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You Ought to Know that Bitcoin is Not the Only Crypto Coin Around

Daniel Nyairo in Bitcoin & Cryptocurrency published on 26, November 2014

Crypto Coins

After Satoshi Nakamoto published the famous Bitcoin white paper in 2009 to a cryptography mailing list, a group of tech-savvy individuals, he went ahead and implemented it as Bitcoin.

And following this, a perception that Bitcoin was cryptocurrency and cryptocurrency was Bitcoin started to take root, especially among early adopters with little technical knowledge on digital currency.

This has not changed much, especially due to the fact that still the majority of the new converts are introduced into the cryptocurrency economy through Bitcoin.

If you are among those who belong to this category of people, it is time you knew that there are close to hundred alternative crypto coins out there.

These other crypto coins have been christened altcoins, a shortened form of ‘alternative coins’.

Some crypto coins are almost as old as Bitcoin

It must be mentioned, however, that Bitcoin is only slightly older than some of these alternative crypto coins. Within two years of Bitcoin’s inception, many had studied the system and fell in love with its core structure of the block chain. And some got inspired enough to develop their cryptocurrencies.

The growth of new cryptocurrencies has not stopped, there are new ones coming up nearly every other day.

While some altcoins are for anyone in the general public who is interested, others are targeted at specific groups of people.

Nevertheless, because of its forerunning position and fast adoption, Bitcoin has remained in cryptocurrency what gold is in precious metals.

Having stated that, altcoins are also common on the Internet. For instance, there are several online gambling sites that accept them as a means of placing bets. One of the Bitcoin casinos that welcome these altcoins is FortuneJack, which accepts LTC, DOGE, DRK, PPC, NMC, NVC, RDD.

But why could you choose altcoins over Bitcoin?

While altcoins are considered less attractive than Bitcoin, there are things that may make you consider acquiring them and even place bets using them online.

For instance, they are easier to mine than Bitcoin. You do not require expensive and sophisticated hardware and software like you do with Bitcoin.

They are also available in smaller units of value.

What other cryptocurrencies are there currently?

As mentioned above the list of cryptocurrencies keeps growing every other day and it is indeed a challenge to give an accurate number. In addition to currency, there are other platforms that use the block chain protocol to offer services, such as data storage.

Nevertheless, there are a few altcoins that are recognized more widely than the rest. These include Litecoin, Ripple and Namecoin. Others are Peercoin, Dogecoin and Feathercoin.

The numbers that determine the size or influence of a crypto coin in the market are the total value of the coin, the total number of units in circulation and the total number of units that can be mined.

After acquainting yourself well with Bitcoin, there is no harm in trying out the other crypto coins, even as substitute for Bitcoin gambling. You could mine them or buy from an exchange that sells them online.

You never know, you may find Dogecoin gambling or Litecoin gambling more fun and profitable!

 

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