Bitcoin Competition: The Rising World of Altcoins
Altcoins, also known as Alternative Coins shift the realm of what you think of cryptocurrency.There is more than Bitcoin when it comes to cryptocurrency. While Bitcoin is the most known, it is not the only one.As markets go, there are several different vendors that all advertise a particular or similar brand and they all typically accept a fiat to secure their business. Cryptocurrency is the same. It is incredible what people are accomplishing with cryptocurrency through altcoins. Crypto's such as Verge, Einsteinium, ReddCoin, and HempCoin, to name a few, all are unique.
Verge [XVG], some considered this to be an improved Bitcoin. Its primary focus is to be a decentralized, fast, and secure network. Powered by a growing community and vendors, investing in this Bitcoin alternative is small in comparison to Bitcoin.Verge's last was $.11/stake. Not sorry for a cryptocurrency whose portfolio is vast and not narrowed to just mining or gaming.While other cryptocurrencies are improving upon the original blockchain, this next Crypto is looking to create a new generation of inventions. Einsteinium [EMC2] is a cryptocurrency that taxes 2.5% (an average rate) to the miners and repurposes it to fund qualified participants.The Einsteinium Foundation approximates after 25 days, 30,000 blocks are created establishing an epoch switch. Thus, a new qualified applicant is picked for the funding of their project. So far this dynamic coin has granted 16m EMC2, and with a cap of 245 million, there is room to invest and watch it grow.
This next coin is indeed a game changer. As you read this, how did you come to this page? Through Google, a link to a friends post, searching through Twitter?It is fascinating how much social media has affected the market. Create an image/brand, potential to reach millions through free marketing, build a following base, and you can now receive money by getting paid for people to promote through your stream.ReddCoin [RDD] wants to secure that transaction by transforming the power of social interaction into the Proof of Stake Velocity (POSV). By not using the traditional POW, where individuals or mining pools process the algorithms, POSV eliminates the need for high electricity costs as well as the costly start-up for mining.ReddCoin gives all the power to the stakeholders. Which can be a good and bad thing, let me briefly explain.
The reason why Bitcoin has thrived is that of the power of the network and mining. Mining pools help build the network creating more traffic and creating more Bitcoin.As an investor in Bitcoin, you pay to process said security and payment to another wallet. Unlike Bitcoin or other POW systems, as long as you are handling the network by securing transactions and adding to the network by buying/promoting ReddCoin, you have the power to eliminate and become the middleman.The middleman = mining. You are now the stakeholder and miner. By using a simple internet connection, you have control. Of course, this power is in every ReddCoin wallet, and your ROI will depend on how much traffic you build and Uncles(old processed nodes that let you build upon secured blocks) you complete. ReddCoin can be used throughout ALL social media platforms and could potentially be so groundbreaking that it could break the social internet.
Next are coins whose networks are rooted from an herb. A plant deemed a gateway drug, also penalized to those of color who sold and or used this substance. As soon as word spread across the western part of the United States that weed is legal for recreational use, the demand for it legally created jobs, and the West is pioneering a new perspective.A perspective often chastised, now accepted because of its usefulness.PotCoin[POT], CannaCoin[CANN] and HempCoin[THC] are among the several cryptocurrencies for marijuana. While PotCoin aims to become the main cryptocurrency for marijuana purchasing, CannaCoin works to fund the businesses behind it, such as glass bowl making, dab station, seed production, etc. HempCoin is the only agriculture cryptocurrency.
Meaning this cryptocurrency helps the farmers and dispensaries of the marijuana and agriculture business. It is used in all dispensaries to purchase marijuana. For farmers to purchase agricultural tools and products. This coin has the network working in its favor and is revolutionizing not only the marijuana industry but crops alike. Imagine what HempCoin could do in when partnered with sustainable networks. There's already a need for infused gastro. Two markets colliding into one could give the power back to real farmers and not agricultural subsidies.
While each cryptocurrency has its mission and purpose amongst altcoins, reading the white paper and applying the daily/weekly knowledge in the stock market will build upon your knowledge nodes. In turn, helping to grow your wallet and understanding.Altcoins could even be used in communities to improve infrastructure, restoring historical landmarks and teaching the youth. Places such as Buy-Black-Economics is an Instagram found the page that generates business in colored communities.If we come together and fund a cryptocurrency for People-of-Color, imagine how much our society would prosper.
