Alternatives to Bitcoins – What are Altcoins?
In recent years, Bitcoin technology has risen tremendously, shaking the entire world. In the last 2 years, everybody has gone crazy for them. And since bitcoins are creating so much news, many competitors to bitcoins, which are called altcoins, have also entered the market.
These altcoins are gaining popularity at a much quicker pace, thanks to the already successful establishment of Bitcoins. In this article, we will talk about these Altcoins only. But before we move to that, let’s first brush up whatever we know about Bitcoins.
• This is a cryptocurrency, a form of decentralized Digital currency.
• It can be sent from one user to another directly, without involving any mediators.
• All the transactions that take place with Bitcoins are recorded in a Blockchain.
• These bitcoins can be exchanged for other currency and products as well.
• One can obtain these bitcoins through a process called mining.
• Released in 2009, they became popular just a few years back only.
This was just a basic introduction to the concept of Bitcoins. Obviously, just like any other technology, even Bitcoins also had some limitations. And to counter them, many more crypto currencies were released in the Digital space, which goes by the collective name of Altcoins.
There are 100s of altcoins already in the market. Bitcoin is just 1 cryptocurrency which has become popular. There are many altcoins which are rapidly moving towards overtaking this currency. And hence, mining bitcoins is no longer a beneficial task today.
I was going through one article at SoakMind, where I got to know about these altcoins. Before this, even I was also not very familiar with the entire concept. Because of Bitcoin voids, many people have started making a transition to some popular altcoins now. To name some of those,
• Zcash, and so on.
The return of investment in the majority of these altcoins is much higher as compared to Bitcoins. And that is why they make a much better deal to mine, rather than mining Bitcoins.
Now let’s have a look at some of the popular altcoins which are ruling the market as of now.
Entering the Digital market in 2015, there are some strong predictions that it is soon going to surpass Bitcoin. This was the first currency which offered smart contracts. Even though such contracts have not become very popular until yet, this is still one of the best advancements of technology.
To explain in brief, smart contracts are the protocols which are self-initializing. That means if a contract is breached by any party, the action would be taken automatically.
Today such contracts are being offered by nearly every crypto currency. But years back this was not the case. This is currently one of the best alternatives to Bitcoin due to its numerous other benefits such as Initial Coin Offerings (ICO).
This is another popular altcoin, and the first altcoin to enter the digital market, back in 2011. It was created with the intention of decentralizing the domain name system. It also has several other goals in its kitty, such as
improving Internet infrastructure,
improving website security, and
making websites resistant to censorship.
You can easily buy Namecoin cryptocurrency on exchanges like CoinSwitch, Yobit, and many more.
How to mine altcoins?
Altcoin mining is relatively easier than Bitcoins. One of the best software which you can use for this is MinerGate. You just need to download this software and it will keep running in the background by itself.
MinerGate will mine the chosen altcoin for you with the help of its smart mining feature. And when you have mined some minimum required amount, you will be able to transfer the returns for that in your cryptocurrency wallet.
There are many secure wallets out there, such as Coinbase and Binance, where you can sign up and store your cryptocurrency returns. These vaults are highly secure. But their access may be restricted in some countries. So if it happens for your country, you can check out another suitable wallet which runs smoothly in your home area.
In nutshell, altcoins are the future. So stop mining Bitcoins now, and make your transition to the Altcoins. There are plenty of websites which tell you currently which altcoin is running strong. Mine that with the help of different miners and you have great returns in your hand before you know it.