Thursday, March 10, 2016

Details about cryptoes

What is CryptoCurrencies:

A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of new units. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative.

To know detail about cryptoes please visit this link

List of cryptocurrencies

The most relevant cryptocurrencies are:

Bitcoin: Bitcoin is an easy pick. It was the first cryptocurrency, it has the highest market cap, it’s coins are worth the most (about $440 USD as of Feb 2016), it’s the most familiar and invested-in coin, it’s a lot of things… primarily Bitcoin is the reason anyone is talking about cryptocurrency in the first place. You might not want to start a CPU-based Bitcoin mining company in 2016 or start buying coins for $440 a pop… but it’s still going to take 1st place on our list.

Litecoin: Litecoin is probably the second most important digital coin. It has the third-highest market cap as of June 2015, CPU mining is still sort of possible, people know what a Litecoin is, it uses essentially the same technology of Bitcoin, and it is worth about 1/100th of what a Bitcoin is on a good day. Really, a Litecoin is a lot like a Bitcoin before the whole ‘Silk Road‘ controversy, or as some people would say “a Litecoin is like a Bitcoin except with the value a reasonable person would expect a digital coin to have in a rational market… ie between $1 – $10 USD.”.

Dogecoin: Dogecoin (like the “Doge” internet meme about a dog and misspelling) has the 7th highest Market cap as of June 2015, individual coins aren’t worth as much as other coins on the list but it’s value and popularity have remained steady. Dogecoin essentially uses the same technology as Bitcoin (with a few important technical distinctions to be fair). Like the failed Coinye West, Dogecoin was just in it for the lolz (ie it was created as a joke), but unlike Coinye, Dogecoin became inexplicably popular. Why do we suggest a joke coin? Because it’s a popular coin and today the only funny part about it is the name (and it’s mascot / backstory). Really, it’s a lot like Litecoin — a fairly priced coin with some consumer confidence as of 2015. Dogecoin has turned their comedic origins into an excuse to make their coin “fun and friendly”, which was a smart long-term move. It’s also one of the only major cryptocurrencies with a .com Top-Level Domain name and is one of the few that attempts to reach an audience outside of techies and cryptography nerds.

Namecoin: Ok really, really, Namecoin is almost exactly the same is Bitcoin. It was the first “fork” of the Bitcoin software (ie. it’s based on Bitcoin and has the same unit cap, but has a few  tweaks as to how data is stored). Namecoin was originally just going to be an upgrade to Bitcoin, but people were nervous that it would pose issues. So Namecoin is basically Bitcoin, but like everything not-Bitcoin is worth just a fraction of Bitcoin. It’s solid background and reasonable price point make it a relatively good coin to invest in.

Darkcoin (Dash): Darkcoin, known as Dash (dash=digital cash) but previously known as XCoin, is the most unique (functionality-wise) of the coins we have discussed so far. XCoin was developed by Evan Duffield who wanted to improve on Bitcoin but didn’t have the pull to do so and thus developed his own coin. Essentially, it uses less power to mine Dash than most coins. Using less energy to mine is important because mining coins is one of the most wasteful processes you can imagine. The wasteful mining process key to security and stability of all coins that use a “proof-of-work” system (it prevents people from mining too fast), but environmentally, it’s kind of a nightmare. Anyway, people know what a Darkcoin is… hopefully this familiarity rolls over to Dash. Currently Dash can be exchanged for about $3.50 – $5.00 making it one of the more valuable coins in circulation.

NextCoin: Not only does this nifty coin sport the name of Steve Job’s other company (ish), it actually uses a really cool and totally different algorithm for producing coins. This algorithm – an implementation of a proof-of-stake scheme rather than proof-of-work – is arguably less burdensome on the environment and has long-term potential. It may be worth a tad less than the other coins we recommend being worth about a penny on the dollar on a good day, but less cost per coin means you have less to lose if the coin value deflates.

Peercoin: Like Nxt, Peercoin (abbreviated PPC) uses a proof-of-stake system; in fact, it was the first proof-of-stake coin. It’s worth about few USD and has a market cap of almost ten million. This coin has everything going for it and is a fairly smart bet as far as cryptocurrency goes. As an added bonus to confidence and quality behind the coin Peercoin was developed by Sunny King. Sunny King is maybe-ish the guy who created Bitcoin, or this other coin, or maybe Bruce Wayne or Clark Kent or something… It’s hard to tell as the culture of cryptocurrency puts importance on peer-to-peer, code, and coin over developers. Still he is important and like-it-or-not little things like this could be the deciding factor between a coin sinking or swimming in the new market.

to know more about other currencies please visit this link

Few important links where cryptocurrencies could be converted from one to another or exchanged with USD, EUR, GBP etc. are

C-CEX: link
BTC-E: link


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  2. No matter how many times I read this, I will never get bored of it.