What Are Altcoins – Here Are Important Points To Take Note Of

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Written By Larious

Larious is the Executive Editor of LowkeyTech. He is a tech enthusiast and a content writer. 

 

 

 

 

Last Updated on May 12, 2022 by Larious

In the crypto world, the only crypto that has come under the spotlight is Bitcoin. In a decayed journey, that cryptocurrency’s Official Website has gained massive popularity. After bitcoin innovation, thousands of other digital currencies have been created.

But they all struggled to gain the attention of the world that Bitcoins have. The only crypto that has good fame, and comes after bitcoin is Ether. The cryptocurrencies other than bitcoin, sometimes other than ether too, are called altcoins together. There are over 50,000 altcoins in existence. Some of them are Dogecoins, Salona, Ether, Polkadot, Binance Coin, etc. who are at the top of the list.

Below highlighted are certain important points about Altcoins that you need to know about. Read on to know more to have an overall better understanding.

1. DogeCoin: DogeCoin is a popular form of Altcoin that was invented by Billy Markus and Jackson Palmer. The Dogecoin network is an open-sourced network that works as a peer-to-peer transactional process. The special features of Dogecoins are it uses a script algorithm that can make an unlimited supply at a low price.

The story of the creation of Dogecoins was quite funny. The two software engineers chose the face of the Shiba Inu dog as the logo of the Dogecoins. The altcoin was introduced to the world on 6th December 2013.

Dogecoins have a large number of loyal supporters who use Dogecoins on social media as a tipping currency for content. It is also broadly used for trading. A good number of people are investing in it. As of 27th January, over 132 billion of Dogecoins were in circulation and the market cap was over $ 54 billion.

2. Salona: Salona is a decentralized crypto network that is based on Blockchain technology, launched in 2020. It has a smart contract functionality. Salona’s native cryptocurrency is SOL. Salona is the main competitor of ether, which is the second most cryptocurrency in the world. Salona claims that it has the capability of faster and low-cost transactions than Ether.

The token SOL which is the actual currency in the Salona network is used for staking that confirms blockchain security. It is also used as a medium of transferring value.

3. Ether: Like Bitcoins, Ethereum is a decentralized form of cryptocurrency that runs on open-sourced blockchain systems. Ethereum is considered to have popularity near bitcoin. But, the Ethereum software is more robust than bitcoin and it runs smart contracts. The transaction rate of this software is unbelievably between 15 per second to 100,00 per second.

When planning to invest in Bitcoins, choosing Bitcoin Era is considered the right platform for trading. This is mainly because its robust features and high security.

4. PolkaDot: PolkaDot is an altcoin that also uses Blockchain technology. The PolkaDot network contains a wide variety of Blockchain that enables cross-blockchain transfers without the interaction of third-party. The network is open-sourced. Its decentralized feature gives its users the facility of secure and independent transactions.

The PolkaDot has a market cap of over $14,000 billion as of 6th May 2022. Currently, over1 a billion of this cryptocurrency are issued. It is also considered a good investment.

5. Binance Coin: Binance Coin is a token that has a blockchain method in it to transfer funds. It was first created in 2017 by Binance and launched on an Initial Coin Offering crowdfunding event that was held between 26th June to 3rd July. The event offered a sale of 100 billion units of the token which was 50% of the total supply of Binance Coin.

The token currency was initially working on the Ethereum Blockchain network with the token ERC-20. These days, the Blockchain network is mainly known as Binance Chain.

Binance Coin has a large field to use. It is used in trading, investment, loans, transfers, as a transaction fee in exchanges, credit card payment, entertainment purposes, booking travel arrangments, and many more like this.

Final Words

As of 6th May 2022, the market capitalization of Binance Coin was over $63,000 billion. The supply of this coin is limited to 200 billion. Based on certain important factors, investing in Binance Coins can be a pretty good investment idea.

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