Author Topic: What is Altcoin?  (Read 9177 times)

Mypanara19

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What is Altcoin?
« on: August 05, 2017, 01:50:52 AM »
What is Altcoin?

Believe it or not, Bitcoin is not the only cryptocurrency! There are thousands of cryptocurrency alternatives to Bitcoin available today each with unique differences, functionalities, and purposes.

Altcoin: Cryptocurrency Alternatives to Bitcoin
Simply put, altcoins are cryptocurrency alternatives to bitcoin. In general, altcoins work very similarly to bitcoin. However, there can be some minor differences between different coins. Below is a list of the most important facts about altcoins:

Bitcoin is, by far, the most popular and widespread cryptocurrency. As a result, the bitcoin market is extremely competitive and its difficult and expensive for beginners and amateurs to get into.
Altcoins on the other hand, are much less popular, much less competitive, much less expensive, and can ofter even be mined by beginners with CPUs. There are even some CPU-only coins!
There are thousands of different Altcoins! They vary mostly in popularity, price, and technical details.
Many Altcoins use the SHA-256 hashing algorithm (the hashing algorithm Bitcoin uses). The second most popular hashing algorithm is Scrypt (the hashing algorithm Litecoin uses). There a few other unique altcoins using different, specialized hashing algorithms (such as X11, X13, X15, NIST5, and 100% POS).
The most popular altcoin is Litecoin a Scrypt-based cryptocurrency that has a high market value and is more stable than bitcoin.

Bitcoin is not perfect! The system is powerfully designed, but it is the first widely-used cryptocurrency. As such, as it grows to a large scale crypto-commodity, we are beginning to notice problems and challenges that would have been next-to-impossible to predict when bitcoin was first designed and implemented. Many altcoins have been developed specifically to address concerns raised over the future and long-term viability of bitcoin.

Altcoins can be a fun and profitable investment! Investing in altcoins can be a lot like trading penny stocks you can invest very small amounts of money in a wide-reaching portfolio, and you can choose the coins that you think have the best chance of long-term success. Imagine if you had invested in bitcoin back when each cost only pennies! If youd held on to the bitcoins for just a few years, you could have been pleasantly surprised when the coins peaked at over $1,000 USD each!
Learning More About Altcoins

To learn more about the different types of available coins, be sure to visit our page Listing the Currently Available Altcoins.

To learn more about altcoin in general and for comprehensive altcoin resources, be sure to visit altcoins.com.

http://cryptocurrencyfacts.com/what-is-altcoin/
« Last Edit: August 05, 2017, 10:06:22 AM by Mypanara19 »

TomBite

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Re: What is Altcoin?
« Reply #1 on: August 11, 2017, 05:33:45 PM »
There are so many coins in the sea of cryptocurrency but there is only one and the original Bitcoin...and all the rest are classified under the altcoins branding. Simple as that!

psalms23

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Re: What is Altcoin?
« Reply #2 on: August 12, 2017, 10:41:47 PM »
Hi. Im new to cryptocurrencies world I wonder if you can show some sites or links that lists altcoins with their status ex.  volume,  value etc.  Thanks.

shib2000

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Re: What is Altcoin?
« Reply #3 on: April 26, 2018, 03:22:20 PM »
Any other cryptocoin which is not Bitcoin is Altcoin. Altcoin in crypto currency means alternative to Bitcoin. Altcoins in essence function as Bitcoins but may have improvements in the speed of transactions, encryption and better distribution methods.

Most of the Altcoins are a variant of Bitcoins that uses the open sourced protocol but with changed underlying codes.This results in an entirely new coin with different set of features. They also involve a mining process and offer efficient and cheap ways to carry out transactions on the web.

From - http://cryptoshib.com/what-is-altcoin/