Another Challenger to Bitcoin Emerges With YoCoin

Ever since bitcoin made an absolutely staggering run up in value, with multiple hundreds of percent growth, the race has been on to find “the next bitcoin.”

Many have tried, and most have had less than stellar results. One more entrant is stepping in, called YoCoin, but will YoCoin have the competitive edge to succeed where so many before it have failed?

YoCoin’s big edge is that it’s not only easy to come by—reports note that “anyone with a decent graphics card in their computer can start mining YoCoin at home with little effort” thanks to a basis in the Scrypt mining algorithm—but that there are plenty of options in terms of use.

Wallets are currently on hand not only for Windows, but also for Mac OS X and Linux, making pretty much anything that has a decent graphics card more than able to go hunting YoCoin.

It’s even actively being traded on several different exchanges, including CoinExchange, Bloombit, Alcurex and several others.

Plus, reports note that YoCoin is working tirelessly to get a presence in casinos, in shops, and in just about anywhere else that coin could be spent.

That’s a measure that could be a big help, and when one throws in the upcoming mobile wallet option set to hit, along with the potential for physical YoCoin coins—which will be considered more of a collectible or curiosity than currency—this could be the start of something particularly interesting.

YoCoin seems to be avoiding many of the pitfalls of bitcoin’s original run. It’s working to have places to use the cryptocurrency that aren’t just found on the Deep Web, it’s making it a lot more mainstream and simpler to work with, so that users may be more likely to get involved.

Some quarters, like BitBillions.com, are referring to it as “the newest cryptocurrency scam coin,” so it may be worth taking with a grain of salt.

Though immediately, it looks like YoCoin might have a future, there are some potential flaws worth considering, like a “premine” operation in which the coin’s founders took a reported 20 percent of the total available coin base.

It might prove a worthwhile flier, if nothing else, but the notion of YoCoin as the new bitcoin may be a bit shaky in the end.