People should never take anything in cryptocurrency too seriously, and to always be aware of “a solid investment”. Those who know that altcoins such as DOGE, DRK, LTC, etc. holds just as much volatility as Bitcoin. Which of the hundreds of altcoins are worth knowing about and holding onto? Most coins follow bitcoin’s price patterns closely, especially those based off the SHA-256 algorithm, such as Namecoin (NMC) and Ixcoin (IXC), both of which are merge mined on CEX.io. The various algorithms have various pros and cons, X11 seems to be the cryptocoinsnews’ favorite algorithm for the time being that the algorithm is most complex, preventing AISC from destroying a personal network of miners. Scrypt of DOGE and Litecoin (LTC) fancy has recently been able to be hashed with AISC. Each cryptocurrency has different ideals and goals, hence the differentiation in price, transparency, and liquidity of each. The similarities of most cryptocurrencys include that it is not only a currency, but a transfer network. We are going to summarize some of the more promising cryptocurrency
RIPPLE (XRP): A Mysterious, Predicament of Centralized Holdings
Ripple Labs is really pushing for some attention nowadays, as sites like CoinGecko and CoinMarketCap are giving it the second highest market cap after bitcoin. Strangely enough, I know very little about this “cryptocurrency”. Their website praises it’s “invention” as a “The future of payments” and “Ripple is an open-source, distributed payments protocol. It enables the instant and free exchange of any store of value – including dollars, euros, yen, bitcoins, gold, even loyalty points”. Ripple Labs was given 80 billion XRP from its creators since it’s inception, and 20 billion were sold. This is a cryptocurrency without mining, which makes for a strange predicament since Ripple has most of Ripple. It is not explicitly stated whether there will be more or less, but the network can handle transactions between currencies,
FEATHERCOIN (FTC): Adapting to the Ever Changing Cyrptocurrency Marketplace
Feathercoin has recently switched its hashing algorithm from scrypt to neoscrypt in order to prevent ASIC dominated miners like what happened to bitcoin and the SHA-256 algorithm. It makes us wonder why bitcoin didn’t switch, was it somehow profiting from the production of ASIC. ASICs could be used for any algorithm, but it takes time to create the device. Feathercoin has proved itself as an adaptable cryptocurrency, since the announcement of the change in algorithm. We will be keeping our eyes on this one, since DOGE has proven community support, but feathercoin has proven its durability in this complex, mysterious cryptocurrency market.
DARKCOIN (DRK): X11 Algorithm and Anonymity
Darkcoin has seen a tremendous price drop since February when it was worth 17$ per coin, now it currently stands at about 3$ per coin. Many people blame the lack of transaction transparency for the price decline, while most who are invested in it feel that is a positive. Several other cryptocurrency seek a completely (although we would beg to differ) anonymous transaction system such as: bytecoin, anoncoin, zerocoin, and cloakcoin. The positives of the currency is to protect those who want to use it without a public ledger, most likely for illicit purchases. The reputation of the currency has been undermined due to this mere fact, although many cryptocurrency investors still demand transparency.