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By now most of the people have been introduced to or at least have heard of the world of cryptocurrencies on news, especially since the price of Bitcoins has skyrocketed. This rapid growth has not been limited to Bitcoins alone, many Altcoins have also experienced an upsurge in demand.
As the name suggests, Altcoins are alternative (Alt) coins which appear to be alternative to Bitcoins. Bitcoin and altcoins, in general, can have many similarities like- peer to peer transaction, mining process, etc. Various altcoins are trying to target the limitations of Bitcoins, like its long transaction time, lack of anonymity, expensive and difficult mining process and insufficient functionality.
The first altcoin was created in 2011 and it was known as Namecoin. This altcoin was released soon after Bitcoins launch and addressed similar issues trying to solve those through a decentralized network.
Like any other currency, the success of cryptocurrencies to is mainly dependent upon a wide array of parameters like community, hype and more. Let us explain and elaborate the ideas.
As every method can have its own unique advantages and disadvantages, the negatives of the proof of work protocol are listed below:
On the other hand, the proof of stake protocol removes the above-mentioned challenges of a POW protocol through the following features:
Hence, altcoins that use the Proof of Stake protocol are likely to gain greater popularity as neither do they require a high-grade setup nor do they consume a high level of electricity. However, the proof of stake protocol also carries certain loopholes. For instance, if the majority of the tokens are owned by a small group of people, then they themselves will be the validators. Learn more about Proof of work vs Proof of stake.
Steem >> Steem is a platform targeting YouTube creators dependency on advertisements for revenue. It does so by paying their creators in cryptocurrency on the basis of the quality of their content. So, it has features similar to Bitcoin like decentralization as well as unique features such as encouraging people to participate in a community. It is also a lot more stable than Bitcoin, which enables users to use it to buy goods and services.
Ethereum >>It is a blockchain based platform that has decentralized applications and smart contracts that have no single point of failure and are autonomous. Ethereum is written in Turing complete language, which provides it with a broader base to build on and broader markets to enter. It also has a much shorter block time than Bitcoin.
Stratis >> It aims to create private blockchains for corporations. It allowsfor complete sidechains that are non-disruptive to the primary blockchain. It also uses proof of stake method. Stratis has used C# language rather than C++ language.
Litecoin >> Its presents itself as a substitute currency of Bitcoin. It has targeted Bitcoins problem of slow transaction that normally takes around 10 minutes. On the other hand, Litecoin transaction just takes 2.5 minutes. This fast transaction also helps in preventing double-spending attacks. Also, Litecoin uses a cryptographic algorithm called Scrypt, which is less susceptible to custom hardware solutions likeApplication-Specific Integrated Circuits which are increasingly being used by bitcoin miners. This makes it more accessible to the users who wish to participate as miners.
Cardano >>It aims to be a decentralized cryptocurrency, which protects user privacy while allowing regulation simultaneously. Cardano is also a technology platform upon which more financial applications can be built.
Monero >>It wants to create a decentralized network where payments can be made completely anonymously. It tries to maintain a public ledger that stores all the transactions. It is a derivative of CryptoNote and thus uses the CryptoNight Proof of Work as the algorithm. To maintain the users privacy Monero uses ring signature, which allows the user to hide among other transaction outputs, stealth address to hide the receivers address and RingCT to hide the amount of the transaction.
ICO (Initial Coin Offering)>>It is a mean of crowdfunding that is especially centered on cryptocurrencies, which can be a source of capital for startup companies. It is very different from IPO. In an IPO, for instance, when you invest money you are given a certain ownership in the company but in an ICO when you invest, you are given a token of the given company. It may not be worth anything at that time, but in the future, the value can increase exponentially, when it is used a lot and is in high circulation. The token of the company is like a stock, with more money coming in, the token value rises.
Like any other commodity, altcoins are also traded to yield significant rewards. These appear to be a highly volatile market. Thus, one must be cautious while trading. Altcoin marketplaces are governed by the same forces and rule that govern the traditional investments. You can trade them at Cryptocurrency Exchanges like:
This is a Europe based cryptocurrency exchange. It uses 2-factorauthentication, advanced encryption technology and cold storagefor protection. There is no deposit fee required but withdrawal fees vary from currency to currency. There are no limits on cryptocurrency deposits and withdrawal. An order which is not executed immediately will be granted a0.1% rebate on execution. Orders executed immediately will incur a1% execution fee. In early 2015 this site was hacked but they claim that no user funds were affected.
Binance is a multi-language (Chinese, English, Japanese, Korean) exchange platform that focuses on a coin to coin exchange. The platform uses multi-tier and multi-cluster system architecture that provides safety and stability. It is capable of processing 1.4 million orders per second. It also claims to have high liquidity. It even has its own cryptocurrency called Binance Coin. It charges a 0.1% fee for trading and no deposit fee.
The number of people who exchange altcoin keeps increasing constantly. As a new sphere, both Bitcoins and altcoins are risky and have some flaws. However, day by day, new altcoins or the current ones manage to overcome the current obstacles if the industry. As a result, altocins become more famous and commonly used.
We hope this article about altcoins 2018 was helpful.
please make sure you check out our website to learn more about various altcoins, Bitcoins, ICOs and a lot more. Thank you, for next time!
- Altcoin Dominance Rising: Ethereum Leads, XRP and Litecoin Lag - Crypto Briefing - February 13th, 2020
- Crypto Market Has All Signs of an Explosive Altcoin Season Brewing - newsBTC - February 13th, 2020
- Ethereum Price (ETH) Has Surged 92% in 2020 With Targets Set on $300 - Cointelegraph - February 13th, 2020
- Altcoins Continue to Roar Higher as Bitcoin Consolidates Above $10,000 - Blockonomi - February 13th, 2020
- Altcoin Explorer: Kyber Network, the On-Chain Liquidity Protocol Leading the DeFi Sector - BTCMANAGER - February 13th, 2020
- The Insolar (INS) Dilemma - Finance and Funding - Altcoin Buzz - February 13th, 2020
- North Korea is Mining Even More Monero - Cryptocurrency Regulation - Altcoin Buzz - February 13th, 2020
- Bitcoin Dominance Could Cause Catastrophic Ending to Current Altcoin Season - newsBTC - February 10th, 2020
- Why these 3 altcoins are outperforming the rest this year - Micky News - February 10th, 2020
- Ripples XRP Emerges Victorious in Altcoin Twitter Ring Fight Against IOTA, Cardano, and Tron - ZyCrypto - February 10th, 2020
- Three Crypto Assets Surged More Than 175%, Beating Bitcoin, As Altcoin Market Exploded in January - The Daily Hodl - February 6th, 2020
- Bitcoin vs. Altcoins: Which Will Make You More Money in 2020? - Bitcoinist - February 6th, 2020
- Bitcoin bull trend approaches 10K as altcoin season is a reality - FXStreet - February 6th, 2020
- Alt Season Cancelled: XRP, Ethereum, and Litecoin All Trigger Sell Signal - newsBTC - February 6th, 2020
- Bitcoin Falls Back While Stocks and Altcoins Surge Ahead - Live Bitcoin News - February 6th, 2020
- MIT Spider and Off-Chain Payments - Blockchain Technology - Altcoin Buzz - February 6th, 2020
- Bitcoins Dominance is at a Critical Level That Could Determine the Fate of Altcoins - Ethereum World News - February 6th, 2020
- Global Altcoin Breakout Could Usher Return of Alt Season Crypto Riches - newsBTC - February 4th, 2020
- Bitcoin is the Hotmail of Crypto, and the Real Sh*tcoin: John McAfee - CCN.com - February 4th, 2020
- Crypto Regulation? Andrew Yang Says YES - Cryptocurrency Regulation - Altcoin Buzz - February 4th, 2020
- After Sinking 97%, This Altcoin Just Woke Up with a 23% Surge - CCN.com - February 2nd, 2020
- Nearly $6,000,000,000 Ready to Move Into Bitcoin, Ethereum, XRP and Altcoin Markets: Crypto Analyst Mati Greenspan - The Daily Hodl - February 2nd, 2020
- Which altcoins have outperformed Bitcoin in January 2020? - Yahoo Finance - February 2nd, 2020
- Last Years Top Crypto Market Performers Are Lagging Behind Altcoins in 2020 - newsBTC - February 2nd, 2020
- Watch Out Bears: These Altcoins Are on The Cusp of an Insane Rally - newsBTC - February 2nd, 2020
- Why The Cardano Price Raise Can Be Attributed To Mere Speculation? - The Coin Republic - February 2nd, 2020
- Crypto Update: Ethereum Breaks Long-Term Trendline With Bulls Still In Control - Hacked - February 2nd, 2020
- Altcoin season or end of the game? - MENAFN.COM - February 2nd, 2020
- Which altcoins have outperformed Bitcoin in January 2020? - Coin Rivet - January 29th, 2020
- This Class of Once Hyped Altcoins Is Headed To Zero - newsBTC - January 29th, 2020
- Altcoins on Track to Plunge By 10%, Yet This Crypto Could Rally Higher - newsBTC - January 29th, 2020
- Crypto Today: Bitcoin and major altcoins retreat from recent highs, still strong in the long run - FXStreet - January 29th, 2020
- Bitcoin Is Great But Investing in Altcoins Has More Potential Than You Can Imagine - Investorplace.com - January 29th, 2020
- Elon Musk Finally Reveals What He Thinks about Bitcoin - Spotlight - Altcoin Buzz - January 29th, 2020
- Bitcoin Dips $300 And Recovers As Altcoins Continue The Mini-Season: Wednesday Market Watch - CryptoPotato - January 29th, 2020
- EOS Spikes Over 10% Breaking A 4-Month Key Resistance Level, Is Altseason Here Yet? - Coingape - January 29th, 2020
- Poll Shows Crypto Investors Expect ChainLink To Be Top Performing Altcoin in 2020 - newsBTC - January 14th, 2020
- These 4 Factors Suggest the Altcoin Crypto Market Rally is Only Just Beginning - newsBTC - January 14th, 2020
- Is This The Return Of The Altseason? Pumped Up Altcoins Leave Bitcoin In The Wind - ZyCrypto - January 14th, 2020
- Ethereum Classic Cooperative Warns Public Against Apparent Hard Fork Scam - Cointelegraph - January 14th, 2020
- South Korea: Hacked Crypto Exchange Upbit Finally Resumes ETH Deposits and Withdrawals - BTCMANAGER - January 14th, 2020
- Cobinhood is the Latest Altcoin Exchange to Shut Down - NullTX - January 12th, 2020
- Litecoin Gains 10% Against The Dollar, Is This The Start of an Altcoin Rally? - newsBTC - January 12th, 2020
- Dash Surges by Over 16% as Bitcoin Price Hovers At $8,100 - Cointelegraph - January 12th, 2020
- More Altcoin Mining to be Integrated by Mining Pools in 2020 - Report - Cryptonews - January 10th, 2020
- Ethereum, Monero hashrate mainly concentrated in Europe - AMBCrypto - January 10th, 2020
- 4 Signs the Cryptocurrency Altcoin Market May Have Finally Bottomed - Cointelegraph - January 10th, 2020
- All 4 Past Januaries Started A Different Altcoin Trend, Will January 2020 Ignite a New Altcoin Season? - CryptoPotato - January 10th, 2020
- Dead Crypto Projects Declined in 2019, Are Altcoins Reviving? - Bitcoinist - January 10th, 2020
- Stellar jumps 8% as Bitcoin taps $8,000; what will push XLM even higher? - CryptoSlate - January 10th, 2020
- Chainlink and Loopring Are Now "Partners in Crime" - Business Partnerships - Altcoin Buzz - January 10th, 2020
- Upbit Exchange to Re-Open XRP, LTC and EOS Trading - Bitcoinist - January 10th, 2020
- Altcoin Explorer: Tether, The Worlds First Successful Stablecoin - BTCMANAGER - January 10th, 2020
- Heres What Altcoins Rally Means for Where the Crypto Markets are Heading Next - newsBTC - January 5th, 2020
- Momentum Within Altcoin Market Could Spark Massive XRP Rally, But Will it Be Sustainable? - newsBTC - January 5th, 2020
- This Small-Cap Altcoin Is Quietly up Over 50% in the Last 2 Days - SludgeFeed - January 5th, 2020
- ElectraPay is Another Altcoin Payment Solution no one Really Needs - The Merkle Hash - January 5th, 2020
- Ethereum [ETH/USD] Technical Analysis: Price Remains Unmoved as Users clamor for Altcoin Revolution ... - TWJ Crypto - January 5th, 2020
- 2019: Alt-Season has comeand gone - Where is altcoin heading in 2020? - FXStreet - December 30th, 2019
- Ethereum, XRP, and BCH: Why Traders are Optimistic on Altcoin Market - newsBTC - December 30th, 2019
- Altcoin Apocalypse: Which Crypto Assets Will Survive Another Year - newsBTC - December 30th, 2019
- XRP, Bitcoin are the most bought coins on Coinbase - AMBCrypto - December 30th, 2019
- Heres Why XRP Price Could Soon Burst 60% Higher - Ethereum World News - December 30th, 2019
- 2019 in review: Which altcoins performed the best vs Bitcoin? - Coin Rivet - December 27th, 2019
- Privacy-Focused and Privacy Centric Blockchains - Altcoin Buzz - December 27th, 2019
- NULS Hacked. $480 Worth of NULS Token Stolen - Cryptocurrency Regulation - Altcoin Buzz - December 27th, 2019
- 2019 in review: Which altcoins performed the best vs Bitcoin? - Yahoo Finance - December 24th, 2019
- Altcoins bubble on the way, crypto market cap may reach $11 trillion by 2023 - FXStreet - December 24th, 2019
- Litecoin price prediction 2020: can it become the best-performing altcoin of the coming decade? - Capital.com - December 24th, 2019
- 2019: The Year in Altcoins, and the Year Ahead - Finance Magnates - December 24th, 2019
- XRP is Down 95% from Its 2018 Peak; Whats Next for the Embattled Crypto? - newsBTC - December 22nd, 2019
- BitGo Will Comply with FATF - Cryptocurrency Regulation - Altcoin Buzz - December 22nd, 2019
- Why Have Altcoins Slumped Back to Crypto Winter Levels? - newsBTC - December 21st, 2019
- Bitcoin Price Diary: Long BTC From $6.5K and Back in Altcoin Positions - Cointelegraph - December 21st, 2019
- LTC, XTZ, TRX, and XLM Crypto Price Prediction: Will Altcoins Test Key Resistance Levels? - U.Today - December 21st, 2019
- Can Ethereum (ETH) And Other Altcoins Still See A Rise In Dominance? - Crypto Daily - December 21st, 2019
- Orchid Launches on Coinbase and Sees 200%+ Gain - Altcoin Buzz - December 21st, 2019
- Ripple Raises $200M, Calls 2019 Its Strongest Year of Growth - Cointelegraph - December 21st, 2019
- Pionex and Dash are Now Partners - Business Partnerships - Altcoin Buzz - December 21st, 2019
- Ether Price Targets $160 as Altcoins Rally and BTC Trades Sideways - Cointelegraph - December 13th, 2019