When it comes to cryptocurrency, not everyone knows the exact meaning, but when you mention Bitcoin, everyone has heard about it. Reactions might be different but the fact is that Bitcoin is the most famous cryptocurrency in the world. Bitcoin, which is a member of the blue ocean coins with Ethereum, means that they have already reached their maximum value.
Three or four months ago, if you were actively involved in the financial market, you would hear that bitcoin had already reached its historic maximum and the probability of repeating the same was low, while the possibility still existed. This is what happened with Bitcoin approximately one month ago when it started a dramatic increase.
However, there are thousands of red ocean coins on the market, which are called altcoins but their price on the market is really low.
What are altcoins and what are they used for?
Altcoins are fresh and new coins on the financial market but are really low in price. For example, XRP coin which price is approximately 0.53 $, or Dogecoin with the price of 0.052. However, the main leverage those coins hold is that they have a higher possibility to grow in price dramatically and reach their maximum, than in the case of already well-studied coins.
According to the research which was published on the BitcoinCasinosReviews, this situation really looks like going back to 2009 and starting investing/trading with Bitcoin when its price was still 1$. The altcoins give you the opportunity to buy the coin at a really low price and in case of a successful uprise, you will be the owner of thousands of dollars more than you started the investment process.
What is the reason for creating new coins?
One of the reasons why we have so many different types of cryptocurrencies is the Blockchain technology itself. It gives people opportunities to create coins with different functions and purposes.
Cryptocurrencies keep increasing in quantity because of our demand for innovations. Some of them are used like currencies for online tradings, for example in casinos. Some of the coins play the role of infrastructure as the other coins are allowed to be built on them. It looks like a chain or high building if you’d prefer.
Some of them are the app or platform currencies which are the top bricks put on blockchain technology.
When Satoshi Nakamoto was the first person who invented Bitcoin through blockchain technology, other people started creating better versions of the coin, while using the same technology for which they did not have to put another effort.
Finally, to sum up, the crypto-industry is more diversified nowadays than it was back in 2009. You could not even buy a pizza with the price of one Bitcoin. But those, who were wiser enough and clever to see the future of the coin and innovation itself, bought the coin when it was low in price and some of them became even millionaires. It will not be out of context to say that one of the reasons why people keep making new coins is that we, somehow try to travel in the past and create the same reality for the new coin, as it was for Bitcoin from the beginning of its first appearance.