Altcoins are alternatives to bitcoin, they appeared because those who are behind wanted to put something new on the table. The first altcoin was namecoin, released on April 2011 to facilitate the formation of a decentralized domain name system, thereby marking the internet harder to censor. On October 2011, litecoin appeared and used script as a hash function and many more altcoins started popping up. Now, over 1,600 altcoins are listed in the altcoin markets. An important question arises.
Are all these altcoins meaningful from technological perspective? There are two types of altcoins.
- A selected few which puts something with a few important technological differences.
- All the other are nothing more than the pump & dump schemes.
It is worth noting that people have been to generate gains by buying and selling both types of altcoins. So, it is all about deciding what do you want.
- Long-term thinking
- Be picky
- Buy innovative altcoins.
- Short-term thinking
- Buy altcoins with quick buck potential.
- Dangerous.