What are altcoins?

What are altcoins?

Altcoins are technically defined as alternative cryptocurrencies to bitcoin. Bitcoin was the first of its kind. With its recent success the last 6

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Altcoins are technically defined as alternative cryptocurrencies to bitcoin.

Bitcoin was the first of its kind. With its recent success the last 6 years, and the fact that it was released open source has brought similar, yet alternative cryptocurrencies out of the wood-works.

There are hundreds of different altcoins now, and the altcoin scene has turned into a pretty scammy game of get rich quick folks.

There are few real players out there now, for example Ethereum and Syscoin. These two altcoins are seriously changing cryptocurrency for the better.


Ethereum is building smart contracts into the blockchain, and empowering developers around the world to build decentralized applications (in their terms, Web 3.0 applications).


Syscoin is building a marketplace directly in their blockchain, to provide a true decentralized marketplace that cannot be hindered by any single entity, government or private organization.


They are my two personal favorites, and both are truly adding power to our decentralized world that is the Bitcoin space. There are others out there, like Synereo and Burst that are also doing cool things.

Altcoins pose a pretty sizable investment opportunity (hence the popularity among the ‘get rich quick‘ folks). They have volatile conversion rates, more so than bitcoin/USD. They are usually denominated/converted with bitcoin though, instead of dollars. So, for example, 1 Syscoin right now is currently priced at ฿0.00000136, which is 136 satoshis (“satoshi” is 1 100 millionth of a single bitcoin, as it can be broken down to 8 decimal points, where as we are used to 2 decimal places in the USD system). Tomorrow, this price could rise to be 300 or 400 though, and much more drastic changes have happened with altcoins in the past, but it could also go the opposite way. This all can also happen in a matter of hours/minutes. This industry moves very fast, and is much like a 24/7 open stock market with no regulation, funny games will sometimes be played here with very little recourse to offenders.


 

As always, be careful out there folks. Use your best judgement, and do your homework. Always, always perform your own research.

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