Altcoins – Bitcoin alternative

Altcoins – genesis

In the world of cryptocurrency, Bitcoin is not the only player on the market. There are many alternative cryptocurrencies (Altcoins), commonly known as altcoins. These are electronic currencies, with their own blockchains, miners and wallets. How to make money online investing in Altcoins – link at the bottom of page.

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Altcoins has its market value and ownership in contractual units. Both Bitcoin and altcoins are cryptocurrencies, but their values often differ greatly. Each cryptocurrency brings a different value and usability to the market. Theoretically, each person can create their own virtual coin. To do this, however, you need a minimum of resources and the ability to put bitcoin software into practice. Many alts were created on these scripts.

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Many people have created their own versions of cryptocurrencies, based on the main assumptions of BTC, but with other principles that better suit their needs.

These people create an altcoin community that is really big. Currently, there are 3000 altcoins – 30% of the market share.

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One of the most popular altcoins is litecoin (LTC). Litecoin, released over 5 years ago, creates a new coin every 2.5 minutes, i.e. 4 times more often than bitcoin. Confirmations of the transaction are much faster with litecoin than with BTC.

Litecoin also uses other mining principles. He deliberately eliminated new digging equipment, such as ASICs, to get rid of the unfair advantage over people who do not have access to specialized components. The idea was to level the playing field and not favor people with more capital who could buy more expensive equipment.

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Behind alts are startups. Good altcoin often changes bitcoin rules so that it has a uniquely produced application and has its own application. For example, some altcoins are designed to be exchanged for solar energy production, while others have created the basis for a new domain name system on the internet. If altcoin is doing something that has some real technical value, it’s a good sign.

Good team

Good quality altcoin has qualified staff. Watch out for currencies released by people with no history in the community, especially if they appear on the forum and present their altcoins on the same day.

Solid technical support

Some altcoins simply disappear for unknown reasons. One of the best-known examples is dogecoin, which was created as a joke.In February 2015, dogecoin reached a total value of $ 14 million.

Altcoins are often create as a hobby project, and sometimes as the foundation of a new business. They can also be more than just a currency, transforming into completely new structures, ranging from applications for sending messages to Internet bazaars. Niche traders can benefit by exchanging one altcoin for another, although this is a very risky tactic.

How to make money online on Altcoins

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Also you should read our article about crypto exchanges.