Emerging Cryptocurrencies, Altcoins And Their Behavior
Whither art thou, Romeo?
Dogecoin, bitcoin, Litecoin, 4C or CryptoNote or altcoins, all belong to the same arena of online currencies. A beautiful garden filled with roses, zinnias, chrysanthemums and irises should not have a shortfall of garden space or gardeners. The emerging world is seeing the sprouting of cryptocurrencies of different varieties aligned along different growth paths and having different growth patterns. Undoubtedly, there will be new playing fields established and new norms set for the cryptocurrencies. And it is time to assess our own standpoint in this regard.
Divergence of new online currencies into new paths
Emerging players in the cryptocurrency field like Dogecoin seem to shun the label altcoins (!) and prefer a ‘no label’ identification. They follow in the footsteps of the maker of Bitcoin, Satoshi Nakamoto in being independent and providing an independent operating environment.So much so, every new online currency is diverging into their own lanes of competencies.
Major Altcoins and Their Social Orientation
Choosing one of the ‘altcoins’ for one purpose seems to basically defeat the purpose of anonymity. Cryptocurrency helps ease the transactions and lets the user remain in the background.
Dogecoin: Offers Dogecoin Wallet and has just begun operations. Great place to start for newcomers, who want a vibrant, interactive community.
4C: A currency dedicated to fighting cybercrime, it also offers PTC sites so that surfers can earn Bitcoins.
CryptoNote: More anonymous than Bitcoin, CryptoNote uses a system of distributed public-ledger to route payments. It becomes impossible to follow where the payment is going.
Freicoin: Avoids usury through the compulsory 5% annual demurrage fees with the idea of heading to a gift-based economy. In this blockchain system, the negative interest rates force the holders to circulate their money.
By basing your social interactions along the lines suggested by the ‘Altcoins’, you have a basket of currencies, and you operate in different social sphere with each one of them. Hmm..is not a bad idea, but do I want to hold too many horses for my chariot?
Ah, Sweet Bitcoin! There are many more miles to cover
While the pro-diversification group are clamoring for more variety, the opposition is arguing for more control over the online currency market. So does this mean that we will have a tug-of-war between Bitcoin and the rest of the field? We will have to wait for the answer to that one.