Criteria for Choosing Altcoins Announced by GoCoin
In a recent announcement, GoCoin, the international payment solution for processing Bitcoin, Litecoin, Dogecoin, and Bitcoin Cash, has revealed its top 5 criteria for selecting new altcoins to include on their platform. The company, which was responsible for 37 percent of all new merchants accepting digital currency in the fourth quarter of 2014, has been proprietary with its internal criteria for adding coins until now.
GoCoin's co-founder and CEO, Steve Beauregard, stated, "We are ready to provide the altcoin community with insight about the factors that guide our decision-making."
The first criterion for a potential altcoin on GoCoin's platform is that it should have been around long enough to establish its value relative to other coins. Secondly, the altcoin should have sufficient network stability and hashrate distribution to prevent a 51% attack.
Liquidity for a potential altcoin is also a key factor, requiring trading on two or more reputable exchanges. The market cap of the altcoins GoCoin considers must be among the top 10 on CoinMarketCap.
A potential altcoin on GoCoin's platform requires active community and developer support. GoCoin has not taken any investment in an altcoin to date and does not hold any meaningful balances in any altcoin.
In Q1 2015, GoCoin added Litecoin (LTC), Dogecoin (DOGE), and Bitcoin Cash (BCH) as altcoins to diversify payment options and appeal to a broader range of merchants by supporting popular and emerging cryptocurrencies.
GoCoin now offers liability accounts in Singapore Dollars, GBP, and Euros with pricing available in 165 currencies. The company has reached 5,500 new merchant sign-ups and has initiated over 125,000 transactions.
GoCoin has not only surpassed its annual growth projections but also aims to maintain fairness and objectivity in its selection process. The company will announce its next round of supported coins later in Q1.
By revealing its criteria for selecting new altcoins, GoCoin aims to foster transparency and trust within the altcoin community, further solidifying its position as a leading payment solution for digital currencies.
