I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have an interest in investing in cryptocurrency become confused about the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?
Another problem is that people are confused about the term cryptocurrency. They usually assume that every coin in the crypto market is okay. Some of them don't know the difference between bitcoin and other coins. Due to the longevity and influnce of bicoin they think that buying any other coin will give the same result as bitcoin. I agree that having fewer coin will promote bitcoin adoption but nobody can stop these fakecoiners to stop rolling out more shitcoins.