CryptocurrenciesNews

We talk about Altcoins, highlighting the divergences of these with respect to Bitcoin

We talked about Altcoins, alternative currencies to Bitcoin, about which you have to be careful with them and we talk about which of these are a pretty good value and which is currently on the rise.

There is a lot of talk about Altcoins, alternative currencies to Bitcoin, but there is a lack of a good explanation of what or who are these alternative currencies to the powerful Bitcoin. There are dozens of alternative currencies to Bitcoin, such as Ethereum, Ripple, Zcash, Montero or Dash, to name some of the most prominent. Altcoins can differ from Bitcoin in many different ways. Some have a different economic model or a particular coin distribution method.

Altcoins, so to speak, are distributed among people as any currency is distributed in a country. Others use different algorithms to be mined using hardware for very specific mining. Several Altcoins offer a more versatile programming language to create custom applications and others offer greater privacy (or opacity), compared to Bitcoin itself. Some of these Altcoins have a specific, non-monetary use as a domain name registration management system or data storage.

altcoin

We also have Altcoins that contribute absolutely nothing and are not at all attractive. The vast majority of Altcoins conform to parameters that are really irrelevant or that matter rather little or offer something that may seem useful, but it really is not. As an example, an Altcoin has a large number of total coins with respect to another coin, this does not mean that it is good, on the contrary, since the price of each coin is worth less, because there is more. If an Altcoin allows to find blocks quickly, it means that a transaction requires more confirmations for the same level of security.

The vast majority of Altcoins do not offer anything compared to Bitcoin, that is why they remain as residual currencies. They also tend to have less hashing security power, which implies fewer development improvements, and they are generally less useful due to smaller networks. While some promise Altcoins with useful features, when these are closely examined, the promises are just that - promises.

Ethereum

This means that Altcoins are riskier than Bitcoins. The exchange values ​​of these currencies are usually more volatile and so far none have managed to reach the value of Bitcoin, since in many cases these Altcoins have quite pronounced rises and falls. We must bear in mind that many of these Altcoins end up being scams, some developed only for their own enrichment, taking advantage of investors and the first users who buy these Altcoins and remain as 'suckers'.

Before starting to work with a new Altcoin, you must study and analyze very well who develops it, its obtaining system, the technology on which it is based, and expert evaluations of this currency. Of course there are Altcoins that work very well, there is Ethereum that is rising in value like foam or Litecoin, which since it is known that it began to operate under SegWit has risen a lot. Monero, Zcash, Dash or Ripple are also quality values, very contrasted. We want to highlight above all Ethereum, which could be regulated in the coming months by the SEC of the United States, China, Russia or Japan, who already show interest in this currency.

Show more

Robert Sole

Director of Contents and Writing of this same website, technician in renewable energy generation systems and low voltage electrical technician. I work in front of a PC, in my free time I am in front of a PC and when I leave the house I am glued to the screen of my smartphone. Every morning when I wake up I walk across the Stargate to make some coffee and start watching YouTube videos. I once saw a dragon ... or was it a Dragonite?

Related publications

Leave your comment

Your email address will not be published. Required fields are marked with *

Button back to top