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Everything you need to know about the cryptocurrency universe - Business Insider Deutschland

"Jacinto Maynard" (2018-12-28)

A bitcoin mining operationStephen Lam/Getty ImagesIn The Hitchhiker's Guide to the Galaxy the characters visit the planet Magrathea which is home to the planet building industry.  Bitcoin is much like Magrathea and the Alt-coins in the cryptocurrency universe are like the planets that get built.

릴게임사이트What are Alt-coins?
Altcoins are cryptocurrencies other than Bitcoin. Altcoin is a combination of two words: "alt" and "coin"; alt is short for alternative and coin as to do with currency; together they imply a category of cryptocurrency that is alternative to Bitcoin itself.

The majority of altcoins are forks of Bitcoin and are slight changes to the underlying Blockchain. Altcoins are the later alternative cryptocurrencies launched after the immense success Bitcoin had after its release in 2009. After the Bitcoin became a success, many other peer-to-peer digital currencies have emerged in an attempt to imitate it.

In General, altcoins are alternatives to bitcoin because they tend to improve and solve the Bitcoin protocol's limitations and features. Alternative currencies aim to be better substitutes to Bitcoin, or serve different niche markets.

What are the differences in these planets (alt-coins)?
I was having a conversation with a friend the other day about Bitcoin, Ethereum, Litecoin and all of the other cryptocurrencies that exist out there.  As of last week there were over 900 different cryptocurrencies in existence.  Which makes a difficult concept (cryptocurrencies/blockchain) even more confusing for people, like my friend.

My friend is a well educated guy who has a graduate degree in engineering from a top school.  He asked me what's the difference between all of these cryptocurrencies?  So after taking a deep breath and thinking for a minute I came up with this explanation.  After I explained the basics of what a cryptocurrency is and how blockchain works I began to tackle the differences between the most popular cryptocurrencies: Bitcoin, Litecoin, and Ethereum.

Bitcoin is the original cryptocurrency.  It is gaining acceptance as a way to transact business with many online and 릴게임사이트 some offline retailers.  If I was to find a comparison that people can easily relate it to is Gold.  Now I am not saying Bitcoin is exactly like gold but it makes for a good analogy.  There is no intrinsic value for gold, just like Bitcoin.  The value for both is determined by the markets and fluctuate based on the market forces.  They are both mined, one by large equipment and one by computers.  You can convert the hard form of gold into cash based on the spot price just like you can convert a Bitcoin into cash in your bank account.  One of the challenges for Bitcoin is the speed of processing transactions and scalability, which may limit its uses not unlike gold which has limited uses. For the hitchhikers guide Bitcoin is Magrathea.

Litecoin is one of the first cryptocurrencies to be considered a Bitcoin clone, also known as alternative coins or alt-coins.  It has a slightly different algorithm and it allows for faster transaction processing than Bitcoin.  If I were searching for a commodity comparison it would be Silver.  Silver is used as a part of coins and can be used for financial transactions quicker and easier than gold can just like Litecoin is faster for transactions than Bitcoin.  I know this is a little bit of a stretch but I am using it to illustrate how the different cryptocurrencies function. Silver may have a broader use case than gold as well since it is the most electrically conductive metal.  The planetary comparison is Brantisvogan, where most of the galaxies bank accounts are held.

Ethereum has certainly been getting a ton of publicity since the beginning of the 2017 having risen from $8 at the beginning of the year to over $260 as of the date of this post.  So when I was searching for a comparison the only think I could come up with was oil.  Oil as a commodity helps fuel much of what gets done in the world just like their blockchain for Ethereum drives much of what is happening in the world of decentralized applications.  Ethereum would be Megabrantis Cluster in galaxy terms.  It is a powerful backbone technology that many of the future uses for Blockchain will be built.

So what does it all really mean?  Fundamentally the underlying Blockchain technologies for each of the cryptocurrencies operate under different rules which makes them candidates for different types of uses.