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- In 2020, it’s easy enough for just about any organization to launch its own alternative coin.
- Of a pretty crazy group, Dogecoin has got to be one of the most fascinating out there.
- Expect even more altcoins to enter the market after the Bitcoin halving 2020 event earlier this month.
Since the mining of the first Bitcoin in 2009, cryptocurrencies have come a long way. The crypto market is now firmly in the mainstream with large institutional investors on-board. It’s easier than ever before for interested parties to participate in the fiat revolution. However, there is some weirdest cryptocurrency, which does exist after all.
Furthermore, in 2020, it’s easy enough for just about any organization to launch its own alternative coin. The tough part is building a community to launch the coin and getting miners and merchants involved. Moreover, the coding itself can take just a day to complete.
Wonders of the Weirdest cryptocurrency world
Nowadays, you can find cryptocurrencies inspired by everything from burgers (Whoppercoin) and dental care (DentaCoin) to anarchy (Useless Ethereum Coin) and cannabis (PotCoin). Created as a joke Dogecoin is the most successful of this bunch. Dogecoin’s valuation has hit over $2 billion after taking its name from a popular dog meme. It even briefly surpassed Bitcoin in popularity and its rampant success has stunned its creators. There is another coin, created in the name of fun but which didn’t do as well. Coinye, launched in tribute to Kanye West, shut after the rapper’s refusal for association with it.
Of course, your favorite politicians would need to be in on the act. Both Vladimir Putin and Donald Trump have their own cryptocurrencies. We’re not sure they needed coins to advance their agendas.
Altcoins and expectations
Expect even more altcoins to enter the market after the Bitcoin halving earlier this month. As its inflation rate reduces, investors are actively looking for alternatives to the big daddy of cryptocurrencies. This is because 2020 presents a markedly different financial ecosystem to the years in which the previous two halvings happened. Previously, miner selling represented a greater volume of transactions. However there are not many expectations from it to have a major impact.
For our money, an “alternative” cryptocurrency worth monitoring is the Facebook-backed Libra. Due later this year, the coin’s backing is by the social media giant and more than a dozen companies across the financial, e-commerce, tech and telecommunications industries.