Bitcoin Isn't Alone: Newer Currencies Popping Up

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Dec. 23 (Bloomberg) -- Matt Miller reports on crypto-currencies and bitcoin competition. He speaks on on Bloomberg Television's "In The Loop." (Source: Bloomberg)

-- light coin?

There are a lot of competitors.

A lot of people feel the alternatives are a bit of a scam . it has become harder and harder to mine them.

A lot of other currencies have popped up.

They are easier to make money.

The idea is that these other people are popping up to get rich quickly and not really as concerned with the movement of digital currency.

Interesting.

There are those who think it may be a scam.

It is not that bitcoin cannot be a scam, it is maybe there are then using it to make money.

There are so many others.

At last count 35-40 alternative coins that shows you all of the possibilities.

There is named coin.

One of my favorites is doggy coin.

It is interesting.

There is still a massive advantage that bitcoin has over the other currencies.

It has been around longer and more people use it.

The market cap is like $7.5 billion.

That is a lot more than all the other alternative coins added up together.

They all operate almost exactly the same principles.

They all have a block chain for the transaction.

They all have a mechanism to decentralize for everyone else.

They all have her protocol that minors use.

Who is the light coin trader?

It is someone who is now in charge of coinbase.com.

It is the monopoly a coin trading site in the u.s.. it is interesting to see that a lot of these alternative coins are experiments created as a way to see what other alternatives could work.

Then they are brought in.

Bitcoin is evolving and changing.

Interesting to see when someone goes out and create something like like wine -- light coin and then throws his money behind bitcoin himself as the ultimate champion.

Thank you.

Day 11. moving and shaking this hour, kanye west.

A sign that some luxury companies are turning off even the wealthiest clients.

He has worked with louis vuitton on products that include $1000

This text has been automatically generated. It may not be 100% accurate.

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