I entered the altcoin scene in the beginning of February. Never putting in my own money, I started with some Dogecoin tips. One month later, I had 0.1BTC.
Looks like there is some demand for a list of shitcoins, so I made a Quick Altcoin Overview page. It tells you which coin has some innovation and which ones are blatant clones. I also tried to give a probability of the coin being a scam. Is this helpful? What coins should I add?
Just a short reading recommendation: Aluna Crypto Currency: How to Pick & Trade the Next Profitable Altcoin: An Insight into What Goes Through my Mind.
After the first read, I have not found a single point I really disagree with. Will probably read it again a few times and check the references.
There are normal currencies like dollar and euro. They are issued by governments and are basically a promise to be exchanged for other worthy things. Our common believe that this promise will be kept gives bank notes their value. Another important fact of dollars is that there is a limited amount of them. While the governments print new bank notes, they usually do so cautiously.
Crypto currencies are like digital bank notes. Algorithms ensure that there is only a limited amount. Interestingly, people also believe in their promise, so crypto currencies are valuable like other currencies. The allure of crypto currencies is that they are not controlled by any government. They are also much cheaper to transfer around the globe.
How Do Crypto Currencies Work?
There so many altcoins launched every day and so much profit to be made for early birds. I want to collect the important news here and provide some guidelines in the crazy wild west of altcoins.