Altcoins came to life after Bitcoin’s successful launch. There are more than fifteen hundred altcoins available in the crypto market today. While many are still struggling to make their mark, some of them have been successful. With altcoins like Ripple (XRP), Litecoin (LTC), NEO, Bitcoin Cash (BCH) and Stellar (XLM) in the crypto market, keeping up with the latest altcoin news is often a herculean task.
Most altcoins utilise the SHA-256 algorithm. The second most used hashing algorithm is Scrypt, used by Litecoin. A few other altcoins use different, specialized hashing algorithms such as X11, X13, X15, NIST5, and 100% POS. While investors are increasingly investing in altcoins, they are subject to several ponzi schemes.
A major one being pump and dump. In this several groups on telegram and reddit agree on buying a coin at a lower price. Due to increased demand the price of coin shoots and they sell it at the highest price. Such groups charge between $50 to $250 for membership. San Diego-based trader Taylor Caudle, lost $5,000 in 30 seconds. He had placed a buy order for DigixDAO that was listed on Binance. Its prices dropped and did not recover.
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