I am now addicted to the crypto world and enjoying the evolution. Steem and Bitcoin seem to be there best options at the moment however open to other opportunities and creative as Steemit. Have not found them yet. I enjoy writing so makes sense to focus my time here. I agree Bitcoin won 2016 with a surge no one expected. Will it have a major correction soon like it did mid year?
Monero is a good one that I recently purchased after lurking on it for a few months. Bitcoin is a bit flawed in that anyone can view the balance of an address. That's a big turn off for rich people not wanting just anyone to be able to view their wallet balances. Monero addresses this problem and was also built to scale better than bitcoin will. It'll be interesting to see what happens in a few years when no more bitcoins are being mined and miners will have to rely on transaction fees to make bitcoin.
How many years will it take to get to the Bitcoin cap. 21 million? Monero is just a straight up altcoin? No cool applications like Steemit? Thanks for the advice and will look into Monero.
Here's a good graph showing bitcoin and monero supply over time. Bitcoin will max out at 21Million. And will reach 20Million in about 2024. The mining reward for each new block mined will reduce to 1.5625 per block in 2024. Currently, each block reward gets 12.5 bitcoins. I think almost all of the bitcoins will be mined by year 2040.
Monero is a bit different. It will reduce to a constant rate of inflation in order to keep incentive for miners. Theoretically, the difference in that won't be much different for bitcoin vs. monero. Bitcoin will likely have higher transaction fees, and monero will have higher inflation (ie. devaluing of existing monero). Theoretically, that should even out.
To answer your question, yes. Monero is a straight up altcoin, in that it does not attempt to provide alternative services like Steem or Ethereum. Rather, it only attempts to be a cryptocurrency.
Thank you so much. I will look into this. Sounds like having some Monero and Bitcoin is good in regard to diversification and Monero has a lot more growth potential still yet to come. Steem, Monero and Bitcoin. Hmmm. I have had my eye on Worldcoin for the name and for their mission stated on their website. More likely to be a speculator/penny dazzler for the future however I am treading cautiously at the moment.
No problem. Always good to do your own research and tread cautiously when it comes to altcoins. It took me months to become comfortable with Monero and I when I bought it, it was the first time I had moved Bitcoin in years. I did create my monero wallet with the command line, but as of Dec. 22 there is a beta GUI (graphical user interface) wallet. I'm hoping once that wallet gets out of beta mode, the price will go up due to usability.