Before I begin this piece let me preface it by saying I don’t know if Bitcoin or any of the cryptocurrencies will be around forever. I do believe that the technology backing these crypto assets will be a game changer but it will take a long time for that to occur. In the interim we are left with this mania that has gotten a little out of control.
Bitcoin and other cryptocurrencies have been on quite a run over the last year and it has brought out all of the skeptics in full force. Much like the early to mid-90s when you could put a dot com after anything and investors poured money in. It seems that today the equivalent is putting a “coin” out and the “investors” flock to it. With the Chinese government’s recent crackdown on Initial Coin Offerings (ICOs) in the last week the skeptics for crypto currency have been given another arrow to shoot at the “price bubble”. (more…)
In The Hitchhiker’s Guide to the Galaxy the characters visit the planet Magrathea which is home to the planet building industry. Bitcoin is much like Magrathea and the Alt-coins in the cryptocurrency universe are like the planets that get built.
What are Alt-coins?
Altcoins are cryptocurrencies other than Bitcoin. Altcoin is a combination of two words: “alt” and “coin”; alt is short for alternative and coin as to do with currency; together they imply a category of cryptocurrency that is alternative to Bitcoin itself.
The majority of altcoins are forks of Bitcoin and are slight changes to the underlying Blockchain. Altcoins are the later alternative cryptocurrencies launched after the immense success Bitcoin had after its release in 2009. After the Bitcoin became a success, many other peer-to-peer digital currencies have emerged in an attempt to imitate it.
In General, altcoins are alternatives to bitcoin because they tend to improve and solve the Bitcoin protocol’s limitations and features. Alternative currencies aim to be better substitutes to Bitcoin, or serve different niche markets. (more…)
In part one we discussed the basics of Bitcoin and Blockchain. Now we will look at some interesting places Blockchain may revolutionize the future and a couple of places it is making a difference today. Digital currencies, like Bitcoin, are interesting for the future. However, I am more excited about what Blockchain can and will do in the future. I will look at 8 potential uses for the technology and how I think it will change how many things are done today.