Bitcoin is the trendsetter that ushered in a new era of decentralized transactions. The distributed public ledger (Blockchain) evolved into more than a decentralized transaction medium as of 2022.
Emerging with the unknown person or group of persons named Satoshi Nakamoto, Bitcoin has had 100 forks until 2022. Only 74 of those forks survived the massive trend of Cryptocurrencies. Only 31 of those forks are deemed historic.
Namecoin is one of those forks that survived, and similar to Bitcoin, namecoin is also based on the proof-of-work consensus algorithm.
Namecoin is forked from Bitcoin, but it differs from Bitcoin in so many ways. In this article, I have discussed the Bitcoin vs Namecoin argument that confuses many new enthusiasts in the world of Cryptocurrency.
If you are interested in this kind of topic, stay tuned.
Bitcoin And Its Characteristics
Bitcoin, the pioneer crypto-token, was developed as a means of decentralized transaction. A group of people or an individual named Satoshi Nakamoto is responsible for the emergence of this Crypto token in 2009. Gradually, Bitcoin grew into an investment giant and influenced a plethora of new Cryptocurrencies to come out.
Many of these new Cryptocurrencies ( popularly termed altcoins) were forked from Bitcoin itself. Namecoin, for instance, is forked from Bitcoin. Still ranking as the number one cryptocurrency in the world, Bitcoin has many investors waiting in line.
Here are the Characteristics of Bitcoin –
- Bitcoin was created by an anonymous person or group named Satoshi Nakamoto.
- It is created, traded, and used through a decentralized public ledger named Blockchain.
- Excessively popular over the years, it is considered a store of value, although its history has been excessively turbulent over the years.
Read : Tether vs Bitcoin 2022 – Where To Invest And Why?
Namecoin And Its Characteristics
Based on the same proof-of-work algorithm as Bitcoin, Namecoin is one of many forks of Bitcoin. Namecoin was created by a change in the protocol of the Bitcoin blockchain. It is based on the code of Bitcoin but with more functionalities and features.
According to the creators of the fork, this new Blockchain aims to end internet censorship and improve online security and privacy.
Here are the Characteristics of namecoin–
- Name coin is a fork of Bitcoin.
- Behind the development of this Cryptocurrency was the intent to decentralize the infrastructure of the internet and improve privacy.
- Namecoin is way behind many other altcoins in value and market cap.
- It had an all-time high price of $9.88.
Read : Cardano Vs Bitcoin 2022 – Where To Invest And Why?
Bitcoin vs Namecoin: The Difference
Namecoin is forked from Bitcoin, and there are some similarities between them. However, there are more differences between them than there are similarities.
Here is a Namecoin vs Bitcoin comparison–
| Bitcoin | Namecoin |
|---|---|
| It is based on PoW consensus.Bitcoin is only for decentralized transactions. Bitcoin came out in 2009.Bitcoin ranks as the number one Cryptocurrency. | Namecoin is also based on PoW consensus.Namecoin has an aim to decentralize the internet infrastructure and improve online privacy. Namecoin came out in 2013 as a fork of Bitcoin.Namecoin is ranked 588 as per market cap ranking. |
Bitcoin vs Namecoin Price Forecast
Now that you know the difference between Bitcoin and Namecoin we can move on to discussing which one is a better investment choice.
Bitcoin Price Forecast
Bitcoin started with a price of $46,657.53 in 2022. However the price of the Cryptocurrency king has decreased exponentially from January to April. As of May 2022 Bitcoin is priced at $31,590. Here is a price forecast–
Last year, Bitcoin’s price went up to $65000. But judging the previous year’s price, Bitcoin rests at half the price it had before. Should this current downfall stop you from investing in Bitcoin? The answer is no.
Of course, you should take the volatility of Cryptocurrencies into account before investing. But the best time for investment is when the price is low.
If you follow experts’ predictions like Ian Ballina, Matthew Hyland, and Robert Breedlove, you can see that they predict Bitcoin to hit $100000 in 2022. If Bitcoin hits the previous high number, buying them now is still worth it.
Read : Polkadot Vs Bitcoin 2022 – Where To Invest And Why?
Namecoin Price Forecast
This fork of Bitcoin is really an inexpensive Cryptocurrency. During the time of writing this article(May 2022), Namecoin had a market cap of $29.9 million with 14.74 Million coins in circulation. Each of the Namecoins is priced at $2.03. According to Digital Coin Price prediction, namecoin will reach a price of $11.15by the end of 2031.
There is no general hype around this Bitcoin fork. You can choose to invest in namecoin, but the profit margin, even in the long term, is pretty low.
Frequently Asked Questions
Once you read the previous sections, your queries about Bitcoin vs Namecoin will be answered. However, for more questions, you can follow the questions here-
As of May 2022, the price of namecoin is $2.023807. The price of namecoin has not grown too much to make it a good investment option.
Coming right after Bitcoin in the coin market cap, Ethereum is the one true competitor of Bitcoin. There are many more competitors below Ethereum buy; the different functions of Ethereum make it outperform Bitcoin. Several applications like Smart Contracts and Apps make Ethereum a worthy competitor of Bitcoin.
The mining process of Namecoin is similar to the process of mining bitcoin. Namecoins are mined as a byproduct of Bitcoin mining.
There are many Cryptocurrency exchange platforms where you can buy Namecoin. For example, you can go to CoinMarketCap and buy Namecoin.
Bottom Line
Bitcoin vs Namecoin; if you are confused about which one to invest in, you need to see the price forecast of both of the cryptocurrencies. If you want to gather a large quantity of profit in the long term, then investing in Bitcoin can be a good choice.
However, if you want to invest a small amount of money, then Namecoin is a much more affordable option for you. You must remember that all these analyses are based on data and predictions. Cryptocurrencies are volatile, and the price can change at any time, so you must be careful.
