Best cryptocurrencies

Betacoin (BET) currency rating

Betacoin (BET) currency rating

Community
Userbase
Presence on exchanges
Creativity
Technology
Overall
Like bitcoin, betacoin's a SHA-256 cryptocurrency, which lends itself to ASIC mining. That means it'll probably never capture the computing power that bitcoin is utilizing, and it'll always play second fiddle.

2.5

on a scale of 0 through 5

This post is part of a rating series where I’m trying to rate every major cryptocurrency on the market. See our full list of cryptocurrencies to find other ratings.

betacoin-bet-cryptocurrency-logoRating summary: A clone of the latest bitcoin source code, it doesn’t have many differences besides faster block times at 4 minutes (2.5 times faster than bitcoin) and more coins (32 million versus bitcoin’s 21 million).

Betacoin (BET) Currency Review

Betacoin’s an example of a coin that’s doing all the right things. The coin has a handful of dedicated informational websites at Betaco.in and Betacoin.org. It’s available for trade on major exchanges including Cryptsy and Coins-E. It’s got its own infographics and blockchain explorers. And yet, it’s still not all that sexy or popular. My theory is that it’s just too similar to bitcoin.

Like bitcoin, betacoin’s a SHA-256 cryptocurrency, which lends itself to ASIC mining. That means it’ll probably never capture the computing power that bitcoin is utilizing, and it’ll always play second fiddle (or third or fiftieth). Overall, I don’t see much innovation here, and I’d probably bet on litecoin or primecoin instead.

At the time of this writing, betacoin has a market cap of $391,655 and an average daily trade volume around $1,000. That’s far from an active trading community. That said, things can change overnight in the altcoin community, and betacoin has enough of an infrastructure to handle rapid growth. The coin doesn’t excite me, but I wouldn’t rule it out yet either.

Betacoin’s main developer is working on transaction comments (something that was debated early on for bitcoin, but ultimately dropped). No word yet on when commenting will be functional.

Betacoin Price Target

NOTE: This price target is entirely speculative. It’s a hypothetical what-if, so take it with a grain of salt. Betacoin would be doing well in my mind to ever hit 1 percent of bitcoin’s current market cap of $8.7 billion. That would give betacoin a per-coin value of around $0.66 if there were as many betacoin as their are bitcoin today (12 million).

Betacoin Fundamentals

Ticker: BET
Official website: Betaco.in
Official forum: Betaco.in Community
Announcement: Bitcointalk
Total circulation: 32,000,000
Cryptocurrency type: SHA-256

Photo background credit: Tnimalan. Click to view more cryptocurrency ratings.

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5 comments

  1. MadMiner

    Totally Disagree. Betacoin will be the number one cryptocurrency because of it’s strong Community and Support, clever and hard working developers and because it is not premined. Also it gives the possibility for every user to start fair mining since it has been announced to the public from day 1 unlike bitcoin.

  2. minercoin

    This is absolutely wrong article. betacoin do not have lots of new features? Really? Wtf, you even did not said that Betacoin have transaction comments, etc, etc, etc
    Betacoin will dominate all Sha256 altcoints!

    • Fred Marion
      Fred Marion
      Author

      Thanks for the comment. I did just add a note on transaction comments to the article (though I don’t believe they’re functional yet). I’m always open to changing my mind on an altcoin, but transaction comments aren’t enough in my mind to differentiate betacoin… We have to remember that transaction comments were debated and dropped for bitcoin. There are some serious implications to using comments. A few issues I could see popping up:

      1) A user might not realize that their comments are public and accidentally share sensitive information.
      2) Transaction comments can’t be erased. That could have legal implications if someone defames a person or entity in the blockchain.
      3) Transaction comments could be intentionally used misused (i.e. spam, misinformation, adult content, etc.).
      4) Transaction comments could increase the size of the blockchain significantly (depending on the implementation/limitations).

      I’d much rather see an implementation of a private transaction commenting system rather than something that’s included in the blockchain. This would require a third-party implementation or a separate service that’s independent of the blockchain.

  3. minercoin

    Betacoin comments works since first Betacoin block. You can check an example commented transaction i found here
    https://andarazoroflove.org/explorer/betacoin/block_crawler.php?transaction=ab16e4d6b0eef7ddcbc8a57e24b5d140a907b371a2846645a206ec47f73071a9

    *1) A user might not realize that their comments are public and accidentally share sensitive information.
    That is described well, if not in future, i believe there will be more explanations for users about comments. Also transaction comments make network more transparent.

    **2) Transaction comments can’t be erased.
    Yes, comments can`t be erased and that is a good, because of future implementations of use of comments.

    ***That could have legal implications if someone defames a person or entity in the blockchain.
    3) Transaction comments could be intentionally used misused (i.e. spam, misinformation, adult content, etc.).
    That is how free information sources work:) I mean you can say the same about whole Internet, or social network etc. And if someone made some “illegal” comments it is the responsibility of the one who made it. Also it is well known that cryptocoin networks are pseudonymous.
    ****4) Transaction comments could increase the size of the blockchain significantly (depending on the implementation/limitations).
    As i know Betacoin transaction comments do not cause the sensible increasing of blockchain size

    As for developers work, it was announced that currently Betacoin dev team is working on Advanced Betacoin blockchain explorer platform with internal discussions on every Betacoin block, transactions, etc.

    And there are far more transaction comments implementation options, than just comments itself, since it is JSON available you can use it on any internal API of any application, that i believe will be described in future.

    The Main Betacoin Pros are:

    -Really fair start with almost month “launch phase” and no premine and absolutely good initial coin parcelling – https://infogr.am/betacoin-difficulty?src=web
    -Fast and at the same time reasonable and secure block target time – 4 minute
    -Fast and really good scaled network difficulty adjustment parameters – 4 min blocks are really 4 minute blocks and block time intervals in Betacoin network much more stable that Bitcoin
    -SHA256 means absolutely hardware compartible
    -POW means real decentralisation
    -32 mln Betacoin units production and ~0,39%annual after is a really good thing for network in future
    -Fast main coin supply – after 6 years the main coin amount will be in circulation, means can be used for real economy needs faster.
    -Transaction comments – feature with lots of further implementations and make network more transparent.

    As for your ranking of Betacoin, i totally disagree with it, that is why:

    1. Community
    3 of 5 – really? Have you seen Betacoin forums on cryptocointalk – the most active altocin forum there, also Betacointalk.com, etc, etc, etc – Betacoin users are really passionate.
    I can give strong 5 of 5 here

    2. Userbase
    2 of 5. Disagree – at least 4 of 5

    3.Presence on exchanges
    Here you give 4,5 of 5. Disagree again :) sorry. Currently you can find Betacoin only on 3 exchanges – while trades are reaally active compared with altcoins, we still can`t find Betacoin on local exchanges especially on Chinese and there is still no single coin Betacoin exchanges yet. So I can give here only 4 of 5.

    Creativity
    1 of 5? not suitable.
    Look at Betacoin launch phase, look at its scaled network, included TX comments and at the same time absolutely hardware compartibilty and real decentralization with POW. Your “1” and I can give a least +1 just for brilliant Betacoin launch phase, and +1,5 for other stuff that is described above. 3,5 of 5 IMHO for Betacoin creativity

    Technology

    You give 1 here, I can boldly give 3,5 of 5 here – based on the described above new creative features and I would say the most scaled SHA256 network

  4. MadMiner

    Betacoin will prevail even some people don’t like it. It has great potential. I have switched all my miners to Betacoin pools. Also new people who never got involved in cryptocurrencies now buy Betacoin.

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