Learning Crypto: Why Do Other Cryptocurrencies Exist?

Screen Shot 2017-10-11 at 6_Fotor.jpg

This is another installment of Learning Crypto-

A series of videos that cover questions commonly asked by those who are new to bitcoin, cryptocurrency and blockchain technology.

Today let’s explore why other cryptocurrencies exist.

Bitcoin was designed in the spirit of financial freedom and removal of third parties in regards to handling your money.
It was also designed to be open source.
This means that the code for Bitcoin is viewable by anyone who wants to see it.

The idea of open source has a number of other implications tied to it, many of which are philosophical and revolve around replacing feeling threatened by competition and instead encourage expansion.
And to go a bit deeper, it reflects a confidence in the belief that ones creativity is not limited.
By encouraging the sharing of ideas instead of being closed off and secretive, a better outcome will unfold.

Bringing this ideology into this realm of Bitcoin:

Open sourced code has led others to take this idea of peer-2-peer transactions and building on it and tweaking it in ways that determined how their own cryptocurrency could be different.

Since the inception of Bitcoin in January 2009, there is now over 1100 cryptocurrencies, most of which have come into existence recently.
You should be aware that many of these are scams, merely tagging along for the ride of this surge in new coins and taking advantage of eager and uneducated investors, and they don’t have a real long term plan at all.

But there are a few gems that have legitimate use cases matched with very talented development teams among other important qualities.

If you’re interested in learning more about the different cryptocurrencies that are available I encourage you to browse through my previous posts here that feature specific coins so you can get a better sense of how these different cryptos and the teams behind them seek to make their mark on this new frontier of cryptocurrency and blockchain tech.

Additional Reading/Sources:

Marxist Theory of Knowledge and Creativity
More on creative people
Definition of Open Source
Check out Other Cryptocurrencies on CoinMarketCap


Thank U Heidi

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Best video locations ever

It is success of Bitcoin and proof-of-concept from Bitcoin, that help to create mere clones and improved protocol based cryptos. Off course, opensource helped some scammers to make junk coins but also helped developers to reduced time and energy of reverse-engineering the protocol. Overall thanks heidi to explain it easy terms :)

Haha nice background the wind tho lol, good info thanks girl.

Great post.

Come to think about it, most cryptos are just same and wannabe. But

STEEM is revolutionary in social communication.
Zcash, monero in privacy.
Dash and OK in quickness.

So there are new technologies and values.

Great post :D

Great post! I'm always trying to keep up with the crypto world info and you make it much easier. Thank you @heiditravels!!
- @splendorhub

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Why do other crypto exists?
Because people missed out on BTC, and want the same thing to happen where they don't miss out.

Great post @heiditravels , I love your post good job, I upvote 100% for you , pliss you are visit my blog and upvote my post

I like the information,thanks

Thanks for your informative post. Watching, reading and learning.

I think your next post should be "Why the wind disturbs", hahaha.. Thanks for the post, surely informative.

thank very nice post... my follow me pls thanks..


Is that true? you mentioned that there are 1100 cryptocurrencies in your post. I watched all your videos and I love the locations you choose. Great post informative and useful. Thank you, Heidi.

lovely way to cover up and guide the beginners
love your work
actually i was eager to know about the prediction price of ripple coin.
please keep posting

Great article. Many people(esp new to cryptocurrency) do not see the technology behind a particular coin. The real value of the coin depends upon many factors. Already many of them are investing in Bitcoin and other tokens. ICOs are also gaining popularity. Apart from cryptocurrency, Blockchain has a very good scope in many other domains(healthcare, retail, real estate etc).

There is a lot of scope for developers. Chances for many whitepapers and patents are available. Thanks for sharing. You have won a new follower today!

Great article Heidi. The majority of Alt Coins out there don't add much value proposition, but some of them truly make for the deficiencies of Bitcoin. The Ethereum platform for instance added the concept of Smart Contracts. The vast majority of new coins now are built on top of the Ethereum standard ERC20. Monero and ZCash on another side filled in the Bitcoin deficiency of being truly anonymous.

Because Bloackchain Technology is Mega

Very useful info there, it is very important that we understand the complete concept when it comes to Cryptos, as there is no other way for it, because then we will only lose. I love it all especially with the ICOs, as one is able to make a lot of money by it and with this hot thing Cryptonetix, it really makes life easier for one and all! #Cryptonetix http://cryptonetix.com

Thanks for the update from the Swiss Alps.

Not all coins are the same. They all exist to serve various different purposes. They all have their different development teams and technologies. No doubt bitcoin is the king of all cryptocurrencies, alt coins like ethereum, ripple, litecoin, etc all have potential to perform exceptionally good in the future.

I love the way bitcoin became an international currency and beat all national influence. Maybe what makes me fear is it might crash.,

I read your article well. That's a lot of help to me. Thank you.

@heiditravels nice article dear! I am a beginner in cryto investment and would love to listen to your thoughts abt ripple and zcash too! do you think they are worth our time and money? thnnxx for the post <3

All this cryptocurrency business has me so confused. I'm excited to go back and read your former posts to hopefully learn more about it. I've only been here on Steemit for a short time but absolutely love it. I've been letting my meager earnings rest here till I have more knowledge to make an informed decision.

Good informative post.looking for more posts from you.

Just out of curiosity after checking out some of your other YT vids...are you following in the vein of that guy who did a dance in lots of different locations (including underwater)?

Thanks for the share @heiditravels im trying to learn what I can its fascinating and hopefully rewarding ! Certainly following for more lessons!

I am trying to understand the crypto currency. I got it on the journey and it helps me to understand further. thanks

Thanks that helps

Only just discovered you but will be looking at your work regularly from now on. Really well written and easy to understand for an old guy like me. Thank you.

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Currently there is a real ICO and Airdrop madness

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Thanks for the information about most useful virtual cryptocurrency which is getting viral all over the world.
Thanks for helping others too.

Crypto is the future.

nice post , keep the good work

Clever job with the background image. Totally unnecessary for this article but I am sure you will get few more upvotes for that.

You need a backup parachute on that mountain with all the wind haha

As far as the reason multiple cryptocurrencies exist, I think a lot has to do with filling specific use cases and creating tech that can actually accomplish that. As I see it, there are a few main types of crypto:

  1. Currencies (Bitcoin, Litecoin, Monero)
  2. Platforms (Ethereum, EOS, NEO)
  3. Utility tokens (Civic, Status, Steem)

Those three different types of crypto all have different valuations in the market and different reasons behind the actual creation. It'll be interesting to see how each of these sectors grows in the future and if they consolidate down

I think the 'Why are there others?' question is interesting.

The idea as I understand it is that the other coins usually provide a twist on the original in the form of features. For example, Monero aims to add privacy to make it more anonymous.

Great post, Bitcoin has what maybe 20 major mining pools? And now we have all these bitcoin forks coming in with bitcoin gold being the latest. I feel like its image is being tarnished.

Bitcoin is less then 10 years old? innovative technology , but looking at some of the other blockchains like ETH an Neo, youd already think its a dinosaur lol.

If this is how fast crypto moves. God knows where we will be in a year from now.

Thanks for the info! Upvoted your post but...

That's what the video is for ;) thanks for the upvote all the same.

Being pro-crypto currency and pro Karl Marx seems incongruent. How did that happen?

Rad article. Thank you. Great picks.

They exist because I like waffles.

This actually helps a lot! Cant believe a month ago i had no idea about Cryptocurrencies!

votes for votes

Good piece of information.Thanks for writing.

Thanks. Great info!

Hi @heiditravels, will be great if you could let us know which currencies do you put into the SCAM category?? Also, you could share the name of the place where you're recording, very nice view. Cheers
P.S. You should change your username to @heiditravelsalot!

all cryptocurrencies depend on BTC. Look When BTC goes down what happen

Great read. Thanks for the info

The question is that any other coins can have a future. I am not so sure about the long term sustainability of any altcoins

  • These informations like ** gold **

  • Thank you for information

** I follow you. **

Great post @heiditravels
The open source code which has a good intension has made other develop their own coin but for every positive there is a negative.

Scammers have taken advantage of this to produce coin with the intention to scam

I advise we visit the link to see other works done on crypto currency before investing
I'm @samiwhyte

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Great summary. I really look forward to the day that the world will be more open to the usage of cryptocurrency and how it will be more easily used everywhere.

Praise the blockchain

Mass innovation and iteration always looks like this. Great post!


Good Work... Keep Sharing the Knowledge

Nice post
Salam @

Very very very good info giving post thanks

I'm glad I joined your crypto currency "summit" haha cracked me up
I'm new to the community and just exploring. Shoot my Intro a glance if your curious as to what welcometo.earth represents

nice post @heiditravel thanks..

Very interesting article @heiditravels.

Daily I get more than 10 display ads about lunching of new cryptocurrency and are claming to be best in future. But when I go through their website there's nothing more interesting about. All has these clone like site design , some descrition on cryto and decentralization and interesting part is when I go through their founder/Invester page , almost every of those name something like Russian(I don't know really but guess Russian.

And when I go to their social profile, I found out that most of them are advertising to only Asian and African countries.
The point here I want to tell is, I think a big mass of bad people are already on crytocurrencies and targeting mostly uneducated and poor people for frauds and scams.

I live In Nepal and here are already a very large active group on such crypto business, when I check that crypto they are trying to sell hasn't listed any trusted marketplace.
Or these kind of acctivities happen at your place also??

Thank you heidi

Great job Heidi!
Looking forward to your other videos!
God bless !

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It was easy to anticipate that making a cryptocurrency open source then soon after that currency gains success, there will be a lot of others develped. Still, very nice article and explanantion!

I'm new to steem and crypto currency, thank you for this post. Very informative and well written!

The world today needs decentralisation and the blockchain is the way to go.

Great content, Thx for your thoughts Heidi 😁👊🏽👍🏽

Great post! Thanks!!

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Great post, I appreciate your work, I'm a 20 years experienced trader from Italy, I leave you my upvote and follow, it would be an honor to have you among my own followers!

thank you information

I really love the open-source culture and the community itself.
Here are the few principles which I learned from Linux foundation and I am also, a contributor to WordPress free and open source software.
Four principles of Open source software:

The freedom to use the software for any purpose.
The freedom to change the software to suit your needs.
The freedom to share the software with your friends and neighbors.
The freedom to share the changes you make.

We need to create more awareness and educate people, because those MLM and Ponzi scheme people are making their new coin and ripping off peoples pockets.

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I observe that, this time most of the cryptocurrencies are not based on hardware mining rather than 10-15 major currencies like, BTC, ETH, LTC, DASH, Monero, Ripple etc. most of the cryptocurrencies are based on Script mining, which means, those can be stop any time. It's just my opinion.

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WOW! What a view... not going to lie i would love to just travel and trade lol. SOOOONNNN I will f;y all over the world... kids will be out of the house in 17 years lol

You are doing great here !
Became fan of your work my friend !
Followed you .

Thank you for such great info. I feel so out of the loop with Crypto, I'am new to this whole way of thinking and I am still learning. Glad to have found your post to help me learn more! Keep up the great posts!