Many people who are not familiar with cryptocurrencies are confused by the term “altcoin”. There are hardly any people in the world, who have not at least heard of bitcoin. Altcoins are still not as popular and some additional information will prove helpful in most cases. Here are some altcoin facts that should prove useful to both crypto beginners and advanced users as well
- “Altcoin” is not a type of cryptocurrency. The term is used to describe a cryptocurrency ALTernative to bitcoin.
- “Altcoin” is also the most searched-for cryptocurrency in the world that does not exist for the above-mentioned reason.
- Even some of the few cryptocurrencies which are largely known throughout the world are referred to as altcoins: Ethereum (ETH), Litecoin (LTC), EOS (EOS), etc.
- “Major alts” is a term used to describe the top cryptocurrencies behind Bitcoin in market capitalization.
- Even if a cryptocurrency manages to surpass Bitcoin in value, it will still be referred to as an altcoin.
- Altcoins come in all shapes and forms. They vary in many different ways such as price, technical details, popularity, and even resemblance to bitcoin.
- There are quite literally thousands of altcoins. There is a new altcoin born almost every single day but 99.5% of them do reach the 3-month mark in their lifespan.
- The overwhelming majority of altcoins are using the SHA-256 hashing algorithm. It’s the same hashing algorithm used by bitcoin. The second most popular is Scrypt, which is used by Litecoin.
Altcoins are a fortune yet to be mined
- Altcoins are referred to as the world’s largest untapped investment gold mine. Many experts state that if a trader possesses the necessary knowledge and the right amount of luck, he can trade a fortune with altcoins similar how to fortunes were made with penny stocks in the dawn of the stock market.
- Some altcoins are designed to help with bitcoin’s flaws while others are designed with the hopes of replacing it. While bitcoin is without a second doubt, a financial revolution, it’s no secret to anyone that it’s far from perfect. Many altcoins are designed because of obstacles and challenges which were discovered with bitcoin during its use.
- Ethereum and Litecoin are without a doubt the two most popular altcoins, but neither of them was the first altcoin. The first altcoin was Namecoin (NMC).
- It’s very safe to assume that there are way more dead altcoins than living ones. The website deadcoins.com is tracking the results, but they are user-submitted so it’s not possible to be 100% accurate. Still, the list will keep growing exponentially.
Over 10 years have passed since Bitcoin was founded by Satoshi Nakamoto. Cryptocurrencies slowly began to change the economic landscape of the world and showed the people that there is something other than the rigged debt-fueled economy which drags the world down.
The crypto market has definitely had its ups and downs but has flourished in the past few years. Incredible heights and lows were reached back in 2018 and many new cryptocurrencies were introduced by startups, organizations, and even banks.
Worldwide, blockchain technology is having a field day with lots of governments, companies, and banks beginning to realize the potential and importance of the technology. The potential to resolve many ongoing issues in various industries is there and qualified professionals are required for it to take shape.
While cryptocurrencies are now something most people have heard of, most people don’t really know much about them. Here are some random crypto facts which can surprise even those who have been constantly following the crypto market.
Bitcoin facts aren’t that well known
- Bitcoin was available to the people for the first time back in 2019. The project’s original purpose was to show that decentralization of money and any other valuable asset is possible.
- The date of the first official bitcoin transaction is May 22nd, 2010. The transaction was made by Laszlo Hanyecz and he paid 10K BTC for two pizzas from Papa John. With today’s prices, those 2 pizzas cost Laszlo $100 million.
- The all-time high bitcoin price was $20 089 and it was reached on the 17th of December 2017.
- Earlier in April 2019, bitcoin transactions broke another record and reached a total number of transactions of over 400 million.
- As of August 2019, 109 out of the world’s 251 countries do not have any form of regulation regarding the purchase or use of bitcoins.
- There are roughly 350 000 transactions with bitcoin performed every day.
- The biggest bitcoin whale wallet has 125 805 BTC which is roughly $1.2 billion with today’s prices. The account has 0.714% of all bitcoins in existence.
- Since November 2017, bitcoin transactions worth $2 billion were processed every day.
- Over 65% of the holders of bitcoin are under 40 years of age.
- Currently, the mining power of the entire bitcoin network is roughly 300 times larger than the combined power of the world’s top 5 (known) supercomputers.
- The United States Dollar and the Japanese Yen are the fiat currencies that are most exchanged for bitcoin.
- Roughly around 64% of the created wallets have never been used since they were created. These accounts are known as ghost wallets.
- Back in 2010, a single bitcoin was worth 2 cents and you could mine hundreds of them just via a normal CPU due to the difficulty being 1.
- Bitcoin currently has 9000 nodes while Ethereum, its biggest rival, has 25 000.
There is no doubt that bitcoin is the big kahuna when it comes to cryptocurrencies. Altcoins, however, is growing rapidly and it’s only a matter of time before a real contender for bitcoin’s big boy status comes along.
Bitcoin facts would be very dull without altcoins
- Recently Google lifted the ban restricting cryptocurrency ads popping up in search results. This is a clear indication that the global giant is exploring future opportunities related to cryptocurrencies.
- Cryptocurrencies are not under the control of any bank or government. Therefore, they have no tangible parameters for valuation and it’s quite difficult to determine the value of a cryptocurrency.
- While crypto mining experienced a rough time during the 2018 bear market, it remains a lucrative business. China is without competition and takes up over 75% of the mining network.
- Realistically, any cryptocurrency can find use in every single industry which deals with digital and/or financial transactions.
- There is no way to stop anyone from creating a cryptocurrency of their own. Not a single government in the world has laws that prevent a person from creating their own cryptocurrency.
- Bitcoin ATMs are slowly popping up throughout the world. Worldwide, there are currently over 4500 bitcoin ATMs with the majority of them located in the United States.
- Roughly about 21.05% of all cryptocurrencies have been mined, the remainder were bought out by their current owners.
- Altcoins come and go, really, really fast. In 2017 alone, there were 914 new cryptocurrencies introduced in the market.
- Blockchain transactions are more reliable than traditional banking. They are faster, way more secure and global, due to the fact that blockchain miners operate 24/7. Banks have countless regulations and are available in their respective business hours, which is a big issue for a global market.