The Ever-Growing Cryptocurrency Universe: How Many Cryptocurrencies Exist?

Date: 2023-11-19 Author: Dima Zakharov Categories: IN WORLD
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The Cryptocurrency Explosion
Bitcoin, Ethereum, Ripple, Solana, Cardano, Litecoin... for many crypto enthusiasts, these names ring a bell, but the question remains: how many cryptocurrencies truly exist? In 2009, Bitcoin emerged as the only player. By 2011, Namecoin and Litecoin, the first Bitcoin forks, made their debut. The coin count was still low, making them easily traceable. Then, in 2015, Vitalik Buterin launched Ethereum, marking the onset of a monumental cryptocurrency boom.

The Elusive Count
Today, numerous blockchains witness the birth and demise of new coins daily, making it a daunting task to track, let alone count, this vibrant and dynamic diversity.

The precise count of "live" cryptocurrencies remains unknown. However, by cross-referencing information from various sources, a general estimation is possible.

Approximating the Count
According to TokenSniffer, a service monitoring fraudulent coins, there are over 3 million tokens worldwide. Yet, 410,027 of these were identified as fraudulent on TokenSniffer.

Cryptocurrency price trackers like CoinMarketCap and CoinGecko include only coins passing basic anti-spam and anti-scam filters and demonstrating "signs of life." CoinMarketCap lists 8,835 coins, CoinGecko - 10,992, while ChatGPT tallies 10,748, but its accuracy may be questionable.

Discrepancies in Data
The variation in counts is due to differing approaches among trackers. CoinGecko independently scans various blockchains and exchanges for coin activity, followed by manual verification. Meanwhile, CoinMarketCap relies on user submissions, scrutinizing them against different parameters before listing.

The Proliferation of Cryptocurrencies
Creating a token isn't overly complicated. No in-depth programming knowledge is necessary; having about an hour's time, a browser-based wallet like MetaMask, and some funds suffices. New tokens can be registered on decentralized exchanges such as SushiSwap and UniSwap, enticing potential users.

The Need for Caution
However, these services attract not only experimenters but also fraudsters. Vigilance is crucial; conducting thorough research before investing in lesser-known coins is imperative, given the prevalence of potential scams.
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