Bitcoin and other crypto currencies are these the next Napster in the making ?
Bitcoin is the first cryptocurrency that started its journey in 2009. It became popular due to the privacy that could be maintained during transaction and also due to the fact that it is an independent body and not controlled by any government. You can carry out the transaction anonymously and all the transaction is recorded in public ledger called the blockchain.
Cryptocurrency is the new form of money that is based on cryptography on encryption. It is also known as digital money. When Bitcoin became popular there were numerous amount of digital money which got introduced in the market.
But with the growing popularity of Bitcoin and various other crypto currency the Government has started keeping a close eye on everything and if not mistaken then it might have the same fate of that of the Napster. When the music sharing became easy and it was being carried out without the requirement of record industry then the music industry took notice of it and sued Napster and within no time Napster was out of business but that was the beginning of many other P2P based torrent . Therefore many experts are in the view that Bitcoin and other crypto currencies might go in the same direction as the Government is now keeping a close watch on it.
Let’s take a look at the present list of available crypto currencies other than Bitcoin –
Ripple – As this idea was developed by Ripple Labs therefore it got the name Ripple which is a protocol and it helps to make peer-to-peer payment and it also supports dollars, Bitcoin, yen, etc.
Litecoin – Litecoin is also peer-to-peer transaction which is trying to improve on Bitcoin and is soon going to be a successful successor to Bitcoin with a transaction processing time of 2.5 minutes compared to 10 minutes of processing time of Bitcoin.
Peercoin – Compared to other cryptocurrencies like Bitcoin and Litecoin, Peercoin tries to attain 1% of annual inflation rate which will be able to attain greater scalability in the long term.
Namecoin – This one comes with a limitation of 21 million Namecoins which uses the .bit domain and the other uses of this cryptocurrency are – Web of trust, Voting, Messaging system, Torrent tracker, etc.
Dogecoin– This cryptocurrency is new in the market and that is the reason why the price is so unstable.
Primecoin – The source code and the technicalities are the same that of the Bitcoin and is the 10th largest cryptocurrency at present.
Franko – This one got the name from its founder Christopher Franko and was introduced in the year 2012. The transaction takes 30 seconds time to complete and the code for this one is FRK.
Yacoin – This one came into existence in 2013, whose code is YAC and was formed by pocopoco. In order to get the proof of stake and work it used scrypt-chacha.
Novacoin – Novacoin or NVC came into the market in 2013 through Balthazar doesn’t have much of the inherent inflation.
Feathercoin – FTC is the code of this cryptocurrency which was introduced in the market in 2013 by Peter Bushnell and is still active with proof of work scrypt.
Tagcoin – Mark Vernon and Tagbond introduced in 2013 with code TAG and it comes with the backing of $5m investment and also huge support from Tagbond Rewards.
Terracoin – The cryptocurrency code for Terracoin is TRC and it is not known who introduced this in the market in 2012.
Copperlark – The 4 minute blocks of CLR the code for CopperLark is quite good in the cryptocurrency market.
Devcoin – Unthinkbit was the mastermind behind Devcoin which was introduced in 2011.
Megacoin – It is a scrypt based cryptocurrency which hit the market in 2013.
DigitalCoin – This target to complete the transaction within 20 seconds but many experts think that it wouldn’t be a great idea to do so.
Freicoin – Maaku, Jtimon came out with Freicoin in 2012. The Freicon foundation gets around 80% of the currency.
Goldcoin – It is a proof of work scrypt which got into the market in 2013 with the code GLD.
Protoshares – Protoshares was introduced in the market in 2013 with the code of PTC.
Extremecoins – ChatChadd came up with this one in 2013.
Anoincoin – Meeh was the person behind ANC that was introduced in the market in 2013 with the aim of making all its users anonymous.
Fastcoin – This is the fastest cryptocurrency at this moment.
Phoenixcoin – PCS Network brought this in the market in 2013.
BBQcoin – Cubox introduced this one in 2012 with the code BQC
Ixcoin – IXC was created by Nasakioto and it hit the market in 2011
CHNcoin – The founder of CNC which came into the market in 2013 is not known.
MinCoin – Sandy Cohen brought MNC into the market in the year 2013.
Timekoin – It is the first one to use the temporal based production.
Quark – This one was introduced in 2012 with a code QRC
Bitbar – the founder is unknown to this cryptocurrency BTB which came into the market in 2013
Bytecoin – It is similar to Bitcoin and was introduced in 2013 by Bryanmills.
Infinitecoin – The transaction time for this one is 30 seconds and was brought to the market by fisheater in 2013
Royalcoin – This came out from the brainwork of 3 people from Montreal.
Betacoin – It has a plan of producing 32 million units of currency within 6 years.
Rucoin – This one hit the market in 2011 with code RUC
Solidcoin – CoinHunter introduced this in 2011
10coin – This one came with the code of 10C in 2011 and is IXCoin clone.