What Are Altcoins and How Are They Different from Bitcoin?

altcoin hand blue

This year, the cryptocurrency industry will celebrate its first anniversary. Bitcoin, the world’s #1 cryptocurrency will be exactly 10 years old In October. During this time, a large number of different coins have appeared on the market, which tried to improve or replace BTC. In this article we’ll talk about such a concept as altcoins, find out why we need them, when they were invented and what kind of future awaits for them.

Contents:
(please, click the topic to scroll down to it)

  1. What are altcoins?
  2. Why create altcoins?
  3. Promising altcoins of 2018
  4. Conclusion

1. What are altcoins?

This concept is rather familiar to most of the experienced market participants. In fact, an altcoin is any cryptocurrency other than Bitcoin. It will make sense if you refer to the etymology of the word (altcoin – an alternative coin). Altcoin is not a specific coin, but implies a whole separate species, which already has a couple of thousand coins.

2. Why create altcoins?

New altcoins are designed to replace, improve or supplement #1 cryptocurrency. It is worth noting that the vast majority of these projects have not been successful, but there are also quite successful cases. If you look at this in terms of the years passed, you can confidently state that the key to success is not to copy blindly BTC with minimal corrections, but to create truly original projects.

So, let’s analyze the main parameters of altcoins that differ them from Bitcoin:

– The speed of transactions. This is one of the weaknesses of the cryptocurrency flagship, since the network is designed to handle only seven transactions per second, so they can be delayed for two to three hours. Some developers have succeeded in creating altcoins with high network bandwidth and with the ability to scale the user base.

– Hashing algorithm. All cryptocurrencies are built on the technological base of blockchain. Coin systems need to hash transaction data and enclose them in blocks to work correctly. Bitcoin works on the SHA-256 algorithm, which takes about 10 minutes to generate one block. This is by no means the only algorithm, there are other, faster and more efficient ones, such as scrypt, X11, X13, X15, etc. They spend much less time creating a single block, which allows for greater transaction speed.

– Altcoin mining algorithm. The extraction of alternative coins often does not have any fundamental differences from Bitcoin mining. Since altcoins are less popular, they are mined by fewer participants, so the overall complexity of the network is smaller. Therefore, it is much more profitable to mine altcoins than to mine BTC. There are coins that are not available for mining, since the developers initially produced a full emission.

3. Promising altcoins of 2018

Each year there appear new interesting decentralized projects that collect impressive amounts at the ICO stages. Not only can they bring their depositors insanely big money, they can also change the development vector of the industry as a whole. For example, the same thing happened with Ethereum.

If we mark some specific promising altcoins at a given time, we should point out the following:

Ethereum;

Ripple;

Bitcoin Cash;

EOS;

Waves;

Monero;

Dash.

Almost all of them are in the TOP-10 of the global CoinMarketCap rating, but all these projects have not yet fully revealed the capabilities of their technologies, so they are still quite promising for investments.

4. Conclusion

Altcoin is not a definite coin, it is any cryptocurrency, except Bitcoin. Each of them was created as a counterweight, addition or replacement of BTC. Different projects solve various problems of the original blockchain. Many altcoins can have a great future, as some of them have every chance to outshine Bitcoin.

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Binance Will Add Stablecoin USDC To Its Listing

Recently, one of the major crypto exchanges, Binance, has published a notice which says, Binance will open two new pairs for trading on November 17. Interestingly, those two pairs include a new-comer – USDC – stablecoin backed by Circle.

The trading pairs are USDC/BNB and USDC/BTC; the trading starts at 2018/11/17 03:00 AM (UTC). However, users are already able to deposit stablecoin in advance.

Moreover, Binance wrote there would be a “top-ranking auditing firm” to preserve the transparency of the stablecoin. Every month, the firm is bound to provide data of “the corresponding USDC and USD balances held/issued.

We want to remind you, such crypto exchanges as OKEx, Huobi, BitPay, Coinbase have already listed USDC stablecoin on their listings.

Dollar-Pegged Stablecoins Exceeded the Price Point of $1

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Cryptocurrency Prices Today, November 15: Cryptocurrencies Collapsed in Price

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 10.76% over the past 24 hours. The price at the time of writing is $5643 per coin.

Almost all cryptocurrencies absolutely crashed in price:

Bitcoin Cash lost 13.28% over the past 24 hours and costs $447 per coin;

Ripple dropped by 8.94% and is $0.46 in price;

EOS fell by  11.7%, and its price is $4.66;

Litecoin lost 13.45%, and its cost is $42;

Cardano decreased by 14.13%, and its value is $0.061;

Stellar lost 8.24% and is worth $0.23;

IOTA became cheaper by 16.64%, and its cost is $0.48;

Dash dropped by 12.34%, and its price is $142;

Monero decreased by 13.95% and costs $90.

Over the past day, Ethereum lost 12.76%. The cost of the coin is $179.

The total market capitalization dropped significantly to $185 billion. Bitcoin accounts for 53% of the total. In monetary terms, the amount dropped to $98 billion.

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Cryptocurrency Prices Today, November 14: Cryptocurrencies Continue to Decline in Price

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.16% over the past 24 hours. The price at the time of writing is $6356 per coin.

Almost all cryptocurrencies are in the red zone:

Bitcoin Cash lost 0.66% over the past 24 hours and costs $502 per coin;

Ripple fell by 2.29% and is $0.51 in price;

EOS minus 2.40%, and its rate is $5.30;

Litecoin decreased by 0.95%, and its price is $49;

Cardano dropped by 3.02%, and its cost is $0.072;

Stellar lost 4.23% and costs $0.25;

IOTA added 0.37%, and its value is $0.48;

Dash plus 0.15%, and its price is $164;

Monero lost 0.99% and costs $106.

Ethereum lost 1.03% over the past day. The cost of the coin is $206.

The total market capitalization is $209 billion. Bitcoin accounts for 52.8% of the total. In monetary terms, this is $110 billion.

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Cryptocurrency Prices Today, November 13: Cryptocurrencies Are Still Falling

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.62% over the past 24 hours. The price at the time of writing is $6347 per coin.

Cryptocurrencies are mainly in the red zone:

Bitcoin Cash lost 2.09% over the past 24 hours and costs $508 per coin;

Ripple added 2.71% and costs $0.52;

EOS lost 0.98%, and its price is $5.40;

Litecoin fell by 0.75%, and its rate is $50;

Cardano dropped by 0.35%, and its value is $0.074;

Stellar minus 3.09% and costs $0.26;

IOTA added 1.25%, and its value is $0.48;

Dash decreased by 0.20%, and its price is $163;

Monero grew by 0.08% and costs $106.

Over the past day, Ethereum lost 1.38%. The cost of the coin is $207.

The total market capitalization is $210 billion. Bitcoin accounts for 52.3% of the total. In monetary terms, it is $110 billion.

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Cryptocurrency Prices Today, November 12: Cryptocurrencies Are on the Border of the Red and Green Zones

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) gained 0.23% over the past 24 hours. The price at the time of writing is $6410 per coin.

Cryptocurrencies are demonstrating both plus and minus:

Bitcoin Cash lost 4.35% over the past 24 hours and costs $523 per coin;

Ripple dropped by 0.16% and is $0.50 in value;

EOS added 0.57%, and its price is $5.44;

Litecoin fell by 1.44%, and its cost is $50;

Cardano lost 1.41%, and its value is $0.074;

Stellar grew by 1.31% and costs $0.27;

IOTA added 1.40%, and its cost is $0.48;

Dash increased by 0.66%, and its price is $163;

Monero gained 2.20% and costs $106.

Over the past day, Ethereum lost 0.37%. The cost of the coin is $211.

The total market capitalization is $212 billion. Bitcoin accounts for 52.5% of the total. In monetary terms, it is $111 billion.

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Blockchain Architecture: Technical Brief

Just recently, on October 31, 2018, Bitcoin celebrated its first anniversary – the first cryptocurrency turned 10 years old. Now almost all modern people have heard about Bitcoin. But only few of them can clearly and concisely answer the question: what are cryptocurrencies, and moreover, what is blockchain? In this article we will try to describe in simple words, what blockchain is and how it works.

Content:
(please, click the topic to scroll down to it)

  1. The history of creation and a brief description of Blockchain
  2. Technical Brief
  3. Private and public blockchain
  4. Advantages and disadvantages of blockchain technology
  5. Conclusion

 

1.  The history of creation and a brief description of Blockchain

Blockchain technology is the basis of cryptocurrency, and since recently it is being applied in other areas of life. From its name it becomes clear that, in fact, it is a chain of interconnected blocks.

The most important feature of the Blockchain technology is decentralization. That means, that the network operability is provided not by a single center, but by all its participants at the same time. For ease of understanding, the principle of operation of the blockchain can be compared with Torrent, where the user and the server are the same. Files that are downloaded from the tracker, are not located on the central server – they are stored by other users. Operations in the blockchain occur exclusively between users, without any intermediaries as well.

The term “blockchain” was first used on October 31, 2008. On the same day, the mysterious creator of Bitcoin Satoshi Nakamoto published his legendary article “Bitcoin: a one-time electronic monetary system.” The Bitcoin network was launched in early January 2009. But the concept of the modern blockchain itself was announced in the 1990s. Satoshi Nakamoto has put a lot of effort into the systematization of cryptographic works, which has been published over the past 20-25 years.

2. Technical Brief

We will not go delve into of cryptography, use narrowly defined terms and draw complex graphs. Firstly, 99.99% of people simply will not understand this (including us), and secondly, in order to open this topic completely, not one article, but an entire book is needed. In this article we are talking only about the basics of the architecture of blockchain systems.

So, the blockchain ledger can be conditionally compared with a book. It contains blocks that can be called “pages” of this book. Each block has a name that contains information about the previous block and the key from the next one. This is called a “chain of blocks”. All information is contained in an encrypted HASH. The keys from blocks are found by miners who maintain network performance.

3. Private and public blockchain

We all are used to associate blockchain with finances only, and more specifically with cryptocurrencies. But it is worth noting, that this technology is much more versatile, it can be applied in other areas of life, such as:

  • logistics;
  • identification;
  • proof of intellectual property rights;
  • voting;
  • music;
  • charity;
  • property;
  • etc.

The Bitcoin or any other cryptocurrency network uses a public blockchain, the keys of which are publicly available. It is perfect for the concept of cryptocurrency, but it cannot be used to maintain the workflow of private companies. The private blockchain is perfect for this. Lately it causes increased interest in many companies. For example, it can be used for tracking of goods trade and shipping companies. Such a solution will significantly reduce costs, as well as eradicate all sorts of fraud.

4. Advantages and disadvantages of blockchain technology

First, let’s talk about the advantages:

  • Decentralization. Such network is almost impossible to be closed, because for this it is necessary to disconnect all its members from the network.
  • Safety and reliability. Technical features of the technology exclude falsification, data fraud, and hacker attacks.
  • Versatility. This technology is predicted a great future, because it can be used in various industries.

Unfortunately, the blockchain technology is not perfect and has several disadvantages:

  • Scaling issues.
  • Irreversibility of operations. After the operation was recorded in blockchain, it is impossible to cancel it, even if it was done by mistake.

5. Conclusion

Blockchain technology can cardinally change our lives. Only narrow specialists are able to understand all mechanisms of its work. Basic principles, which we discussed in this article, will be enough for the vast majority of people.

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