Although cryptocurrencies have been around since the early 2000s, they became mainstream news in late 2017 when the price of a single bitcoin reached nearly $20,000. Since then long-time cryptocurrency fans and newbie investors alike have become more interested in bitcoin and its alternatives, or altcoins. There are more than 1,000 cryptocurrencies in existence today. Feathercoin is one that has the potential to become a significant player in the market given its unique characteristics, although anyone following Feathercoin news knows it has not been a smooth trajectory.
How Is Cryptocurrency Different from Traditional Currency?
To understand feathercoin, it helps to understand some basics about cryptocurrency. Cryptocurrency is a secure and low-cost way to conduct transactions globally. It is essentially digital cash or currency. It differs from other kinds of currency in many ways, including:
The first well-known cryptocoin was bitcoin (BTC). Currencies that were developed after bitcoin, such as Litecoin (LTC), Feathercoin (FTC) and Ethereum (ETC/ETH) are called altcoins. FTC is a split off from LTC and differs from other cryptocoins in a few key ways. FTC has a maximum number of coins – 336 million – that is 16 times more than BTC and four times more than LTC. FTC’s average block time of around 60 seconds is much faster than that of LTC and BTC, resulting in faster confirmations.
While cryptocurrencies are seen to be more secure than other currencies, there are still some risks involved. With any investment, it’s important to understand the risks so that you can make a sound investment decision and not get caught up in the hype and headlines of soaring prices and overnight millionaires. The main threats include:
Given that it is a relatively new invention, and not a very well understood one at that, it’s not surprising that the market has seen such extreme speculation and volatility. The relatively small market capitalization and thinner trading volume – as compared to more stable and developed asset classes – can also magnify the swings in prices.
Despite these risks, the market has seen explosive growth in recent years. As it continues to evolve, and new players enter the field, we wouldn’t be surprised if talks of oversight became more common.
FTC was introduced on April 16, 2013 by lead developer Peter Bushnell. After being a miner for LTC and frustrated with its lack of progress, he decided to code a new coin himself. Although some considered it an LTC clone, it differs in that it is a hard fork from the LTC protocol. After a strong start, the currency encountered numerous problems. However, recent developments are promising. While it’s impossible to capture all FTC news and milestones, here is a brief timeline of some of the important events in the currency’s short and volatile history:
May 2013: Added to BTC-e exchange, the leading exchange of the time (it would be de-listed twice)
With Bushnell’s return and a general growing interest in cryptocurrencies, things are looking up for FTC. The lead developer’s focus on adding Lightning Network capabilities and becoming compatible with BarterDex could help increase FTC demand. The updates coming out of the Feathercoin Development Foundation are also promising.
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