The awareness of Cryptocurrencies has increased a lot today than before. Many predict that it will become the currency of the future. Many institutional investors and entrepreneurs are putting in their money on Cryptocurrencies especially on Altcoins.
Let us analyze more about the phenomenon of Altcoins and its growing relevance
- Altcoin refers to all those cryptocurrencies that emerged in the market post Bitcoin.
- It is used for making peer to peer payments using immutable blockchain technology.
- More than 5000 altcoins are existing currently.
- The major altcoins are Ethereum, Ripple, Litecoin, Bitcoin Cash, and Peercoin.
- The different types of Altcoins are mining based cryptocurrencies, stablecoins, security tokens, and utility tokens.
- You should figure out whether the Altcoin must be developed completely from scratch or it must be a clone of popular cryptos with some identical features.
- Decide the name of your Altcoin and its logo.
- Choose an appropriate cryptographic hashing algorithm like scrypt or SHA256.
- Start mining your Altcoin.
- Establish a genesis block in a blockchain network to store your Altcoin safely.
- The technological tools to use are Solidity, Truffle, and MetaMask.
If the above steps are confusing to you, you can reach out to an experienced Altcoin creator or a reputed Altcoin development company.
The Advantages of Creating an Altcoin
- They are highly secure and completely hack-free.
- The initial price is quite low, which encourages more early buyers.
- It operates in a well-defined peer to peer network and can be used for swift execution of transactions.
- There will not be any middleman in the system.
- 24X7 trading facilities are available for everyone without any restrictions.
- The personal data of the users will be kept private and anonymous.
- Litecoin — It originated in 2011 in the market. It has a current price of $82.63. Litecoin (LTC) makes use of decentralized open-source software to help users to make fast transactions. It has a total supply of 84 million, 4 times higher than that of Bitcoin. It uses the proof of work consensus mechanism.
- Ripple — It acts as a global payment network for the smooth transfer of funds. Ripple (XRP) is used by the world’s leading financial institutions for sending remittances across borders. Its price is $0.45 and the market cap is $45.27 billion.
- Dash — It is also open-source crypto priced at $97.44. Dash acts as a form of digital cash that can be used by individuals and businesses anytime and anywhere. It has multiple use-cases in the form of peer to peer payments, bill settlement, and purchase of various goods and services. Dash is used widely by traders, cryptocurrency exchanges, and financial institutions across the globe.
- NEO — It is priced at $16.93 now. It was launched as an open-source decentralized application in the market in 2014. It has an in-built wallet named NEO wallet for users to control their assets. NEO also offers integration with other popular wallets like Atomic wallet, Guarda wallet, and Exodus wallet.
With an increase in the usage of blockchain technology and more acceptance of cryptocurrencies, Altcoins have a bright future ahead and will have a bullish run. It can completely replace the usage of fiat currencies. Ethereum has a heavy influence by being directly correlated to the global Altcoin market. Since Bitcoin was first launched ahead of the other cryptocurrencies, it is still dominating the industry due to the first-mover advantage. The debate about decentralization and priority towards privacy will have a big impact on Altcoins. Altcoins are more feasible and have stable values. It will be intensively used in the settlement of transactions. Hence, you can create an Altcoin now and boost your income level.
