Breaking

Breaking

Altcoin or Altcoins? Full Tips

 
Altcoin or Altcoins Full Tips

You may be wondering what is altcoin, or sometime came across the word “altcoins”, and the whole thing is just confusing. The fact is, whether you call it altcoin, you are right. Whether you call it altcoins, you are right too. 

 
Altcoin or Altcoins are the same thing and only differs with the addition or removal of ‘s’ that makes it referred to singular or plural. The most important thing is to understand what altcoin or altcoins stand for.

The word ‘altcoin’ simply means alternative coin, in other word, alternative cryptocurrency; while the word ‘Altcoins’ is an abbreviation of alternative coins or alternative cryptocurriencies.



When you talk about altcoin, you are referring to any other coin (a single coin of other cryptocoins), and when you talk about altcoins, you are simply referring to other coins or cryptocurrencies (a group of other cryptocoins).

If altcoin is an alternative of coin or cryptocurrency, the question is, “alternative to which coin or cryptocurrency? This question leads us to the almighty Bitcoin you either heard about or not, the cryptocurrencies giant.
 

Bitcoin is…..
 

a cryptocurrency and worldwide payment system, the first decentralized digital currency that works without a central bank or administrator, and the network for peer-to-peer transaction taking place through the use of cryptography, payment verified by nodes and recorded in a public distributed ledger called blockchain was invented by an unknown group of people under a name of Satoshi Nakamoto, founded in January 2019.

 

Why Altcoins alternative of Bitcoin?

 
 
Although Bitcoin is the first established and mother of all other cryptocurrencies, the first proposals scheme for distributed digital scarcity based cryptocurrencies was within 1998 – 2008, the pre-Bitcoin year with many attempts to create online currencies with ledgers secured by encryption. The two examples of them were Wei Dai’s B-Money and Nick Szabo’s Bit Gold, which all could not fully get developed. 



 
In 2008, the mysterious Nakamoto (whose real identity remains mystery till today) posted the coin called – Bitcoin to a mailing list discussion on cryptography, and it software made public for the first time in 2009 and for mining (a process through which new Bitcoin are created), and transaction recorded and verified on the blockchain. 
 
Based on Bitcoin open source code released in 2009, many have noticed its crucial advantages over government money, and it was later by the U.S Treasury categorized as a decentralized virtual currency and as well, established as the first Cryptocurrency haven gone through huge successes and satisfaction concerning the alias Satoshi Nakamoto. 
 
The great success of Bitcoin paved way to emergence of other cryptocurrencies (altcoins), starting with Litecoin in 2011, Namecoin in 2011, Swiftcoin in 2011, Peercoin in 1012, Dogecoin in 2013, Emercoin in 2013, and so on. Use this list of Cryptocurrencies and years of creation to get full clue



 
2017 is an exited year in a digital economy and number of cryptocurrencies (altcoins) available over the internet as at December 2017 is over 1377 and more springing up through initial coin offering (ICO) that thereafter, may be listed among altcoins live for exchange. 

A new cryptocurrency can be created any time. By market capitalization, Bitcoin is currently (2017-12-29) the largest blockchain network (market capitalization) followed by Ethereum, Ripple, Bitcoin Cash, and Litecoin.
 

Similarities between Bitcoin and Altcoins

 
 
The majority of altcoins are Bitcoin forks, and inspite the uprising of the altcoins Bitcoin remains on the top of the game. Started then, Litecoin remains the closest competitor due to introduction of changes to original Bitcoin protocol such as decreased block generation time, increase maximum number of coins and hashing algorithm. For example, Litecoin create new coins every 2.5 minutes – 4 times faster than Bitcoin, meaning confirmation of transaction by Litecoin faster than Bitcoin. 
 
More of new techs and innovations are being added to the altcoins world such as modification in transaction speed, privacy, hashtag security, proof-of-stake, DNS resolution and more, which have helped few of these altcoins gain popularity like Litecoin, Dogecoin, Peercoin, Feathercoin, Novacoin, Zetacoin etc.

In-spite the all the competition, Bitcoin still gain a lot of credit for fueling this digital currencies revolution, now with over $240 billion market capitalization, comprises of 56% of total cryptocurrencies market capitalization. 




Not just all about Bitcoin but emergence of other altcoins and the underlying blockchain with potential of affecting positive change. Ethereum in 2017 become the most altcoin that has stolen Bitcoin script and mechanism that brought about new found love for Ethereum among investors and developers, all as a result of Enterprise Ethereum Alliance, behind the Ethereum blockchain that geared to support for smart contract application.

As more re-tweaking of the entire concept of what blockchain could and should be for (Ethereum), for building purely anonymous and secure network for peer-to-peer transaction (Monero, Bicoin Cash) and more altcoins are addressing the shortcomings of Bitcoin every day, innovating on it basic driving technology to become their own market leaders.
 

Basic Altcoins Characteristics

 
 
SHA256 based Alt-coin
 
There are several of SHA256 based altcoins, using the same hashing algorithm as Bitcoin. Few of them are as follows; 
 
NMC – Namecoin
PPC – Peercoin
DVC – Devcoin
TRC – Terracoin
BTE – Bytecoin
IXC – Ixcoin
I0C – I0coin
FRC – Freicoin
XJO- Joulecoin
ZET – Zetacoin
ASC – AsicCoin
DEM – Deutshche eMark
UNO – Unobtnium
PT – Platinum Coin
BLC – Blackcoin
RKC – Reikicoin
TIT – Titcoin
 

Scrpit based Altcoins
 
Altcoins using script algorithm… Few of them are as follows; 
 
LTC – Litcoin
NVC – Novacoin
FTC – Feathercoin
WDC – Worldcoin
BTM – Bitmark
LAT – Latium
MID – MidasCoin
ELC – Elacoin
DGC – DigitalCoin
CGB – Crptogenic Bullion
GLD – GoldCoin
TAG – Tagcoin
MMC – Memorycoin 2.0
BTCs/BTC2 – Bitcoin Script
IFC – Infinitecoin
KRN – Ekrona
ANC – Anoncoin
PND/PAND/PANDA – PandaCoins 
 
Alternate cryptocureencies can be mined using the same hardware as for mining Bitcoins (mostly SHA 256 alt coins). While Bitcoin mining is going to use FPGA and ASIC devices, script based altcoins can be mined using GPU cards.
 

Hybrid and CPU based Alternate cryptocurrencies
 
Altcoins using other innovative hashing algorithms such as X11, X13, X15, NIST5, 100% POS. Few of them are as follows; 
 
ETH – Ethereum Cloud Mining
XPM – Primecoin
QRK – Quark
SRC – Securecoin
Nxt – Next
QORA
CLOAKcoin
NHZ – NeXT Horizon
YAC – Yacoin
SKN – Skeincoin
PTS – Protoshares
DRK – DarkCoin
MYR – MyraidCoin
SWIFT – BitSwift
Curecoin
OFF – Offering to Cthulhu
MED – MediterraneanCoin
MCZ – Mangocoinz – the first alcoins to smatphones. 
 
Altcoin in a broadly way, is a combination of two words ‘alt’ and ‘coin’, alt being the alternative and the coin representing the currency. While putting all the alternative cryptocurrencies together, we can simply categorize them into Alternative to Bitcoin – the worldwide payment system and first decentralized digital currency. 
 
Some altcoins comes as a products of enthusiasm, joke, (eg – Dogecoin) and some come as a basis for a whole new businesses. They can even come with a mission being more than a coin, developing into entirely new framework for online marketplace.
 
There have been thousands of altcoins launched in the last few years, and many of them are simple Scamcoins. These are altcoins designed solely to make profit for their creators, using ‘pump and dump’ scheme that has become too common in the altcoin market.

In conclusion, investing in Bitcoin is good, diversifying your investment portfolio into other smart altcoins can even be better. Cryptocurreny business involves risk, always conducts your proper research or consult experts in the field before venturing into any altcoins investment scheme. 
 
I hope you grabbed that nooks and granny of the cryptocurrency terminology called – Altcoin(s)? Please, kindly share with friends on social media and use the comment box bellow if necessary.

No comments:

Post a Comment

Any promoted links in comments will be deleted. Only relevance link to content in comment (if at all) will be approved.