Interesting Altcoins you should know about Belonging to the modern world means being able to know knits and bits of digitalized stuffs in the best way possible. If you are lucky enough to be a part of the same then you must be well aware of terms like that of Cryptocurrencies. Once upon hearing the term, the first thing which comes to your mind is nothing but a common name, bitcoin. https://chain-reactions.io/
All the crypto investors and new traders have a misconception within themselves that is, one should only invest in the topnotch cryptos like Bitcoins and no other crypto holds a better position than that in the market. However, it is not true. Bitcoin might be the most popular cryptocurrency in the market for being the first ever coin discovered. But it would be wrong to call it the best one. There are thousands of new cryptocurrencies coming up in the market every day, getting inspired from popular god father coins like Bitcoins.
If you are yet not aware of other alternative cryptocurrencies now then you can focus on the following piece to get an overview of all the other cryptopcurrencies available in the market. What Are Altcoins?
Simply put, altcoins are alternative cryptocurrencies. They are similar to Bitcoin (and most other cryptocurrencies) in that they are open-source, decentralized, and use blockchain technology. The main difference is that altcoins don’t have the same level of value or popularity as Bitcoin.
There’s also the fact that altcoins generally aim to fit a specific niche rather than replace Bitcoin. There are thousands of altcoins, but few have real value or potential. Some popular altcoins include Ethereum, NEO, Litecoin, and Ripple.
Altcoins are often created to react to Bitcoin or improve upon it.
What’s the Point of Altcoins?
The main point of altcoins is to be an alternative to Bitcoin.
Bitcoin’s blockchain technology is used in many cases but has a few drawbacks. For example, it’s not scalable, and there are currently a limited number of transactions per second on the network.
Altcoins offer solutions to these problems by having different blockchains that can process more transactions per second and have more scalability. The idea behind altcoins is to allow users to have options regarding cryptocurrencies. If there are issues with Bitcoin, people can use an altcoin instead. This provides more competition for Bitcoin, which is good for consumers because it will result in better technology overall.
Popular Altcoins you were not aware of
The most popular altcoins out there right now are Litecoin, Ethereum, and Bitcoin Cash, which can all be found on an excellent crypto exchange. These three currencies have been the top market capitalizations for quite some time. Still, several other altcoins are worth mentioning as well.
Litecoin
Litecoin is a cryptocurrency created in 2011 by Charlie Lee, also known as “SatoshiLite” on Reddit. The currency uses a scrypt algorithm to produce blocks at a rate of 2.5 minutes. The mining difficulty has increased significantly over time, which means that it will take more time for miners to find blocks with smaller rewards.
Ethereum
Ethereum is an open-source blockchain network that lets you build decentralized applications (DApps) onto its platform. The network was launched in July 2015 by Vitalik Buterin with the intent of creating a more flexible environment for smart contracts than Bitcoin could offer.
Bitcoin Cash
Bitcoin Cash (BCH) is another popular cryptocurrency formed when the bitcoin blockchain split into two separate chains on August 1st, 2017. It was created from a hard fork of Bitcoin Cash ABC (BCHABC).
Bitcoin Cash helps users to transfer funds quickly and more cheaply than Bitcoin. The currency has also become quite popular since its launch and is seen as a direct competitor to Ethereum.
The Takeaway
Altcoins are similar to stocks in that they are traded on exchanges and can rise and fall in value as the market fluctuates. However, unlike stocks, altcoins have a much lower barrier to entry. This means that anyone with $100 can buy into the market.
While it is true that not all altcoins will be successful, some will stand out and become popular enough to be worth investing in.
So by investing in one or more altcoins, you won’t be worrying about missing out on an opportunity again!
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