Since the theft of depositors in Cyprus, Bitcoin has reached amazing new heights in both popularity and value. Over a $1 billion of Bitcoins are now in circulation. People all over the world are beginning to realize the value of financial anonymity and the utility of using crypto-currencies.
Peer-to-peer digital currencies don't require a central authority or a bank account, they have microscopic transaction fees, are quasi anonymous and can be used to purchase a growing list of real world goods and services.
However, there is a dilemma to the price of Bitcoin rising too fast. Some say it's a bubble, yet as capital controls and the desire for financial anonymity continue to rise around the world, so will Bitcoin's value. If it is a bubble, it's not likely to burst anytime soon.
The real dilemma is why would anyone spend a currency that doubles in value every few months? Bitcoin, at this point, is a good investment but not a great medium of exchange.
The success of Bitcoin has spawned a few emerging competing digital currencies into the market that seek to correct some of Bitcoin's shortcomings. Modeled after Bitcoin's open-source peer-to-peer format, these new currencies may not be riding Bitcoin's coattails much longer as they gain steam in their own right.
For the past several months Bitcoin has been making headlines as its massive growth has outpaced any and all traditional investments. However, the big winner this week in the fledgling crypto currency market was not Bitcoin but the myriad of young crypto currencies that now appear poised for growth.
What are these young crypto currencies? Here are 5 new crypto currencies you've probably never heard of:
Atlantis is being developed exclusively for Litecoin in Tor. Litecoin differs from Bitcoin in that it's Scypt is easier to mine and four times as many Litecoins will be produced (84 million) giving it more room for expansion and a more stable long-term value. Litecoin has risen from about $.25 to nearly $.70 in the last few weeks and is expected to continue climbing as the marketplace for buying goods with Litecoins expands. Get started with Litecoins here.
white paper says. Up to 2 billion PPcoins are currently allowed to be created. PPcoins trade on a few exchanges where its current value is just shy of $.02 and Find out more about PPcoin here.
J.P. Hicks is an entrepreneur, info-activist, pro blogger, editor of BlogTips.com and author of Secrets to Making Money with a Free Blog. Follow @ Twitter, or like on Facebook.
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Tags: Bitcoin, crypto-currencies, internet freedom, internet-news, Litecoin