Bitcoin Forum

I actually want to know about a summary of altcoin. What is the use of it and how can i know about the amount of Bitcoin through it?

What is the main difference between them? If we are using bitcoin, then what is main purpose of using altcoin? Please kindly give a clear concept about it.

Thanks in advance.

Well as you might know, not all alt-coins are the same. They all have their perks, like different consensus tools (SHA-256, Scrypt, Ripple,...) and most of them are made with some main function in mind, like the one you can see in my signature, it's 100% anonymous, fully integrated with TOR, fast confirmations,etc... and some alt-coins are pretty much made as a joke but became huge (dogecoin).

So in the end, alt-coins are made with specific area to work in like gambling, 100% anonymity, charity,etc...

Altcoins are testnets for future altcoins or bitcoin (best case) or outright scams or even malware (worst case). None of it lasts very long and if you believe in any of these projects you're going to be a fool in the end. It's all smokes and mirrors.

Well the some of the downsides but also altcoins are tokens that can be mined just like btc. Bitcoin is the main reason this other coins started so they are all technically just some copycat of what a bitcoin is. There are other currencies that used in many different uses depends on how the creator made it. But i agree with earlier that most altcoins are just scams that sometimes talk advertise in nice ways just to gather investors and then suddenly stop projects.

Alt coin basically is the same with bitcoin all of them are digital currency, the differences is the coin offered a different features, like cheaper transaction fee and more anonymous an etc, but most of the alt coin being created is because the developer want to try to be rich with the coin that they created

So what is the purpose of us to use altcoin? Is it safe to join any signature campaign based on altcoins?

The bitcoin network is using something like $6 mil a day in electricity, mainly due to mining.
Thats value drained from the network users every day. There are alt coins that are order of magnitude more efficient.

Many alt coins are also magnitude faster to do transactions on.
Also, considering that bitcoin has the highest transaction fees, and the whole purpose of an currency is to be exchanged, one might ask instead, why use bitcoin?

As per your sayings, altcoin is not trustable at all, right? If it is, then by using it what benefit can i get? And what is the convert rate of bitcoin from this altcoins?

there are also altcoins that are particularly made for the development of a real company such as ZRcoin which is currently on ICO stage. Matchpool is a dating company which their token is running on ethereum network. one can certainly have their own company and make it public like stock exchange list of companies.

check coinmarketcap.com

Most people use altcoin to increase their bitcoin, they buy when altcoin price is low and sell when it is high and earn the profit in BTC. That is one of the ways to increase your bitcoin wealth.

No one can say it's safe or not when you have joined in campaign based on altcoins. Back then, there are few of altcoin project which ended scam, i.e OPAIR, EBITZ, and recently ASC. The result is like you know, their participant don't get paid (except ASC) because the dev ran away with their investor's money. When you joined in any altcoin campaign, make sure you already know about the risk.

Actually you can just simply google this information but to answer that. Alt coins are like for testing for the upgrade of bitcoin but most of the alt coins right now are being used for earning and crowd selling. But there are some alt coins that has their very own purpose for their very own services.

- bitcoin and the technology it introduced is open source, and under a free to use license so anybody can copy and use it.

- many started doing exactly that, copy the code and start a new coin.

- many also started doing different but with same general idea, that is when different new features were born. things like what Monero offers, things like Proof of Stake and many more.

- soon these coins started being listed on altcoin exchange platforms and became traders playthings. that is when everyone realized this market is small and can be manipulated and they can make a lot of money out of it.

- now we fast forward to today. developers (aka anybody who knows a little bit of programming) started making a lot of new coins, they used tricks such as premining the coin themselves, using ICO funds to fill their pockets with a lot of money. now the purpose of altcoins (answer to your question) is to make money. for both the developers and everyone who is a trader.

In fact there  is not such a big difference between bitcoin and altcon, the only difference s that bitcoin is the primary currency, where as all other are its alts coin. May be there are some difference in their feathers  also but still both are crypto currency.

In fact the trend  is now increasing that most of the companies are now creating their own coins, and even some of them are using the for most of their companies affairs, even they are paying  to their employees in their altcon. But I personally do not what is the benefit of using their own currency in their business.

I have a same idea with you. Altcoins are considered as second digital currency after bitcoin .
They were born to be equal and add some functions which bitcoin can not meet the present demands now.

Altcoins are pretty diverse now, they can be used as an actual currency, a more anonymous alternative for bitcoin, as a share for a company, as a fundraiser token for a certain cause, etc. Every single one of them is unique in a way, something common among many of them unfortunately is that the developers are actually scammers or they just give up the project.

Bitcoin is the pioneer of crypto coin.But it lacks some features like full anonymity.On seeing bitcoin's tremendous success,many developers started to release their own coins.We could see monero was created with full anonymity.Some altcoins have good features but most of other altcoins are just shit coins.They are just pump and dump coins.Most of newly released coins are scam coins.Altcoins could be used to trade and increase our bitcoin volume.

it just like, you may google the converted amount of the alt coins to bitcoin in many sites their. you may choose alt coins its because, alt coins is a bit more lower in price compared to bitcoin you may also make that as an investment you may buy it and sell it at high price, in that way you may earn a lot and then find a trading site then convert your alt coins to btc to that site. It just like bitcoin is the father, alt coin is the children.

Alt coins are also just like bitcoin a digital currency that created same ways like bitcoin but altcoins or alternative coins are just a copied idea from bitcoin so basically not successful as bitcoin and we cant see the difference in price but altcoins since have a low price unlike bitcoin it is a good long term investment for us so we can buy a big volume of that coins.

It is your choice whether you want to use a particular coin and you can join any signature campaign if there is an opening. I use litecoin and Ethereum to wage a bet in sports because they have faster confirmation times and lower transaction fees,so it is convenient for me to use those alts and the rest of the coins are used only for trading purposes.

Yes that  is too much important to be careful, as there already some cases in which the altcoin declare as scam and they take the money of the  investors, they even do not pay to their employees therefore  it is too much important to work  always in such places where you are conform that they will not  scam you and will not take your money.

The argument between altcoins will always go back and forth depending on who is advancing the argument. For me, I believe the myth of superiority surrounding Bitcoin that makes people regard other cryptocurrencies as altcoins has been broken with Bitcoin's dwindling dominance in the crypto market. Though Bitcoin remains on top in the coin market, it's dominance at over 87% has seriously dropped to around 50% at the moment.

A time will come when that dichotomy between Bitcoin and other cryptos will no longer exist. Then Bitcoin will become an alternative coin too.

yes every one has their own choice and everyone has the right to invest in any altcoin where he consider himself more safe and secure and where he consider to make good profit. to me I personally investing in so many different altcoin. some are cheap but having good potential to increase their price.

Bitcoin is the pioneer of crypto currencies.Due to its huge success,more altcoins were created promising to deliver some features like anonymity,low transaction fee which bitcoins don't provide.Altcoins are bought by investors to increase their bitcoin volume.Though some coins are legit,most of newly released coins are just scam coins.They are just pumped and dumped.

where they can be used as a currency? none of the altcoin minus monero can be used as a currency, altcoin are useless for that, bitcoin is the king for that reason, and they are not all unique like you said many are copy paste useless scam lol, there is nothing unique about them, only maybe the top 10 are unique all the other are clone of those top 10 or clone of bitcoin itself

That's why I said "in a way", I realize that most of them are clones but most of the devs claim there will be something different about them and they will end up being successful where others have failed.

Altcoins are the alternative cryptocurrencies launched after the success of Bitcoin. Generally, they project themselves as better substitutes to Bitcoin. The success of Bitcoin as the first peer-to-peer digital currency paved the way for many to follow. Many altcoins are trying to target any perceived limitations that Bitcoin has and come up with newer versions with competitive advantages. There is a great variety of altcoins.

Altcoin exists to provide features of what bitcoin doesn't have yet. For example, the SONM project is a new altcoin project that pretends to replace the PoW method that bitcoin currently uses in order to mine new bitcoins. The SONM project has many other features as well, features like Fog computing, scientific computing, climate calculation, just to mention a few. Bitcoin, for example, doesn't have smart contracts yet, and for that, there are other dev teams of new altcoins working on that.

I think it is better that you ask about a particular coin you like or are interested, because there are so many coins that is impossible to give a summary and the difference between the coins.

Bitcoin made a path for all others and its technology will be used in many new projects, including those corporate. We must accept this fact they are here, and will stay, some of them will be very useful, this has nothing with future of Bitcoin.

I also just research on altcoin with the current market the level of growth of it faster than btc many times.

Altcoin is a type of coin that has a low price on the market and Not as good as bitcoin.

Altcoin I think it's just an alternative coin that you can use as an investment tool besides Bitcoin, so it can also make it easier for investors to hold big bags as well as bitcoin and make altcoin exchange trading site to bitcoin

Altcoin almost the same as Bitcoin, the price can not be predicted to jump so quickly, can also go down very swiftly. The amount of Altcoin in circulation can also increase without anyone being able to control it. These factors make Altcoin's future bright. Altcoin can also be an alternative for us to collect bitcoin, after collected we can exchange it with bitcoin.

Yes, many of these Altcoins are created for crowdfunding and they can only be good for trading purposes where they are paired with Bitcoin or other fiat currencies. It's just not enough we should be able to spend Altcoins like Bitcoin.

Yes I think that too, altcoin is a coin that has a lower price than Bitcoin
Altcoin can also be called a coin other than bitcoin

Altcoins also can be projects that has a platform to what is its purpose to the community. Some altcoins can function like social media with steemit. Other can connect you to other banks like ripple and also to make your own project like era although eth has many more as it is centralized. Alt coins are not about the price but on what it can do to help its members. Some alts also has the same purpose but with a bit of differences

In the starting the  other developers made Thier own coin like the Bitcoin but at that time the main concept was to make the altcoin was only to make another way of buying assets like altcoin .
But in the last 4 years many altcoins entered in the Bitcoin field and made a competition and gave the opportunity for us to use the desired coin according our interest .
Currently many altcoin goin down and up very speedly , so people can buy altcoins with the help of Bitcoin and can make the profit more speedily in the virtual market .
Since trading needed experience in this field and also need money or btc in the starting to invest .
Be careful that one coin can make millionaire to you and also one can loss your investment also , so use your own mind with negative and Positive thinking to use Bitcoin/altcoin trading .

Maybe for me now altcoin is an alternative to my activities in bitcoin both in doing shipping and trading transactions, because altcoin has a cheaper transaction tax when compared with bitcoin.