Namecoin is not the biggest cryptocurrency. Even though it was one of the first cryptocurrencies developed after Bitcoin, Namecoin has not managed to get the same exposure as other currencies of the same kind. Namecoin’s focus is more on working with the DNS system. Therefore it does not get as much exposure. Through the Namecoin wallet, it allows for greater privacy in the setting up of websites. This can be useful to avoid censorship.
It can be difficult for many people to just move their operations to the .bit network, so Namecoin is not having as much of an effect. Right now, usage of Namecoin is low, even with the Namecoin wallet. There are a few other reasons for Namecoin’s lack of popularity.
Problems with Namecoin
One of the biggest issues is the fact that Namecoin is not as user-friendly as other altcoins. We use alternatives to pay for products and services. The problem is that Namecoin focuses on being a DNS service. This means that Namecoin does not have the same capacity as other altcoins.
The result of this is that the development team is doing its best to improve the coin. This may challenge beginners and novice users. A case in point is the Namecoin wallet. The only Namecoin wallet service that can store Namecoin is the base client, unlike other currencies, where developers come up with a wide variety of alternate Namecoin wallet services.
Another problem with Namecoin is that it requires you to do a bit more. When people use Namecoin to move Namecoins, then they will need to back up their Namecoin wallet. This is done regularly to ensure confirmation of transactions. It is currently recommended to back up more often than every 100 transactions. There is no need for backing up if you are only using Namecoin access to browse .bit domains. You’re also going to need to renew .bit domains if you are using them. This is to avoid expiration. You have to renew or update a name every 35,999 blocks, which is around 200 days. It is free, though there is a transaction fee.
If you’re still interested in Namecoin, then you can mine Namecoins like they were Bitcoin. Get it for free. Merged-mining is often the best method, with people making Namecoins as a result of Bitcoin mining. You can also buy Namecoin at some exchanges using your Namecoin wallet