Sunday, 6 May 2012
Some Thoughts on Alternate Coins
Bitcoins is by far the most popular coins for transaction usage. I think it is not logical for anyone to try to setup something to compete against it. Namecoin is a good example of a separate usage, but I feel that the merged mining somehow reduce it to a subordinate of Bitcoin. Alternate Coins does have its uses. I feel that for subsequent Alternate Coins, it would be useful for the founders to identify their usages for example Namecoins and try not to tie to Bitcoins. Problems with tying to Bitcoins are that miners often make use of the less difficulty in mining when the coins just started, mine and change these coins to Bitcoins. At the end of it, such Alternate Coins have not much value left especially when merged mined. A thought for Alternate Coins, think out your own niche and stick there.