The fact that you can quite simply create your own crypto currency and the fact that many have done so, doesn’t necessarily mean that it is still a good idea and that the market space exists for this initiative. This article looks at whether it is still a viable business initiative to create, develop and release crypto currencies.
The state of the crypto marketplace
There are around 16 000 crypto currencies that have been released and were available for use and investment. The most recent numbers showed that there were around 1000 new cryptos being added every month from the end of June 2022. There is genuinely no barrier to entry to the crypto development sector, and this is the main reason the marketplace has been flooded in this manner. Hence a vast number of these currencies will have been made by someone with no technical knowhow and a very narrow aim for the currency. In other words, they will be of no use to most and suited only to a very niche group of users.
However, there are also those cryptos currencies that are essential for a number of business functions and the advancement of tech and blockchain in particular. The ones that have worked and made the intended impact. There may be some argument about the list itself, but these are definitely on anyone’s top cryptos list: Bitcoin, Ethereum and Tether, are the ones that spring to mind. By examining the bitcoin and Ethereum price index on a regular basis you will be able to see for yourself the fact that these cryptos have bucked the questions of instability and volatility and proven themselves as the real deal.
So, the question remains… is there space for more crypto
Yes, there is…
The manner in which open source blockchain software can and should be used is about developing as wide a range of options and opportunities, that meet every possible customer, client and user needs. This is exactly what has happened in the crypto development sector.
The future of crypto
The crypto that will be taken seriously going forward will be those currencies that are able to take the existing currency formats and developments to the next level or iteration. Crypto has been acknowledged to be so much more than an ability to purchase digital assets or engage in e-commerce and online shopping. It is becoming more about the ability to access and use the best blockchain technology and the internet of blockchains. These are the cryptos that will drive further growth, and the ones that we definitely have space for in the market.
Crypto currencies are all about innovation and the fact that anyone who is able to innovate and create is able to do so with an electronic currency. It has thus been the start to a whole new way of finance and investment. As blockchain software is improved and developed so too will the crypto currencies that are used to access and use such tech. Crypto is thus definitely still a viable business opportunity and will provide years of sustainable investments yet.
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