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What Is Altcoin?

What Is Altcoin?

What is Altcoin?

If you thought that Bitcoin is the only cryptocurrency, you are terribly wrong. There are many other digital currencies and alternatives to Bitcoin – and Altcoin is one of them.

The truth is, Altcoin is not actually a name of a cryptocurrency. Instead, it is a term that describes any cryptocurrency alternative to Bitcoin. For example, Ripple, Etherium or Litecoin are all known as ‘altcoins’ and fall under the category of these alternatives. So, it is safe to say that altcoin is only a term that is used to describe coins with lower market capitalizations.

The hundreds of digital currencies out there are all altcoins as opposed to Bitcoin. In reality, all of these can differ from Bitcoin in a range of ways. While some have an economic model or a different coin distribution methods, others work on different mining algorithms and are linked to specialized mining hardware.

There are even several altcoins that offer a more versatile programming language that builds applications on top of it – and there are others with greater privacy compared to Bitcoin. One way or another, there are many differences between all altcoins.

Are Altcoins Better, More Secure And More Profitable Than Bitcoin?

However, the vast majority of altcoins are actually mimicking the parameters of Bitcoin that don’t matter much or offer something that sounds useful but isn’t. For example, if an altcoin has a greater total amount of coins than Bitcoin, it means that each coin is worth less individually. Or, if any altcoin finds blocks faster and is ‘mined’ in a faster way, it would require more confirmations for a similar level of security.

This is exactly why most altcoins offer no benefit over Bitcoin and have less hash power securing them. They also involve smaller teams of developers maintaining them and improving their features and are usually less useful due to their smaller effects.

That also makes altcoins typically riskier than Bitcoins. However, many people have benefited from them over the years – even though virtually not a single altcoin has maintained its value against bitcoin in the past. Most of them have come and gone and many of them can be considered as outright scams.

Should You Invest In Altcoins?

Knowing how the digital world of crypto currencies is growing and how rapidly the landscape changes, a lot of experts advise people to diversify their crypto portfolios and invest in as many altcoins as possible. The truth is, there are many ups and downs in a market like this – but same goes for Bitcoin which has exhibited some price volatility on a regular basis.

In comparison, however, it is safe to say that altcoins hold a greater risk and are exponentially more volatile. That is mostly because of their low market caps (the total value of all the coins combined) – which makes them prone to price manipulation.

What wealthy traders to is inject large amounts of capital into these low-priced coins and build the hype – therefore causing the price to skyrocket. Once the price increases considerably, the wealthy traders sell their coins on exchanges and get massive profit. This situation is known as ‘pump and dump’ and can hurt many greedy traders who don’t take the time to do their homework.

So, to avoid losing all your money on altcoins thanks to ‘pump and dump’ actions, you should focus on long term investments in coins that have massive potential and ones that exhibit overall health. In a nutshell, these are altcoins that possess strong communities, exhibit high liquidity and have many developers who are proactively improving their source code.

In order to help you see which altcoins have the greatest potential and are considered to be among the safest, we are listing our guide to the best Bitcoin alternatives – below.

A List Of The Most Promising Altcoins (Top Bitcoin Alternatives In The World)

Basically, the most relevant crypto currencies and the altcoins with the greatest potential include:

Litecoin – According to many traders and experts, Litecoin is the second most important digital coin and the first most important altcoin out there. This alternative to Bitcoin had the third-highest market cap as of June 2015. The secret behind its technology is simple – it is quite the same as Bitcoin and costs about 1/50th to 1/100th of what Bitcoin does. Generally, a Litecoin is like a bitcoin except from the fact that its value is closer to what a reasonable person could expect a digital coin to have.

Ethereum – Ethereum is the second most popular altcoin and the third most important coin (for many the second). Even though it doesn’t have the longevity of Litecoin, it is built on a sustainable system on which many other coins are built. For example, most of the ICOs (Initial Coin Offerings) use Ethereum. At the same time, Ethereum has the second highest market cap.

BitcoinCash – This altcoin was created in 2017 when Bitcoin split into two because of its market cap. This resulted in BitcoinCash – a cryptocurrency offering faster transactions and one that is voted on and implemented by the Bitcoin community. Even though it is too early to expect anything from it, it has already gotten a high market cap and could easily shape up and become a top player.

Other significant altcoins to mention include Dogecoin, Namecoin, Darkcoin (Dash), Nxt, Peercoin etc. For more news on each, visit our blog.

Want To Dig Deeper And Find New Potential Altcoins?

If you are interested in digging deeper in the altcoins and seeing how many cryptocurrencies are actualy out there, you can always browse the complete lists on the Internet on websites like coinmarketcap.com and cryptocoincharts.info.

In the end, while most traders have a harder time trading with anything other than Bitcoin, these altcoins have also showed mass popularity and great profits for many out there. As such, they can be easily traded at the most popular online cryptocurrency exchanges.



 

 

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Are Tokens The Best Way To Education In The Future?

A wise philosopher named John Dewey once said:

“Education is not preparation for life; education is life itself.”

In other words, learning never stops. The adult education industry, on the other hand, is a very scattered landscape nowadays. Technology and innovation are continuously improving education as we know it.

However, there are also many people who are electing not to attend college because it is outright unaffordable – and potentially leading to student debt. In times when education is beneficial, people are asking themselves if it is worthwhile the cost.

This is why many turn to the self-improvement industry, attending seminars, conferences, speeches and reading books and podcasts. However, one technology aims to disrupt all of this and make education affordable again.

We are talking about tokens and blockchain, of course.

According to SuccessLife, which is a subsidiary company of the Success Resources group of companies, there is a plan to create “the world’s leading digital marketplace for personal and professional development and educational content” which will also be the largest global online and offline community for entrepreneurs and individuals seeking inspiration.

The plan is currently outlined in the company’s whitepaper and the team at SuccessLife says that one of the platform’s main functions will be:

“to aggregate written, audio, and video content, which is then curated, cataloged, and filtered by categories and for varying demographics. This overcomes the difficulty of finding and searching for content that is relevant to one’s individual needs within our vast and growing volume of content in our archives.”

In other words, the platform would house an enormous library of information that would be available for purchase with tokens. From wealth to growth to financial intelligence, business training, strategies, leadership and more, there will be live-streams for speeches and other related events hosted live on the platform.

Blockchain-based and offering its unique cryptocurrency called SuccessLife Token (SLT), this new project is open for everyone to use. Tokens can be used to purchase materials as well as make exchanges with other users.

In many ways, SuccessLife is planning to make education better and wider. Currently, the platform is in motion – as global, easy to use and quite affordable (with rewards involved).

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Buying Coins: Pick the Right Exchange

There are numerously available exchanges that you can buy blockchain currencies from and be finding the right exchange can be tough. There’s a number of factors that you have to be considered in ensuring that you’ve opened the right exchange. The majority of exchanges offers only the top coins, which usually consists of Bitcoin, Ethereum, Litecoin and BTC cash. Following points, if considered could help the new investors in picking the right exchange.

      1. Liquidity: The most important criteria in picking up the exchange. Liquidity refers to the ease of buying/selling in the market. A high liquidity means that there is a good number of buyers/sellers. High liquidity is good as it leads to better price discovery and it allows you to transact faster.
      2. Security: The security mechanism used by the exchange is very crucial ensuring the asset you purchased is safe. The security system should be beyond the reach of hackers, 2-factor authentication and email verifications are one of the few examples of critical factors that one should consider
      3. Trading Fees: Lower the transaction fees the better it is especially if you’re a constant trader. It is important to look at the fees of the exchange you choose, to see if it’s comparable to other exchanges.
      4. Ease of Use: The user interface of the exchange should be easy to use and clean to avoid misunderstanding and errors. Having the necessary indicators at the tip of your fingers and the ease of steering through the platform should make it easy for anyone to use the interface.
      5. Good Customer Support: Having a good customer support would save a lot of time and also chances of errors. Issues on your confirmation procedure, deposit/withdrawals, funds position and trading orders should be solved quickly by the exchanges, or it could cost compromise you time, money and well-being.
      6. Coin Pairs: There are only a handful of exchanges that offer a wider variety of coins. A more varied choice of coins accessible is better as it gives you more options of coins to purchase
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EDUCATION & RESOURCES

What Is Bitcoin?

What Is Bitcoin?

What is Bitcoin?

You have probably heard about Bitcoin, the most popular form of digital currency in the world. Without any control like the monetary currencies, Bitcoin is entirely digital which means that it is produced by people and computers from all around the world – using software that solves mathematical problems.

Bitcoin is also the first term that was related to a growing category of money known as crypto currencies. Since it can be used to buy things electronically, it certainly fits the image of a cryptocurrency. However, bitcoin is decentralized – which means that there is no single institution that controls the network or the virtual money it is based on.


 

Who Created Bitcoin And Who Is Producing It?

Bitcoin was created by a software developed named Satoshi Nakamoto – a guy who proposed it as the first electronic system based on mathematical proof that would eventually become a currency which is decentralized – meaning that there is no authority in charge of it.

Nakamoto designed the creation of bitcoin in a digital way, by forming a community of people that anyone can join and use their computer power in a distributed network. While the network will process transactions made by the virtual currency, it will also make bitcoin its primary networks.

Still, there cannot be unlimited bitcoin churned out in public. That is because of the protocol which says that only 21 million bitcoins can ever be created by miners. However, there is a catch – as these coins can be divided into smaller parts (with the smallest being one hundred millionth of a bitcoin and named ‘satoshi’ after the founder).

What Is Bitcoin Based On And What Are Its Main Characteristics?

While conventional currencies are based on gold or silver, bitcoin is based on something else – the law of mathematics. In other words, bitcoin is part of a mathematic formula that is used in a software program and is also freely available so that anyone can check it. This is why Bitcoin is labeled as open-source, meaning that anyone can look it and make sure of its existence.

Some of the main characteristics of Bitcoin present it as a digital currency that is:

Fully decentralized – Meaning that it isn’t controlled by one central authority

  • Easy to set up – Unlike conventional banks, a Bitcoin address can be set up in seconds with no questions asked and no fees to pay
  • Anonymous – Users are able to hold multiple bitcoin addresses which aren’t linked to names or any personality identifying information
  • Transparent – The network stores detail of every single transaction that has ever happened in history
  • Lacks Transaction fees – Unlike banks and conventional currencies, sending or receiving bitcoin costs nothing
  • Fast and non-refundable – You can send money in seconds in the form of a bitcoin – but without a possibility for a refund or to get them back (unless the recipient returns them)

The process of developing Bitcoin is also known as ‘mining’, relating to the use of software programs in order to produce this digital currency. Below, we are explaining it in detail.

 

Mining Bitcoin – What Is It?

As soon as the network was launched by Satoshi himself in 2009, it made any computer connected to it possible to mine bitcoins. Since there were only a few people mining bitcoin at the start, the protocol supported this process and made sure that everyone connected to the network is helping to produce it.

Unlike governments and paper money, bitcoin operates as a peer-to-peer network, which means that no one decides how much of it will be produced and how it will be distributed. The miners are the ones who run the software on their machines and issue a certain amount of bitcoin in return. This provides a smart way to issue the currency while creating an incentive for more people to join it.

As we said earlier, ‘mining’ bitcoin refers to solving specific math problems using a special software. As more people participate in mining – the more secure the bitcoin network becomes. As soon as one math problem is solved, a node finds the solution, announces it to the other nodes in the network and claims a new batch of Bitcoins to be solved in order for new bitcoins to be produced.

How To Buy And Sell Bitcoin?

The first thing you need to do in order to purchase Bitcoins is to get yourself a bitcoin wallet. This is essentially ‘the place’ where you store your new bitcoins – and something like a bank account for them. Now, there are different wallets with different prices and levels of security. The main options include:

  • a software wallet stored on your computer’s hard drive
  • a web-based wallet
  • a ‘vault’ service that keeps your bitcoins protected online (the most common choice)

Even though most of these have their vulnerabilities, the last seems like the most popular solution when buying and storing your bitcoin. As for buying Bitcoin, some of the best and most popular wallets offering a simple way to buy Bitcoin include the following websites:

  • Coinbase
  • Local Bitcois
  • BitQuick
  • BitBargain
  • CoinCorner
  • Bittylicious

When it comes to selling, the best way to sell Bitcoin is also on some of these networks (Coinbase, BitBargain, Bittylicious etc.). There are three main ways to sell Bitcoin – through direct trades, peer-to-peer trading marketplaces or exchange trades. However, you should always make sure that you are registered as a seller and follow the standard procedures whether you are buying or selling Bitcoin.

The Growth Of Bitcoin

In the end, many people decide to buy Bitcoin just because of its growth and popularity over the years. The truth is, Bitcoin’s price keeps breaking records and could rise up to $100,000 in 10 years according to many analysts and experts.



 

 

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What Is Cryptocurrency?

What Is Cryptocurrency?

What is Cryptocurrency?

A lot of people know it as ‘the money of the future’ and many also refer to it as the best thing that happened online. Cryptocurrency is actually a form of digital money – and a global phenomenon known to most people. Even though at this point they still remain as somehow unexplained, crypto currencies are changing the world step by step.

The change can be best seen through Bitcoin, the most popular cryptocurrency out there and an official payment method in many places. The truth is, in today’s era you will hardly find a major bank or financial institution that doesn’t rely on cryptocurrencies one way or another.

However, crypto currencies are most traded by individuals – even bankers, scientists and developers who have at least some knowledge about them. Obviously, the greater mass falls to understand the basic concepts of these crypto currencies. That is why today, we are walking you through the complete story about the model of the first digital currency. So…

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What Is Cryptocurrency And How Crypto Currencies Got So Popular Over The Years?

Even though only a few people know about them, crypto currencies have emerged as a side product of Bitcoin. As soon as Bitcoin was introduced to the masses, it saw tremendous growth. However, Bitcoin was not intended as a digital currency at all.

Instead, the founder of Bitcoin, Satoshi Nakamoto, spontaneously found that the system he is building can be decentralized – and that cash could flow without a single authority. Even though there were many attempts to create virtual money in this period, a lot of them failed.

After seeing that a decentralized digital currency can be easily built online, Satoshi gave the birth of crypto currencies. Even though they are entirely technical and hard to understand, the best way to simplify their meaning is as ‘a form of digital money that is unauthorized and anonymous’.

This set the backbone to decentralized networks, where servers were not needed. Instead, what was needed by peers who are continuously solving mathematical questions in the form of limited entries in a database that no one can change without fulfilling specific conditions.

This is how the first coins were created – and how the first cryptocurrency named Bitcoin emerged. Consisting of a network of peers, each one of the peers on Bitcoin has a complete history of all transactions and thus the balance of every account.

For example, ‘if Adam gives X Bitcoin to Eve’ – this is recorded as a transaction and is signed by Adam’s private key. As such, the storage of transactions is unlimited in crypto currencies and impossible to lose.

Mining Crypto Currencies: What Is It And Who Does It?

Every cryptocurrency runs on a blockchain, which is a shared ledger or document designed to be duplicated several times across a network of computers. Here, the updated document is distributed continuously and made available to all holders of the cryptocurrency itself.

Knowing that every single transaction made is recorder in the blockchain, the blockchain is run by miners who use powerful computers that record the transactions. Basically, their role is to update each time a transaction is made and ensure the authenticity of the information, thereby labeling it as secure and processing it safely.

As a payment for their services, miners are paid in physically minted cryptocurrency as fees by different merchants and vendors of each transaction. The value of a cryptocurrency bases on demand and supply and there is never a fixed value for each of them. Basically, buyers and sellers agree on a specific value and based on it are doing the trading elsewhere.

Mining is a process that includes two main functions:

  • adding transactions to the blockchain (securing and verifying them) and
  • releasing new currency

The process demands a computer and a special program which helps miners complete with their peers and solve the complicated math problems. This process also needs huge computer resources which power the software to solve a block using cryptographic hash functions. Here, the hash value is a numeric value or fixed length that can identify data and reward the first one who mined the block with a certain cryptocurrency value.

Why Are Cryptocurrencies Great?

Whether you already invested in crypto currencies or are planning to do it, you should know that each cryptocurrency is great because it is:

  • Irreversible – Meaning that a transaction cannot be reversed by anybody
  • Pseudonymous – There is complete anonymity and neither transactions nor accounts are connected to real-world identities
  • Fast and global – The transactions are made in lighting speed and confirmed in a couple of minutes
  • Secure – The cryptocurrency funds are generally secure, locked in a public cryptography system where only the owner of the private key can send cryptocurrency
  • Permissionless – You don’t have to ask anybody to send or receive cryptocurrency, coming from the decentralized network

However, there is a controlled supply of tokens when it comes to crypto currencies – which means that the monetary supply of a cryptocurrency in every moment can be roughly calculated at any time and there are no surprises.

 Understanding The Revolutionary Impact Of Crypto Currencies

In order to understand the impact of crypto currencies nowadays, you need to consider everything about them. If we take Bitcoin for example, it is safe to say that it is a permissionless, irreversible and anonymous network where payments cannot be tracked or controlled by banks and governments.

That being said, it is clear to see why crypto currencies attack the scope of the monetary policy – and why they are attractive to many people. According to many, they are forming the dawn of a new economy and are already acting as a fast and comfortable means of payment to many people and businesses.

Interested in learning more about cryptocurrencies? Read our blog for the latest crypto news!



 

 

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