Topic: Projected Outcome of Different Virtual Currencies (Read 589 times)
Perhaps there will be many other virtual coin in internet.
Of course bitcoin is the most anti-fragile currency out there.
That said it would be even less fragile and in the general interest of Bitcoin users if there were at least a couple of alternatives around.
Ideally they would not be straight clones of BTC and have different properties and algorithms. For example just the fact that LTC uses SCRYPT over SHA256 makes it different enough to make the ecosystem less fragile as a whole.
Some of these may be more widespread in use in certain geographical areas or verticals just like in the world of social networks.
That said it would be even less fragile and in the general interest of Bitcoin users if there were at least a couple of alternatives around.
Ideally they would not be straight clones of BTC and have different properties and algorithms. For example just the fact that LTC uses SCRYPT over SHA256 makes it different enough to make the ecosystem less fragile as a whole.
Some of these may be more widespread in use in certain geographical areas or verticals just like in the world of social networks.
Those are my thoughts as well, at this time I am looking at LiteCoin and TerraCoin personally. If one looks at BitCoin as a representation of gold for the current US market, then another variation could fill the role of the Dollar. If that makes any sense. I am new to this so I may just be rambling, lol.
Of course bitcoin is the most anti-fragile currency out there.
That said it would be even less fragile and in the general interest of Bitcoin users if there were at least a couple of alternatives around.
Ideally they would not be straight clones of BTC and have different properties and algorithms. For example just the fact that LTC uses SCRYPT over SHA256 makes it different enough to make the ecosystem less fragile as a whole.
Some of these may be more widespread in use in certain geographical areas or verticals just like in the world of social networks.
That said it would be even less fragile and in the general interest of Bitcoin users if there were at least a couple of alternatives around.
Ideally they would not be straight clones of BTC and have different properties and algorithms. For example just the fact that LTC uses SCRYPT over SHA256 makes it different enough to make the ecosystem less fragile as a whole.
Some of these may be more widespread in use in certain geographical areas or verticals just like in the world of social networks.
I've mined most of the alt-coins, and while they're fun from the technical standpoint, I don't see them being useful for anything other than a means for experimentation and currency exchange speculation.
If bitcoin proves to have some yet-undiscovered major flaw, I suspect a new fork would be created rather than anyone flocking to an existing alt-coin.
If bitcoin proves to have some yet-undiscovered major flaw, I suspect a new fork would be created rather than anyone flocking to an existing alt-coin.
The currency exchange speculation is my primary interest in other alt-coins. This is from the perspective of easier mining which may make it more conducive to garner a higher number of alt-coin to then trade for BTC.
I doubt any other virtual currency has a better chance at taking off than Bitcoin right now.
I agree that BTC has the highest chance of success currently but I also think that the possibility for up to three major players in this space exists. That is not based on anything more than a "feeling" but I see it as possible, especially if the confirmation times of other alt-coins cause them to become more attractive to retailers.
I doubt any other virtual currency has a better chance at taking off than Bitcoin right now.
I've mined most of the alt-coins, and while they're fun from the technical standpoint, I don't see them being useful for anything other than a means for experimentation and currency exchange speculation.
If bitcoin proves to have some yet-undiscovered major flaw, I suspect a new fork would be created rather than anyone flocking to an existing alt-coin.
If bitcoin proves to have some yet-undiscovered major flaw, I suspect a new fork would be created rather than anyone flocking to an existing alt-coin.
As I stated in my introduction I come across BTC a few years ago originally and never thought nothing of it until I rediscovered it a few days ago. I am really excited about BTC but in my research on it I've seen other virtual crypto-currencies such as LiteCoin and Terracoin plus others I cannot remember the name of currently. I have already taken steps toward TerraCoin acquisition and am planning the same for LiteCoin. I would be curious to see discussion on these two plus any other possibly viable virtual crypto-currencies. Anyone and everyone feel free to chime in with thoughts and input, especially information from individuals with a strong background in these types of currencies and/or factual information.
George
George
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