardwork and implementation of ones idea, may it benefit the society or be done from greed. There are more cryptocurrencies coming which will create a big impact to the world and more cryptocurrencies that are made out of greed. The truth is, our minds dictate everything.

As far as I can see, there will be more currencies with it bringing more new and innovative technologies which will surely revolutionize the world. I am perfectly waiting for a cryptocurrency that will help our governments systematize their processes with it being transparent to the people.


Because it nearly all cryptocurrencies are open source projects for obvious reasons. If they were closer source, you couldn't trust your money with them. Because they are open source, there are a lot of projects out there whose codebase anyone can use as a basis for their own cryptocurrency project. There are a few platforms that even allow for the creation of new tokens on that platform by anyone.


The reasons are surely multiple.     

The will to propose a better solution. All cryptocurrencies are not perfect. Sometimes one is secure but not scalable *; sometimes scalable but not secure; sometimes secure and scalable but poorly decentralized **. In short, this is called a trilemma and especially the trilemma of blockchains.     

The will to do well, or naivety. Some people want to do well and think that a national cryptocurrency, or a local cryptocurrency, can be useful. She can, but it's taking a bad course in my opinion.     The desire to create an ex-nihilo value to enrich oneself, or simply greed. This happened when the market was emotional, sometimes through ICO, sometimes with real cryptocurrencies.

.* Scalable means that the network is able to handle an exponentially growing data stream. 

** Decentralization is one of the most important points, without which a cryptocurrency is ultimately no more interesting than PayPal for example.