Following the success of Bitcoin many other coins were created. Some succesfull others a failure. Bitcoin is by far the most well known and most expensive coin. Followed by Litecoin, also a very populair coin but worth only 2,5% of a Bitcoin.
Why are there different coins?
Each coin is different in terms of its algorithm, some are more secure, less centralized or different in terms of anonomity. Currently Bitcoin is quite expensive, making small payments paid in fractions of a Bitcoin. Litecoin on the other hand is still valuable but only a fraction of Bitcoins cost. Making it easier for small payments. Another big reason other coins are popular is because Bitcoin is older and harder to mine. A new coin is gained faster and has less
competition thus making it profitable for a casual miner.
Why do all these "copycat" coins have value?
Any coin has the value based on the demand and supply. Some people hope these coins will rise just as high as Bitcoin, others gamble on some profit while others want to earn some side cash with mining these coins. This results in the value of these coins. Most of the coins are only worth a fraction of a dollar and a lot of them die out. Only the future can tell whether this is a bubble that bursts or a multitude of crypto currencies.
Did You know?
- Bitcoin (BTC) was designed by Satoshi Nakamoto, who's name is considered fake as he has not been heard of since 2011?
- The genesisblock, the first block of Bitcoins mined, was created on January 3rd 2009?
- There are over 50 different coins? Enough choice!
- Dogecoin, a coin released more or less as a joke, is now worth in total nearly $35 million?
- Asset SBIT tried setting up a mining rig for litecoins, but the PC overheated and didn't generate as much as was expected?
- The first product bought was a $25 pizza worth 10.000 BTC. Which is worth around half a million dollars nowadays.
- An average of 60.000 transactions per day occur? Netting around $30 million of BTC a day!
- The last BTC will be mined in the year 2140?
- Argentina saw an surge in BTC when it's own economy was struck by massive inflation.
Not satisfied with Bitcoins? try any of these other coins!
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