Before It’s News – by Mort Amsel
While Bitcoin (and Litecoin) garner the most attention in the cryptocurrency world, there are now 83 (and counting) virtual currencies to store your wealth in. Bitcoin’s market cap (at over $10 billion) is by far the highest but we wonder whether the miasma of mimickers – from Unobtainium to the ironically-named StableCoin and from ‘Philospher Stones’ to HoboNickels – serves to reduce the confidence in Bitcoin as a new method payments, or bolsters it as the clear market winner.
I am not a huge fan of the cryptocurrency. It was a good idea at first but once the mainstream got a hold of it, it has now become a currency only the rich can afford to use. They are perhaps the end of paper money but that isn’t a good thing.