If you’re following the cryptocurrency mining scene at all, you’ve probably noticed that there are digital currencies other than Bitcoin and Litecoin. Quite a few of them, actually. Bytecoin, Terracoin, PPCoin, Feathercoin, Freicoin, Novacoin… the list goes on and on, and it seems like there is a new addition weekly.
The sad reality is that virtually all of these coins bring nothing significant to the table when compared to Bitcoin. The Bitcoin code is open-source, which means that anyone with a few hours of time on their hands can make some minor adjustments and fork off a brand new virtual currency that is nearly identical to the original in everything but name.
But why would somebody make a near-clone of Bitcoin? Why would anyone use a knock-off currency when they could just use bitcoins instead? Read on for some answers about altcoins, and how you can profit from them as a miner.