Analyzing Some Of Our New Altcoins

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Coin Cloud entered the market as a cryptocurrency company specifically designed to trade Bitcoin.

Building off of that success, this year we opened our ATMs up to accept over 70 different altcoins. Having traded only Bitcoin since inception, we felt it was appropriate to broaden our service offering and launch a solution that allows our customers to trade with some of the leading altcoins.

While Bitcoin remains the largest and most-used cryptocurrency in the world, there are a few altcoins that have popped up and rightfully carved out their position in the market. With each altcoin presenting its users with its own unique set of advantages, we wanted to write a blog post that goes into brief detail about some of the altcoins that we’ve added to our system.

Ethereum

Ethereum is the second largest cryptocurrency with a market cap of roughly $15.6 billion. In its simplest terms, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications (dApps). The difference between Bitcoin and Ethereum is in their purposes and function. Bitcoin allows for peer-to-peer transactions, whereas Ethereum provides the network for other decentralized applications to run on. The Ethereum coin is called Ether.

Litecoin

Litecoin is the fifth-largest cryptocurrency with a market cap of about $3 billion. Litecoin is frequently compared to Bitcoin because of its similar function. However, Litecoin’s transaction costs are a lot cheaper than Bitcoin — roughly 1/50 of the size. Because its fees are less than those of credit cards, bank transfers, etc., Litecoin presents international buyers and sellers with a promising alternative to send and receive payments.

Augur

Augur is a decentralized prediction market which can forecast the outcome of an event based on the ‘wisdom of the crowd’ principle. This cryptocurrency is trying to change the way people receive and verify ‘truth’. It assumes that more accurate results will be able to come from large groups of people, rather than a small team of experts. It is the first fully-decentralized app to be developed using Ethereum, and was really the first application to prove Ethereum’s technology. The tokens that are traded on Augur are called Reputation (REP).

Zero-X

Zero-X, or 0x is another cryptocurrency that utilizes Ethereum’s technology. With a market cap of just $387 million, Zero-X is a much smaller altcoin compared to the three listed above. Augur’s decentralized nature helps combat some of the drawbacks that centralized exchanges are plagued with. The cryptocurrency offers customers a solution through an “off-chain order relay with on-chain settlement”. This mean that its network conducts in such a way that only records transactions that have been settled on the blockchain, making the speed of its transactions a lot faster.

We’ve Got Plenty More

We’ve added far more altcoins to our ATMs than the four listed above. We’re excited to provide this update for our customers and will continue to add more altcoins in the near future. To find the nearest Coin Cloud Bitcoin ATM to you, please up our ATM locator here. For any other questions, please send us an email to support@coincloudatm.com.

What Is Coin Cloud?

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The world’s leading operator of two-way Digital Currency Machines (DCMs), a.k.a. Bitcoin ATMs.

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