The Bitcoin Alternative: The Emergence of Altcoins
The emergence of bitcoin was a catalyst for the creation of new decentralized digital currencies, the 'alternative bitcoin' or the 'altcoin'.
The ever-changing color of digital money is a continuing phenomenon in the bitcoin industry with the emergence of new altcoins flooding the bitcoin marketplace in cryptocurrency exchanges and world marketplaces, in industry, film, real estate, consumer shopping, and so forth. It's an adrenaline rush for hobbyists, investors and entrepreneurs who are looking to 'seize the day' and cash in on a new 'money-making winner', to start new projects through non-fungible tokens, or expand their financial portfolio to include security tokens.
The downside to the onset of the digital age is that it has contributed to making life more of a rat race than ever before, all in the name of efficiency and versatility. The world of finance is changing so quickly; that most people are justified in thinking that bitcoin is "magic internet money".
Today, crowd funding and crowd sourcing are open to the public as opposed to the past when these concepts and methods of financing, development and innovation were confined to corporate board rooms and stock market exchanges.
Are Altcoins the Future of Cryptocurrency?
Today, you can finance your own ma and pa soda shop using crowdfunding and crowdsourcing. Hollywood has also taken a front seat as leading directors, producers, and film stars are financing their next block buster production using non-fungible tokens. The music industry and the gaming industry have literally cashed-in on the altcoin phenomena by accepting Steam and other altcoins in the consumer marketplace. Automated Teller Machines (ATMs) for virtual currencies are setting up shop in communities worldwide.
Altcoins Are Vital for Diversifying Your Cryptocurrency Portfolio
Altcoins are giving Bitcoin 'a run for the money'. At the onset of this epic saga of birth and rebirth of digital coins, five coins were at the forefront of the pack: Litecoin, Dogecoin, Dash Coin, Dark Coin and Prime Coin. Sign up with a crypto exchange to see for yourself how many alternative coins are trading on the exchange. You will be amazed. The sheer number of coins traded daily on the exchange, the number of new coins introduced, and the rate of "halving " events; all these best exemplify how altcoins are giving Bitcoin 'a run for the money'.
The "alt" (alternative) "coin" (bitcoin) back in the day when bitcoin value was $300 was defined as all other coins other than bitcoin. In 2024, this generic categorization is mind-boggling. Some altcoins have become dynasties giving rise (over and over) to new coins to fund marketplaces. Statistically, altcoins make up at least 60% of the crypto marketplace value.
I won't get into the technicalities of how altcoins function on the blockchain. Nor will I elaborate on the different types or categories of altcoins that have emerged with the promise to be even more expedient, more decentralized, more scalable, or more secure. Nor will I make predictions about the future of altcoins. Nor will I discuss what to consider before buying altcoins. I leave these questions to experts and hobbyists.
You can enter queries online to research how various innovative crypto projects and apps are funded using the emergence of new coins from the mother blockchain, for example; but for the purpose of this educational blog I think you have a good enough understanding about the value of altcoins to make an informed decision about clicking ads on sites and faucets to collect bits of satoshi altcoins.
Faucet Pay micro-wallet has a directory of sites and faucets categorized by coins. Coinbase offers learning incentive rewards for completing tutorials about the function of the blockchain and new alternative coins.