Lesson #7 – What is an AltCoin

An Altcoin is any other coin that is not a bitcoin – it’s short for ALTERNATIVE COIN.

Many consider Bitcoin the mother of all coins, it was the one that provided proof of concept for crypto-currency.

In Satoshi’s white paper, it outlines how these various concepts can work in theory,  for a peer-to-peer electronic cash system that is decentralized, meaning no dependency on a third party aka trustless.

In Satoshi’s own words, “We have proposed a system for electronic transactions without relying on trust.”

Bitcoin proved that it can work in practice.

When I wrote my article, “18 Ways to Faill at Crypto” (about 2 months ago) there were just over 1000 altcoins listed on coinmarketcap.com, as of today, there are 1476 cryptocurrencies listed on that same list.

These alt coins are being created with hopes to solve real-world problems.

The areas include payments, lending, healthcare, gaming, emergency services, content licensing, affiliate marketing platforms, data centers, identity protocols, mobile games for match making, customer loyalty programs, vehicle data, exchanges, rent payments and so much more.

The list goes on and on – and to think, we are just getting started.

With Crypto, would you buy this or that?

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Kodakcoin…yes same as Kodak Polaroid.

2018 is the year crypto-currency goes mainstream….and Kodak joins in on the fun!

Do you remember taking instant pictures with that Polaroid camera?

This is the same company who started that craze and is now getting into the crypto-currency craze!!

They will be releasing a Kodakcoin.

I am so happy to hear this news as Kodak has always been near and dear to my heart. The company went into bankruptcy in 2012 but pulled through by selling off of some of it’s patents.

The Kodakcoin is said to have an ICO on January 31, 2018, in compliance with SEC guidelines as a security token.

Stock goes up 44% on the news!

With this new and exciting announcement, I hope that they will rise up once more!

What are they doing with Blockchain?

They have incorporated the blockchain technology in their “KodakOne” site where photographers can license their work and receive payments.

Kodak CEO, Jeff Clarke explains, “For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem.

Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”

Onward Kodakcoin!

With Crypto, would you buy this or that?

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How does your Country compare in Bitcoin Trading?

Another way to ask this question is, how popular is Bitcoin in your country?

It should be no surprise that China is at the top of the list as the growth of peer-to-peer bitcoin trading is prominent. More than 60% of Bitcoin is mined in China.

I was at the Blockchain Expo in Santa Clara and was listening to a speaker who explained why she believes Bitcoin is popular in China.

The ShellPay representative shared her story about Grandma’s influence in China.  They are the head of the household and the Chinese culture holds beliefs in attracting luck. There was also an implication that Grandmas like to try their luck via games, cards, and gambling. I think we can all agree, Bitcoin is a gamble.

Who knows what the Bitcoin future holds as the prices rise and fall in a matter of seconds, regulations are changing ever day and who knows what else will come up.

According to a Bloomberg article, the next closest country is Nigeria. To round out the top 5 countries, we have Colombia, Venezuela and Peru.

According to Spencer Bogart, head of research at Blockchain Capital, “The strong interest from emerging-market countries could be reflective of relatively less stable local currencies or a byproduct of greater exposure to financial and economic crises that makes an alternative system like bitcoin relatively appealing,”

Year-to-date percentage of growth in 2017 for peer-to-peer Bitcoin trading.

China – 2,000%

Nigeria – 1,500%

Venezuela – 1,000%

Russia – 200%

United States of America – 20%

The numbers are pretty astounding when you put the countries side-by-side. As the space gains more popularity and hits the mainstream only time will tell where we countries will stand 1 year, 5 years or a decade from now.

With Crypto, would you buy this or that?

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Bittrex & Binance Closed to New Sign Ups

Here is the official announcement from Bittrex, it states that they are not accepting any more new sign ups until further notice.

There has been a huge influx in signups, given the great gains in the crypto space and momentum in awareness.

Extra Note: Friends have even shared that they are unable to trade on Bitstamp because there is a 3 week plus delay for verification.

I have to applaud Bittrex for this move as this shows they care about their current customers and the sustainability of their systems.

Good on you for NOT over promising and under delivering, we appreciate it.

I am sure they are working hard to get their systems upgraded to get all you newbies signed up. Thank you, Bittrex for caring for your customers.

A day or two later, Binance shared a similar announcement.

During this time several friends and users reported that they were not able to access their accounts.

As droves of new users are trying to enter the crypto market, it’s putting a strain on the Crypto systems. Growing pains.

With crypto, would you buy this or that?

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Update: 01/07/2017, added Binance notice.

 

Meet our Mascot, Babe

Happy New Year everyone!

As we kick off 2018, we’d like to introduce you to Babe,

Babe, our beloved Mascot

she represents all of us who talks blockchain with a simple and sassy perspective.

In the blockchain universe there is so much to discuss, from technical to social to financial and more!

It could become a bit overwhelming so Babe is here to remind us that we can keep it simple at the same time have some fun with it.

We will talk all things blockchain and do it in a simplified manner. This way, we all get the gist of it and we all contribute.

Some may ask, why did you choose a pig for your mascot?

Well, in many Asian cultures, specifically, Vietnamese and Chinese cultures, pigs symbolize abundance, prosperity and wealth. Here is an excerpt from the referenced article,

“The prophecy book of Trang Trinh, a much-quoted source of Vietnamese lore, declares that “The dog wags his tail to greet the master while the pig groans with satisfaction after a good meal.” Thus the dog (I970) greeted signs of peace while the pig (197I) will be able to enjoy prosperity.”

Photo taken in a shop in Beijing, China (2016).

Many compare the blockchain technology to the internet days. Many great things have been created as a result of the internet. Now, with blockchain many believe it will do the same, yet faster and more revolutionary.

Blockchain has arrived to make society better, don’t you want to be a part of it?

One of Babe’s wishes is to share her soap box with you, so you can speak up and talk blockchain – your way.

If you have something special to contribute and want to be in the limelight, let’s get connected.

Whenever you feel like having a nightcap or just want to chill and talk (read) blockchain, come visit us! You know where to find us, www.babeontheblockchain.com.

With crypto, would you buy this or that?

Disclaimer: This is an opinion blog, no financial or tax advice is implied or expressed. It’s your money, your responsibility and your choice. Do your own research. Any listings or references of companies or persons on this site does not constitute an endorsement or recommendation on behalf of Babe-on-the-Block[chain].