Since Bitcoin Created lots of cryptocurrencies are being created to compete with Bitcoin. According To This Site there is almost 1 Thousand Cryptocurrencies are in the market. That is a very big number. And many are coming in the market and this number is increasing.
Reasons:
There Is Two Reasons:
- To Be Rich
- I am The Best
To Be Rich:
It is Easy to create its own cryptocurrency for someone who has knowledge about blockchain. A person who has knowledge of blockchain definitely has knowledge of computer languages. So he can create his own cryptocurrency. It is easy to mine cryptocurrency in the beginning. He can sell this currency to others to get money. He tries to Pursue others to buy his cryptocurrency that gives the advantage to him and buy is always at on risk because most of the cryptocurrencies vanish after some days of creation this because of not getting a place in any exchange.Hence, People are creating their own cryptocurrencies to be rich.
I am the Best:
This the biggest cause of lots crypto currencies. Because Everyone tries to prove him self better than others. Every one tris to compete with other. For Example, one person created his own currency and the other people create their own cryptocurrencies to prove themselves better than that. When the Bitcoin was created lots of cryptocurrencies has created to compete with Bitcoin and try to prove better than Bitcoin. I am The Best strategy is the biggest cause of lots of crypto currencies.
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