{"id":2519,"date":"2021-10-15T15:36:55","date_gmt":"2021-10-15T15:36:55","guid":{"rendered":"https:\/\/cymood.com\/web\/?p=2519"},"modified":"2022-11-28T08:43:17","modified_gmt":"2022-11-28T08:43:17","slug":"why-do-altcoins-exist","status":"publish","type":"post","link":"https:\/\/cymood.com\/web\/2021\/10\/15\/why-do-altcoins-exist\/","title":{"rendered":"Why do altcoins exist?"},"content":{"rendered":"

Why altcoins exist? and what are they for?<\/p>\n

Alt coin is the abbreviation for Alternative Coin, or coins alternatives to Bitcoin.<\/strong><\/p>\n

Bitcoin as we know was the first truly successful cryptocurrency, which show the way for all those who followed it.<\/p>\n

But Bitcoin is not perfect and altcoins are used to create a hypothetical better version of bitcoin or a coin that has different purposes and functions from those of Bitcoin, in fact some of them are faster than bitcoin, others focus on anonymity, others do different things like ethereum and others.<\/p>\n

Altcoins can then be mined in a different way, for example bitcoin has an algorithm called SHA 256, an altcoin like Litecoin, which derives from Bitcoin, has a different algorithm called Scrypt.<\/p>\n

There are now thousands of altcoins on the market, but only a very few have achieved a decent fan base. We must in fact divide the coins that have a utility, the coins that are based on projects that do not really have to do with the blockchain and coins that are exclusively scams or useful for the Pump and dump.<\/p>\n

A good way to analyze the coin we have spotted is to understand if it has a following by first checking the market cap and then the community of users who use or follow it.<\/p>\n

The market cap is the term used to indicate market capitalization<\/em>.<\/p>\n

This is calculated by multiplying the number of coins in circulation by the price of the exchange. A high value generally indicates a certain interest from the world and therefore value within the coin.<\/p>\n

Remember that you can invest in an altcoin both when it is already on the market and before it is issued, in what are the famous ICOs.<\/p>\n

if you want to invest in an altcoin, in the post ICO period, in general you will have more information and less chance to buy a scam but most likely if the coin has an actual use or value, you will pay much more than the price of the ICO<\/strong><\/a>. <\/p>\n

So inform yourself and study well and always beware of ponzi schemes and fraud.<\/p>\n

Learn more about Scam here<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Why altcoins exist? and what are they for? 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