Friday, August 15, 2014

Why All Alt Coins Are A Waste Of Time And Doomed To Fail

Bitcoin, surprisingly to most people, have endured a few years already and increased in value from a fraction of a penny to a peak or about 1,000 dollars. As of now it seems like bitcoin is here to stay with a bright future ahead. As the very first crypto currency bitcoin enjoys widespread adoption by merchants, consuners, miners, and investors.

However most alt coins have little to no adoption aside from miners and traders. Because of this, most alt coins are doomed to continually decrease in value until they are pretty much worthless. With hundreds of different alt coins there is immense competition and the values have become diluted. Add this to the fact that there are more alt coins mined every day and it is obvious that their value will continue to plummet.

While some coins have some useful new feature and may have enjoyed a brief moment in the spotlight, the majority are just carbon copies of existing crypto coins. Therefore they are pretty much worthless and will eventually die as the miners and traders give up on them. It is inevitable so it would be a huge waste of time to do anything with them. If you do want to continue to use altcoins, stick to the few that are most popular such as dogecoin and Litecoin. These are the few alt coins that will hold their value much longer than the rest. Although I think that Litecoin is the best choice of all the alt coins if you want to trade or mine something. Other than that I believe that all altcoins will be a wast of time in the end as they will be worthless and inevitably die out as they are abandoned.