Your Quick Guide to Namecoin

Did you know that around 21% of surveyed Americans reported using or investing in cryptocurrency? Even though the financial industry has tumbled through a rough year thus far, cryptocurrency remains a popular investment for many young adults. 

Bitcoin is by far the most popular cryptocurrency, with many others considered “altcoins.” These altcoins have the potential for substantial gains and investments, such as Namecoin. If you have closely followed Bitcoin’s history, you may be familiar with Namecoin’s origins.

If not, that is where we come in. In our short guide, we have compiled everything you need to know about Namecoin, including how it got started, its current value, and future projections. Keep reading on until the end and find out about how you can start exchanging Namecoin today. 

What Is Namecoin?

Namecoin is derived from Bitcoin and was originally forked from Bitcoin. A forked blockchain makes the new one incompatible with the original cryptocurrency. From here, Namecoin became its own blockchain with a decentralized domain system name. 

It uses open-source technology aimed at improving security and decentralization. Namecoin’s structure is also to reduce censorship.

Beginning in 2010, Namecoin is also prone to similar volatility as other cryptocurrencies. Namecoin or NMC average prices for this year are around $1.61. 

With recent downturns, Namecoin’s current price is approximately $1.23, with the potential of increasing to $2.36 by 2023. Is it a good long-term investment?

Many do believe that investing in Namecoin could be beneficial. The value continues increasing, with projections hitting $42.58 by 2031. 

Namecoin vs. Bitcoin

In the crypto community, everyone knows Bitcoin. But is Namecoin another alternative option that can give you a good return on investment? Since Namecoin has many foundational blocks as Bitcoin, the two are very similar. 

However, Namecoin’s initial creation was not as a cryptocurrency tool. Instead, it was designed to decentralize DNS. As it has progressed and developed, Namecoin is used for both, including decentralizing DNS and providing cryptocurrency alternatives. 

The key difference is while Bitcoin aims to decentralize money and offer virtual currency, Namecoin aims to free other technologies, including DNS. You can use Namecoin to make web pages more resistant to censorship, attach identity information to email, and access websites using .bit.

How To Buy Namecoin

You can buy Namecoin through online cryptocurrency trading sites. Often, you can trade your current Bitcoin for Namecoin or offer cash payments. Since fees can often accumulate, it is likely in your best interest to use existing popular cryptocurrency for transactions. 

Trade or Buy Namecoin

Trading platforms that specialize in peer-to-peer transactions make it easier for you to trade, sell, or buy Namecoin. FreeBitcoins’ XChange platform specializes in enabling customers to interact with one another on a safe and compatible trading platform. 

Namecoin is an altcoin with several purposes outside of currency, making it an excellent option for those interested in the tech-savvy world, including decentralized DNS and reduced censorship. 

With as many available mined coins as Bitcoin, the two operate fairly similarly. To get started, visit FreeBitcoins XChange today!