This is another installment of Learning Crypto-
A series of videos that cover questions commonly asked by those who are new to bitcoin, cryptocurrency and blockchain technology.
Today let’s explore why other cryptocurrencies exist.
Bitcoin was designed in the spirit of financial freedom and removal of third parties in regards to handling your money.
It was also designed to be open source.
This means that the code for Bitcoin is viewable by anyone who wants to see it.
The idea of open source has a number of other implications tied to it, many of which are philosophical and revolve around replacing feeling threatened by competition and instead encourage expansion.
And to go a bit deeper, it reflects a confidence in the belief that ones creativity is not limited.
By encouraging the sharing of ideas instead of being closed off and secretive, a better outcome will unfold.
Bringing this ideology into this realm of Bitcoin:
Open sourced code has led others to take this idea of peer-2-peer transactions and building on it and tweaking it in ways that determined how their own cryptocurrency could be different.
Since the inception of Bitcoin in January 2009, there is now over 1100 cryptocurrencies, most of which have come into existence recently.
You should be aware that many of these are scams, merely tagging along for the ride of this surge in new coins and taking advantage of eager and uneducated investors, and they don’t have a real long term plan at all.
But there are a few gems that have legitimate use cases matched with very talented development teams among other important qualities.
If you’re interested in learning more about the different cryptocurrencies that are available I encourage you to browse through my previous posts here that feature specific coins so you can get a better sense of how these different cryptos and the teams behind them seek to make their mark on this new frontier of cryptocurrency and blockchain tech.
Additional Reading/Sources:
Marxist Theory of Knowledge and Creativity
More on creative people
Definition of Open Source
Check out Other Cryptocurrencies on CoinMarketCap
Thank U Heidi
goood
Hey i m new in this steemit . Please upvote me.follow me. Grow and to Grow...
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Best video locations ever
It is success of Bitcoin and proof-of-concept from Bitcoin, that help to create mere clones and improved protocol based cryptos. Off course, opensource helped some scammers to make junk coins but also helped developers to reduced time and energy of reverse-engineering the protocol. Overall thanks heidi to explain it easy terms :)
Haha nice background the wind tho lol, good info thanks girl.
Great post.
Great post :D
Great post! I'm always trying to keep up with the crypto world info and you make it much easier. Thank you @heiditravels!!
- @splendorhub
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Why do other crypto exists?
Because people missed out on BTC, and want the same thing to happen where they don't miss out.
Great post @heiditravels , I love your post good job, I upvote 100% for you , pliss you are visit my blog and upvote my post
I like the information,thanks
Thanks for your informative post. Watching, reading and learning.
I think your next post should be "Why the wind disturbs", hahaha.. Thanks for the post, surely informative.
Hi @heiditravels, Great post. I have promoted it in my dayly crypto recap´s.
https://steemit.com/cryptocurrency/@minimalpris/20171011t170012784z-post
good post.
thank very nice post... my follow me pls thanks..
@megavip
Is that true? you mentioned that there are 1100 cryptocurrencies in your post. I watched all your videos and I love the locations you choose. Great post informative and useful. Thank you, Heidi.
lovely way to cover up and guide the beginners
love your work
actually i was eager to know about the prediction price of ripple coin.
please keep posting
:)
upvoted
Hallo
Great article. Many people(esp new to cryptocurrency) do not see the technology behind a particular coin. The real value of the coin depends upon many factors. Already many of them are investing in Bitcoin and other tokens. ICOs are also gaining popularity. Apart from cryptocurrency, Blockchain has a very good scope in many other domains(healthcare, retail, real estate etc).
There is a lot of scope for developers. Chances for many whitepapers and patents are available. Thanks for sharing. You have won a new follower today!
Great article Heidi. The majority of Alt Coins out there don't add much value proposition, but some of them truly make for the deficiencies of Bitcoin. The Ethereum platform for instance added the concept of Smart Contracts. The vast majority of new coins now are built on top of the Ethereum standard ERC20. Monero and ZCash on another side filled in the Bitcoin deficiency of being truly anonymous.
Because Bloackchain Technology is Mega
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nice
Very useful info there, it is very important that we understand the complete concept when it comes to Cryptos, as there is no other way for it, because then we will only lose. I love it all especially with the ICOs, as one is able to make a lot of money by it and with this hot thing Cryptonetix, it really makes life easier for one and all! #Cryptonetix http://cryptonetix.com
Thanks for the update from the Swiss Alps.
Not all coins are the same. They all exist to serve various different purposes. They all have their different development teams and technologies. No doubt bitcoin is the king of all cryptocurrencies, alt coins like ethereum, ripple, litecoin, etc all have potential to perform exceptionally good in the future.
I love the way bitcoin became an international currency and beat all national influence. Maybe what makes me fear is it might crash.,
I read your article well. That's a lot of help to me. Thank you.
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Thanks for the info! Upvoted your post but...
That's what the video is for ;) thanks for the upvote all the same.
Being pro-crypto currency and pro Karl Marx seems incongruent. How did that happen?
I observe that, this time most of the cryptocurrencies are not based on hardware mining rather than 10-15 major currencies like, BTC, ETH, LTC, DASH, Monero, Ripple etc. most of the cryptocurrencies are based on Script mining, which means, those can be stop any time. It's just my opinion.
Wow. Really good post. Please upvote back on my post and leave a comment:- https://steemit.com/earn/@injamam90/earn-money-with-without-inveatment
The world today needs decentralisation and the blockchain is the way to go.
Nice little overview. Great job @heiditravels
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Nice post
Salam @
Mass innovation and iteration always looks like this. Great post!
Great summary. I really look forward to the day that the world will be more open to the usage of cryptocurrency and how it will be more easily used everywhere.
all cryptocurrencies depend on BTC. Look When BTC goes down what happen
votes for votes
nice post
I think the 'Why are there others?' question is interesting.
The idea as I understand it is that the other coins usually provide a twist on the original in the form of features. For example, Monero aims to add privacy to make it more anonymous.
nice post , keep the good work
Thanks for the information about most useful virtual cryptocurrency which is getting viral all over the world.
Thanks for helping others too.
Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @thejohalfiles valued at 84.63 SBD, based on the pending payout at the time the data was extracted.
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Only just discovered you but will be looking at your work regularly from now on. Really well written and easy to understand for an old guy like me. Thank you.
Good informative post.looking for more posts from you.
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All this cryptocurrency business has me so confused. I'm excited to go back and read your former posts to hopefully learn more about it. I've only been here on Steemit for a short time but absolutely love it. I've been letting my meager earnings rest here till I have more knowledge to make an informed decision.
Just out of curiosity after checking out some of your other YT vids...are you following in the vein of that guy who did a dance in lots of different locations (including underwater)?
:-D