Novacoin Alternative Coin
What is a Novacoin?
Novacoin, also known as NVC, is an alternative cryptocurrency coin that was created by the user Balthazar from Bitcointalk forums in October of 2012. From the start there has been mixed feelings around the Novacoin, some claimed that it was massively pre-mined and that those coins were used to bribe their way into exchange sites, while others claim that this is nothing but pure speculation and nonsense. No matter which side of the story you choose to believe, there is no doubt that the Novacoin has managed to become a popular coin from day one, through good advertising within the community and a solid coin in general. The Novacoin is a so-called fork of the PeerCoin, meaning that the base code of the Novacoin is created from the Peercoin and they simply made different adjustments towards Novacoin to make it different.
Novacoin has no theoretical max coins, but has for now a maximum amount of 2 billion coins that can be mined by the users as it is now. This can however be changed at any time by the creator of Novacoin, should he feel like wanting more coins in circulation and should the market be ready for it as well. 2 Billion coins should be more than enough for the cryptocurrency market if the value of the coin can remain relatively stable, but it is hard to predict if it will do so. Novacoin is mined through a proof-of-work scrypt algorithm system, which makes it easier for CPU and GPU miners to mine and doesn't benefit ASIC miners in any sort of way. This has been done to make sure that a large mining pool will not be able to take over 51% of the coins as well as to avoid that the casual crypto enthusiast doesn't get an interest in the coin.
The mining difficulty changes for every single block that is mined, making the transition of the difficulty smooth and easier for miners to adapt to at all times. Rewards are more difficult to calculate as the initial reward per block was 100 coins, but this will be cut in half for time the difficulty has gone up 64 times. Transaction times are much faster than the Bitcoin, taking only a few minutes to process any transfers to other Novacoin users. There is a fixed 0.01 Novacoin fee per transaction made, no matter the size of the transaction.
Novacoin is currently the 15th biggest cryptocurrency coin in the world, measured by the market capitalization which is at an estimated $6.7 million. There is around 700,000 Novacoins in circulation currently with a value of each coin between $9-$11, which has been relatively stable for a longer period of time. It is the fourth most valuable coin measured on its own unique value per coin and competes very closely with the Litecoin and Protoshares to become the second most valuable cryptocurrency. Novacoin has since its launch experienced an overall decline in its value, but it has remained surprisingly stable over the past months. It still has enough volatility for currency investors to take full advantage of when investing, so it's a great coin for multiple purposes.
What Can I Use it For?
Novacoin doesn't have a whole lot of uses as it is right now, as there has not been developed any merchant payment system or similar to integrate it with web shops. There are users selling goods and services and accepting Novacoin payments, but it is not the easiest to find. It is not possible to gamble with the coins either, as there are no known site accepting Novacoins as a payment method.
So what can you use Novacoin for? Well we believe it's a good coin to start investing in cryptocurrencies with, due to it still being popular and heavily traded. You can trade Novacoins for Bitcoins and Litecoins on the largest cryptocurrency exchange sites online.