Definition of Bitcoin and Alt Coins


You may be new to cryptocurrency, you may have heard of bitcoin or other coins but what does all it mean? Where do I start? It is interesting but I am skeptical of it all. It is overwhelming. These are some of the things that went through my head when I started and could be going through yours. Well let’s do a crash course and get you more acquainted.

What is Bitcoin. A basic definition is a form of digital currency. It is created electronically and held the same way. It is being adopted by places as a form of payment. Here in America we are somewhat behind in certain areas of technology.

Bitcoin and digital currencies are being adopted more in places where their current currency is all but worthless. Or where their government has seized control of their assets. Venezuela is a good example of this happening. They are turning to Bitcoin to transact instead of their countries currency

Beside Bitcoin there are many other coins and they are referred to generally as Alt Coins. IOTA, NEO, Power Ledger, BAT, Syscoin, and Vertcoin are all Alt Coins. There are many others and each does something different than the others.

Not all coins are simply used to make purchases like a regular US dollar would. Power Ledger for example is looking to solve a problem in the solar industry. Publica is looking to change the way books are published. Each coin is looking to solve a specific problem.

I understand the skepticism around cryptocurrencies. There is a lot of information out there and not all good. This isn’t a perfect thing yet and will evolve as it grows. But people regarded the internet with skepticism at first as well. A simplified example is how the internet changed shopping. It made it easy and electronic.

Cryptocurrencies are looking to do the same thing for every industry.

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