The year 2009 saw the birth of the leading digital currency in the world, famously known as bitcoins. This peer to peer virtual currency came as sweet aroma to the otherwise heavy laden humanity, whose lives were becoming more unbearable due to theft and robbery, cumbersome to carry paper and coins, criminal investigations, and high levels of all forms of insecurity associated with carrying money in cash.
Think of all the trouble security agents have to undergo day and night, in guarding financial institutions, as well as people and cars carrying money from point A to point B. Even with all the sophisticated forms of security, crude men and women have always gotten a way to carry out heinous activities, more often than not leading to loss of lives and destruction of property.
With the onset of bitcoins, such challenges are fast becoming a thing of the past, with money changing hands in small and large transactions almost in equal measure, and thank goodness all anonymously. No one, whether in the government or from the private sector can have the least of ideas of what you are doing with your money, when and where, or with whom!
Whenever such success is achieved, there is bound to appear a whole lot of competitors, who maneuver the concept in a parallel way, improve on it, or bring it to a complete about turn in a much better way.
This has been the experience with bitcoins. Brains have spared not a moment, in coming with an alternative(s) to bitcoins, and I would dare say they are quite a number, actually adding up to more than 100.
These alternate cryptocurrencies are otherwise known as altcoins. For the larger part, virtually all altcoins have a common denominator, which is mining.
The initial way of acquiring these digital currencies in their numerous names and forms is mining, a long and brainstorming session that involves use of special hardware. Of course, to those who find algorithms a bed of roses have little difficulty going about the mining business.
They are also similar in the sense that all of them assume anonymity in their transactions, and do not have a central control from states or financial institutions like banks.
Alternate cryptocurrencies endeavor to enhance cheaper and faster business transactions in buying and selling of goods and services from across the world.
Which one to use in your business dealings or investments is really a decision you would need to make on your own: having taken time to study the stability of each altcoin, its online reviews from multiple users, and its fluctuation rate in the market in terms of exchange value.
These altcoins include:
- and many others!
One thing is for sure, that in the coming days, either bitcoins or one of the many altcoins will take over the money matters of the world, and become internationally accepted as the medium of exchange. Which of them, only time will tell.