Now that we have heard all the buzz on Bitcoins and digital currency stuff, it’s time to magnify a bit more on some of the options that lie beyond bitcoins, for the digitally evolved beings who are ready to stride towards this ever-expanding horizons, “there is no halt!!”
“Information can bring you choices and choices bring power- educate yourself about your options and choices. Never remain in the dark of ignorance.”—— Joy Page
As Night is necessary for enabling the stars to shine bright, similarly every concept requires a contrary to function efficiently and with accountability. If there would be only one Idea that prevails, it would be hard to determine its true significance and its real manifesto.
It’s the alternatives that help to gage the real efficiency of any particular concept. Since every sovereign tends to corrupt!! And all we are harping here is about “Decentralization”. We should not stop this march towards the absolute and keep looking for significant alternatives.
Seeking for alternatives is never an obsolete Idea, It’s the options that keep the principle Idea, efficiently functioning. A similar purpose is served by Altcoins, which is nothing but the Alternative for Bitcoins.
All About Altcoins
The word “altcoin” self-explains itself- “Bitcoin alternative,” that is all other cryptocurrencies other than Bitcoin. The sole reason for the existence of these alternative cryptocurrencies is to bridge the gaps and voids in the Bitcoin Economy. Thus, rightly termed as “Altcoins”..
Hundreds of altcoin sprouts every hour in the current virtual market (CoinMarketCap listed 478 at the time this Blog was written), and their numbers are increasing by leaps and bounds every single day. Mostly all Altcoins are more or less alike Bitcoins, with minor differences in attributes such as its transactions speed, distribution method, or hashing algorithm.
Out of the hundreds of new and unique altcoins emerging every moment over the Internet, Litecoin has well proven its metal in the cryptocurrency world. when it comes to currency units, Litecoin was one among the first altcoins after Bitcoin which served as an alternative to fiat currencies and different from Bitcoin only in respect of Hashing Algorithm. Based on these grounds, Litecoin marked itself as “Silver To Bitcoin’s Gold.”!!
Some altcoins are far beyond such mere benefits as they were the product of the experiments to overcome the shortcomings in the Bitcoin economy, the characteristics, and utility that the Bitcoin fails to offer.
For instance, Darkcoin is working upon a platform that would support completely anonymous transactions, BitShares has a tagline “a fair version of Wall Street,” and Ripple acts as a protocol that users can utilize so as to easily make payments that are inter-currency or requires a global transfer. There are a few altcoins namely CounterParty and Mastercoin, that are a part of Bitcoin blockchain to stay assured in regards to their security.
To every innovation, the community gets segmented in diverse opinions. Some go with the flow of positivity while some refrain from adapting to the circumstances. Similarly, this technological revolution has both critics and admirers.
In the case of Altcoins, there are many cryptocurrency aficionados who openly condemn Altcoins on grounds of firmness, security and transparent infrastructure that Bitcoin claims to possess.
However, a major portion of the community believes in the importance of Altcoins as they further uphold the principle idea of “Decentralization”.
And this also offers a unique platform for the developers to explore new requisites and opportunities in terms of innovation and troubleshooting.
Allure Of Altcoins
There was a court hearing where the petitioner pleaded to the jury and claimed that the education system prevailing today is weak and impractical. He further argued and compared a car from 150 years back to the present generation automobile, the difference in interiors of a house in a period of 150 years and a few more such comparisons and then he showed up the classroom of 150 years back and present day classroom, which hardly had any difference.
He then said, if cars, houses, even clothing has changed over the time as per the trend then why not the education system?? If in today’s world we can customize our facebook profile, twitter profile, we have choices when it comes to house, cars or even a pair of shoes then why the same education procedure for the same classroom full of diverse personality each possessing a uniqueness of its own.
Students with different talents and capabilities are judged on the basis of a similar test pattern. The same set of Multiple Choice questions are the judging parameter for students who are extremely different in their interests and talents.
Isn’t it injustice towards the student with extreme capability in the field of music when asked to mug up the history of Alexander??
The petitioner then said that he has no problem with people but with the system in itself is monotonous nature with least amount choices in it. So he pleads to customize the education system to promote and enhance innovation, creativity and most importantly individuality.
With this, the petitioner rests his case…
Similar is the case with cryptocurrency. Just like old & prevalent education system has produced many of the new era discoveries and inventions but then it proved to be monotonous and redundant to the fast pacing innovations, Bitcoin to the contrary has established itself to the new heights.
But there is clause- If there are no Altcoins then the whole market of crypto-world would be controlled by Bitcoin. And in the long run, this would result in the stunted growth in the overall functioning of Bitcoins. But, due to the current prevalence of Altcoins, Bitcoin ecosystem is constantly being challenged to grow eminently.
It can be well presumed that Altcoins give Bitcoin a tough fight. A chock-full Altcoin ecosystem is a far better “Cryptocurrency lab” that Bitcoin’s test net. Altcoins are the choices given to cryptocurrency users and ultimately a forcing factor for Bitcoin developers to keep innovation and stay hyperactive.
These choices given to users can make them cozy and adapt a cryptocurrency that satisfies their desires. In such case scenario if enough users adapt to the same Altcoin then Bitcoin developers would have gone off the track and adopt the features that actually community desires and in the case of failure to do so it poses a risk to lose its place as the preeminent cryptocurrency.
Namecoin was the first (number one) altcoin coined in April 2011. Namecoin has a primary purpose of decentralizing domain-name registration as well as it works as a currency. By compiling its primary focus, Namecoin makes internet censorship much more difficult. Namecoin has maintained a well-established place amongst the top ten cryptocurrencies, being the most successful Altcoin in its short life span.
Some of the Prevailing Altcoins
Zcash is another altcoin which is like Bitcoin except for the feature that it applies a special encryption proof to secure the ledger balances. This would mean that it maintains total anonymity with respect to parties and most importantly non-disclosure agreement for the amounts involved in the transactions.
Zcash was recently launched and was priced almost around twice that of one Bitcoin in November 2016. However, it is expected that the rampant speculations and hype will mellow down with time, giving a clear vision of what this Altcoin can render in terms of technology and confidentiality which it boasts of.
Yet another altcoin, but it promises to be almost 100% error free and has least development costs, which would help you concentrate more on your trades than the technology and developers.
In sophisticated words, it is first automatically mutating digital currency, which offers numerous benefits over Bitcoin, which are-
1. Faster money transfer and transactions. (one block calculation cycle will be carried out 5 times faster than Bitcoins, resulting in better output)
2. Improved anonymity feature
3. ”Mining protocol” which is unique!!
4. Larger coin reserves.
5. Better stability (daily turnover more than $200000) etc.
Litecoin is another altcoin which operates on an open source global payment network, which is hence claimed to be fully decentralized. Litecoin is embedded with various features overriding the Bitcoin, like
1. Faster transaction confirmation
2. Better storage efficiency
3. Better capability to handle high volume transactions
4. Higher security encryption levels
5. Better liquidity hence selling spree does not overkill the market etc.
This is a decentralized platform which runs on custom made blockchain and is developed by Ethereum Foundation. So it is basically a wallet which allows you to hold Ether as well as other cryptocurrencies and also enables you to sign up and use the smart contracts.
The developers boast of it as an enormous shared global infrastructure, which follows the programming without any downtime or third party interference. Ethereum is up against its strongest contender – Bitcoins, by contesting that it is not a mere platform where the tons can be exchanged, but it is also enabled to run the cryptocurrencies, even Bitcoins on this platform.
There are still many more but it’s very difficult to capture them all in an article. We can say that Bitcoin being a pioneer has been a well-recognized name and has earned the status of stable earnings. However, low earnings still pave the way for the various altcoins which can render higher output with better technology and higher security level encryption.
There are a variety of ways to obtain Bitcoins, similar is the case with Altcoins. The most basal way to acquire Altcoins is by accepting them as a payment in exchange for goods or services.
Altcoins can also be traded for, on cryptocurrency exchanges. Mostly all the exchanges use Bitcoin as a medium although some could include fiat exchange and hence if you need to trade for altcoins then you must acquire Bitcoins beforehand for the trade!!
BTER, Bittrex, MintPal, Cryptsy, and BTC38 (Chinese-only) are amongst the most engrossed exchanges of present times.
Coinomia being a virtual Cloud Mining platform uses Bitcoins to trade and even to reward its users. Over a wider picture, the CEO for Coinomia has introduced the concept of earning rewards and buying & selling contracts with “Altcoins”.
This has come like a stroke of the silver lining for the ones who missed the first opportunity to acquire a lucrative seat in the cryptocurrency niche. As coinomia plans to launch the silver to Bitcoins gold, That’s correct, “Etherium is on the market!!”. Be vigilant enough to grab one of the Ethereum contracts with Coinomia, and reap what you couldn’t with Bitcoins.
“Etherium”, the Coinomia co-founder Phillip Morris noted, “is all time better than bitcoin”, quoting that “No capabilities of Bitcoin is beyond the capabilities of Etherium.” Ethereum, on the other hand, has initiated towards the enhancement of programming languages. There are a lot of crypto-currencies prevailing in the current market There’s Bitcoin, of course, but beyond bitcoin there’s litecoin, dogecoin, and hundreds of other Altcoins.
The hypothesis that Ethereum could be the “Next Bitcoin” is not beyond realization, But the question is, what separate other crypto-currencies from the one in the top niche?
The factor of trust regarding the security is the prime reason that is blocking the growth of Altcoins and to overcome such barriers we need a strong foundation of security and sustenance that could uphold the motto of decentralization and at the same time provide a conducive environment for the crypto beings to choose their preferred alternatives beyond Bitcoins.
Coinomia has seemingly realized this conception of an open market for free trade with alternatives and preferences.
And since the “Next Bitcoin” is what Coinomia is mining for its users. It’s the best opportunity for those who couldn’t secure their place with Bitcoin contract those were released in the past and can opt for, who knows, a better crypto-currency than the Bitcoin itself.