Crypto-currencies are a form of online currency, typically uncontrolled by a central body, such as a government or central bank. Crypto-currencies first emerged several years ago, when an anonymous figure named Satoshi Nakamoto launched the first, and so far, most popular, crypto-currency – Bitcoin! Bitcoin quickly gain a strong following with technology enthusiasts, and the price has risen dramatically since it’s launch. Initially, Bitcoin was only valued at a few cents a coin. Since then, the price has exploded upward. In December of 2017, Bitcoin reached almost $20,000 in value. The initial holders of Bitcoin have become extremely wealthy.
As Bitcoin rose in price, and the community of users and holders of the coin expanded, numerous other coins have emerged. These additional coins are sometimes referred to as alternative coins, or “Alt-Coins.” While the number and value of alt-coins has exploded, Bitcoin remains the dominant coin in terms of market penetration and market value. Some of the most popular alt-coins include Ethereum, Dash, Monero, and Litecoin. Many of the new coins are built on the back of Ethereum’s technology, making Ethereum a core component of this new alt-coin market.
Many investors who are new to crypto-currencies are confused by the number and function of the alt-coin market. The size, scope, and the speed at which this market has developed can be a bit confusing! Most alt-coins are designed with a specific function in mind, and some are more akin to independent computer programs then virtual currencies. One of the most popular alt-coins is Ripple (XRP) which is explicitly designed to facilitate transfer in the financial markets, for example. Other coin’s have more or less robust secrecy features or more or less centralized organizational structures. Each coin promises a unique approach to the Blockchain, with their own specific use cases. At x, we offer XX number of alt-coins for mining, as well as Bitcoin and Ethereum.
Bitcoin has prompted fierce debate amongst traders, economists, and politicians throughout it’s relatively short lifespan. Bitcoin, and other cryptocurrencies, have seen dramatic price swings. Governments around the world have adopted different approaches,