BigONE Teaching: An article to understand mainstream coins, altcoins, air coins, and MLM coins
With the maturity of blockchain, the virtual currency industry relying on its technology is booming, and various virtual currencies appear on exchanges. Virtual currency investors divide virtual currencies into four categories in the cryptocurrency circle according to their different definitions: mainstream coins, altcoins, air coins, and MLM coins. Although the classification is very detailed, many people do not understand the meaning, especially rookie users. Today, BigONE will give you a brief lesson on the difference between these four virtual currencies.
As the name suggests, it is a digital currency recognized by the mainstream of the cryptocurrency circle. The concept of mainstream currency is rather vague. Simply put, most people know this currency and agree with its value.
When virtual currencies first appeared, there were only Bitcoin and altcoins in the market. With the development of the entire virtual currency industry and the breakthrough of Ethereum, Ripple, and other currency technologies, the price increase gradually removed the title of the altcoin. For example, the current mainstream currency Litecoin was called the king of altcoins.
Nowadays, mainstream currencies generally refer to the top ten currencies with a long-lived market value, such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOS (EOS).
In fact, “Altcoin” is not a derogatory term. It is a term circulated by the foreign cryptocurrency circle. After being introduced to China, it is named the Shanzhai coin. Foreign countries prefer to call them altcoins, which refer to the coins based on the technology improvement and even innovation of Bitcoin.
In the early days, except for Bitcoin, other currencies were called altcoins. At present, the concept of altcoins is very vague. At this stage, everyone is accustomed to classify all currencies other than mainstream currencies into altcoins, such as Dogecoin (DOGE), Shiba (SHIB), Pig Coins (PIG), and so on.
The so-called “air currency” is a currency with no application scenarios or application scenarios that cannot be realized. Simply put, a currency that has no value except for hype is an air currency. Compared with altcoins, the biggest difference between Aircon is that there are no application scenarios, or even if there are application scenarios that are blown up, but when you think about it, these application scenarios are simply impossible to achieve. The original intention of the air coin was not all to collect money and cheat investors for money. Still, also partly because of its lack of strength, backward technology, and other reasons, it had to become air! But regardless of the reason, staying away from air coins is BigONE’s advice to everyone.
According to its announcement content and promotion model, some currencies are defined as MLM coins. Users are brainwashed and propagated under the cloak of blockchain, and MLM methods deceive investors. In fact, MLM coins have nothing to do with blockchain. It is neither a Token issued based on blockchain technology nor traded on a formal trading platform like BigONE.
The characteristics of MLM coins are very distinct, and they are basically the same as MLM gangs’ modus operandi. For example, membership fees (or collection of money in other names) are required to promise high returns. Some even promise that the currency price will only rise but not fall, and there are multiple levels of commissions. According to relevant statistics, nearly a hundred types of MLM coins have been confirmed, and the total amount involved exceeds 10 billion. The most famous MLM currency should be “OneCoin”, which claims to be an encrypted Internet currency that can replace Bitcoin. It inherits Bitcoin’s decentralization, and algorithms completely determine its inventory. It is a scam that has absorbed dozens of investments, which equals about one hundred million U.S. dollars. Later， OneCoin was sued for Ponzi schemes, pyramid schemes, and illegal money solicitation, which has nothing to do with blockchain. Every time an MLM coin appears, countless investors are rushing to it. Fundamentally speaking, it is greed.
BigONE reminds investors to watch, listen and learn more before ventilating virtual currencies. Keep your eyes open and learn to distinguish currencies. Only when you have a pair of bright eyes can you cross the cryptocurrency circle.
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.