Cryptocurrencies besides Bitcoin

by sjledet on July 13, 2014

There are plenty of other cryptocurrencies besides Bitcoin, but most are relatively worthless. Market capitalization is the total value of all of the coins in that currency that are currently circulating, expressed in USD. Bitcoin is currently at $8.154 billion. As of today, July 13, 2014 there are a total of 35 cryptocurrencies with a total market capitalization exceeding $1 million.

Of the ones that aren’t worthless the biggest is Litecoin, which was produced by a Google employee and is optimized for non-dedicated mining hardware and has reached a market capitalization of over $1 billion at the height of the 2013 Cryptocurrency peak but it’s currently down significantly from that high, although it is still quite valuable.

The place to go if you want to speculate in alternative currencies is Cryptsy but you’ll need to get Bitcoin first. Once you have Bitcoin in a wallet, you can easily exchange it into any crypyocurrency you want at Cryptsy.

You can check the total value of all the big alternative cryptocurrencies at http://coinmarketcap.com.

As of Sunday, July 13, 2014 here’s what alternative cryptocurrencies are trading at (in order of market capitalization):

Cryptocurrency Denomination Website Current Exchange Rate Total Market Cap in USD
Bitcoin BTC https://bitcoin.org 1 BTC = $626.51 USD $ 8,154,468,634
Litecoin LTC https://litecoin.org 1 LTC = $9.6 USD $ 270,080,104
NXT Cryptocurrency NXT http://www.nxt.org 100 NXT = $4.3735 USD $ 43,733,369
Ripple XRP https://ripple.com 1000 RXT = $4.304 USD $ 33,648,433
Peercoin PPC http://www.peercoin.net 1 PPC – $1.44 USD $ 31,038,625
Darkcoin DRK http://www.darkcoin.io 1 DRK= $6.34 USD $ 28,306,838
Dogecoin DOGE http://dogecoin.com 1000 DOGE = $2.73 USD $ 23,758,088
Namecoin NMC http://namecoin.info 1 NMC = $1.88 USD $ 17,551,994

If you want to get involved in mining, you probably don’t want to try and mine Bitcoin. At one time you could, but now that boat has sailed and it take a lot of money and very cheap electricity (like in China, where the government subsidizes electricity heavily) to be able to compete at Bitcoin mining. You MIGHT make a little money mining one of the alternatives.

I don’t really bother much with it personally (and I have a 2013 Mac Pro with dual D700 GPUs, capable of a Litecoin mining rate of 524 kh/s each), but if you want to try mining and you are on a Macintosh, I’d suggest exploring:

Asteroid

The main reason I am mentioning alternative cryptocurrencies is as an investment vehicle.

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