Before we pass any judgement on altcoins, let’s just understand the underlying meaning of an altcoin. Bitcoin was the first known commercially successful cryptocurrency. As trade in BTC increased and the concept of crypto trade gathered momentum, we had many more cryptocurrencies being launched.
This gave rise to a simple definition for these ‘other’ cryptocurrencies. Any crypto other than Bitcoin, came to be referred to as an altcoin. CoinMarketCap the leading crypto portal estimates that, there are around 5,000 altcoins as of mid-2020. The abundance of altcoins has led to a rather, chaotic crypto space – we now have arguments for and against, crypto legislation. While the Glitzkoin management has always favored crypto laws, we would leave that debate as the subject of another report.
So the big question - are altcoins good? To answer this clearly and in an unbiased way, we will need to elaborate the term ‘good’ in this context. Talking about good and bad cryptos, we will classify those that are scams and frauds as ‘bad’, the others are basically with or without potential.
When making an investment decision, the selection should be made at two levels – the first is to weed out those that have the characteristics of being a scam. Ideally, it would be safer to stay with altcoins that have a track record in trading.
In the case of more elaborate projects like Glitzkoin, review the POW (proof of work) as well. Without getting into any sales hype, a very short recap of the Glitzkoin project and crypto. The project is promoted by a second generation diamond veteran, one of the main objectives being to improve market scope in the diamond industry. Included in the project is a Stellar blockchain based diamond trading platform DiaeX. The GTN token launched as part of the project is the designated mode of payment on the platform. The project has another mission which is to promote, the GTN as a mode of payment in other businesses. A deal was finalized with Myticket.Asia the online ticketing giant in which, the GTN token would be one of the payment modes on the portal. The DiaEx platform has gone through the development phase and successfully passed a pilot run where, actual transactions were made. The effort involved a group of diamond traders. The next phase includes, the fine tuning of the features and adjusting a few interfaces (in DiaEx) to make them more user friendly. The modules to integrate the crypto interface into the Myticket.asia portal are complete and waiting to be switched on in a test environment. While these would all account for the POW of the Glitzkoin project, things have currently (July 2020) been placed on pause. This due to the global disruption of business and services in response to the COVID-19 pandemic.
And as you evaluate your options in the world of altcoins, there are a few key indicators to check – these are very relevant in the current situation where most businesses, have been disrupted due to the health crisis. While not every business that has slowed down on social media updates (during the crisis) can be considered to be weak, it is true that the very few who continue to keep investors updated have inbuilt resilience and potential. Talking about social media channels for a crypto project, we would recommend reviewing Facebook, Telegram and Twitter. These are the channels that become relevant once the project is running and the cryptocurrency launched and traded.
Glitzkoin CEO Navneet Goenka, gave his opinion on the issue of altcoins, “ …. making it clear that any cryptocurrency besides Bitcoin is an altcoin. GTN is an altcoin too and interestingly, the moment we have Facebook’s Libra launched, that would also classify as an altcoin. So each altcoin will need to be evaluated based probably on authenticity and potential”.
For those of you who are interested in learning more about the GTN cryptocurrency, read the next paragraph and get a good idea of its progress. The information will also help you understand what you need to check, when evaluating other altcoins.
GLITZKOIN: A short note about the track record of the GTN token. Priced in the $0.13 to $0.20 range during the ICO that ended in June 2018, the GTN token starting trading first on Stellarport and then on CoinTiger and DobiTrade. The token price during much of 2018 was in the $0.20 to $0.22 range. The token currently (July 2020) trades in the $0.38 to $0.40 price range. While CoinMarketCap did list the GTN token fairly early, the number for ‘Circulating Volume’ was stringently checked by the portal. During the checking process, GTN was ranked at around 2,000 on CoinMarketCap. In early 2020 the portal finally agreed on a Circulating Volume number that, was very close to what Glitzkoin had submitted months ago. Publishing the verified figure of 247 million GTN in circulation, CoinMarketCap did a re-rank for GTN and the token was moved up from roughly 2,000 to around 200 – a very impressive jump. We are happy with the thorough analysis done by the portal as it was, totally unbiased and very detailed The GTN can be tracked on CoinMarketCap at https://coinmarketcap.com/currencies/glitzkoin/