Bitcoin Versus Altcoins – Will Too Many Cooks Spoil the Broth?
Bitcoin brought about a new lease of life to e-money. However, the estimate of consequent knockoffs wasn’t even in the ballpack. The Internet got dotted with so many secondary blockchains, some of which purely recreational, created solely to defame Bitcoin. Be that as it may, the developers implicated in the plot are at each other’s throat day and night trying to trump up their end products. How to distinguish the hatchet job from an earnest effort that can assuredly pay dividends? What are we left with after a deliberate comb out? With more than 5 years in the crypto affairs, allow me to tackle the uphill task of pointing out the leading exponents in the crypto world.
A Typical Cryptocurrency Exchange Will Have Alt Coins Aplenty
Although constantly hemmed in by altcoins, you are to stay true to the factual side, like volume for example. Coins in their early stages are not so current, therefore people are not so quick to invest in them. The bigger volumes also guarantee stability, because even if everyone starts shipping, that won’t affect the overall price immediately. Let’s look at what’s trending presently, shall we?
A lot of water has passed under the bridge since bitcoin’s genesis block was mined by Satoshi Nakamoto. Notably the birth of Bitcoin Cash, the professed solution to the high fees and incommodious design, came to pass. Both coins are still taking quite the heat but are inarguably the preferred means of payment for online casinos and e-stores.
Etherum and Bitcoin on the other hand, have been neck and neck for the past couple of years. Neither bitcoin managed to extend its lead nor did Ethereum succeeded in closing in on its famed opponent. In any case, experts in the field like their chances betting it all on the latter. As far as facts are concerned, Microsoft has released an Ethereum-based protocol for companies and big organizations. Optimists are expecting more deals of the same caliber coming in the near future, solidifying this coin’s positions even further.
Addressee of the most belligerent talk so far has been Ripple, with its corelating XRP token. Ripple is a real-time gross settlement system laser focusing enterprises and banks. As mainstream financiers wake up to the possibilities that RippleNet creators preach, the number of its subscribers is going up. Ripple has struck a deal with more than 100 clients, with names like UniCredit and Santander amidst.
Litecoin’s bid for power dates a few years back, but the allegedly superior to bitcoin’s technology posed more questions than gave answers. And so, the various brain-teasers that kept rearing their ugly head were kicked into the long grass. The idea that Litecoin can be made great again came to life in the mid-May 2017 when SegWit officially kicked in. The coin has been doing fairly well ever since. It’s currently sitting in the top spots volume-wise despite the downturn of the crypto market. The developers keep working tirelessly to improve transactions speed and keep feeding with news of upcoming updates and future contracts to boot.
Advertised as the fun and friendly internet currency, Dogecoin took everyone by surprise. People didn’t know what to make of it – was it a joke or serious business? Regardless, the coin is amazingly stable and rising in volume. Moreover, the alacrity of Dogecoin enthusiasts has come to form the Dogecoin Foundation, which is promoting the cryptocurrency through charitable events and funding causes.
Trading, Monitoring Price Changes, Pumps and Dumps Are All in a Day’s Work
Often times, the unforgiving dynamics of the crypto reality will hardly give you any pause for thought, meaning that turning a profit hinges on recurring split-second decisions. Which proves to be too big a bite to chew for your average exchange tyro. My advice is to stick to the top-drawer coins, at the very least you ought to see some sort of a newsflash in the media before a potential catastrophe is unleashed. The so-called “small coins” easily fall prey to the “whales” who can, in turn, control the price as they please. Before you commit to a currency or a project, research if the number of tokens is finite, who has the biggest share, and will there be future airdrops, all of which can affect the price over time.
What is HODL?
This wording came to fame accidentally in a Bitcoin forum. The original poster was whining about the inconsistency of the cryptocurrency market. The year is 2013, the place – Bitcoin talk forum. In a heartfelt moment of pouring down his utter disappointment with the crypto overlords, the member GameKyuubi entitled his post “I AM HODLING”. The masterwork of his genius is still used today imbued with the general meaning of growing a thicker skin and stop chasing after the highs and lows of the chart. It’s a common belief that there’s a silent agreement the cryptocurrencies to overtake the traditional payment methods sooner or later.
