What is Altcoin?
Altcoin or “Bitcoin alternative” is a common name of Cryptocurrencies other than Bitcoin. Most of Altcoins are upgraded versions of Bitcoin. After the success of Bitcoin and P2P network in 2009, Altcoins was created.
Generally, Altcoins are alternatives to Bitcoin due to their improvement in Bitcoin’s weakness. These digital coins are made to take over the Bitcoin.
The word “Altcoin” is combined from two separate words “Alternative” and “Coin”. The coin that could be the alternative to every Cryptocurrency in the market. Perfect!
Why was Altcoin created?
As said below, using Altcoins can completely avoid Bitcoin’s weakness and they are ready to take over the Bitcoin. Besides, many Altcoins are constantly being developed to be more outstanding. For instance, on the side of incognito in transactions, Dashcoin, Monero, Namecoin and Zcash coin are far better than Bitcoin.
One very important feature that Altcoin has been reformed to be superior to Bitcoin is transaction time, which Litecoin and Fastcoin have been doing very well. Therefore when it comes to commercial, Altcoins are often better than Bitcoin. However, beware that not every Altcoin is perfect, weaknesses come along with strengths. At the present, there is around 1200 Altcoin in the Market (due to CoinMarketCap).
Some other Altcoins are more innovative with features that bitcoin don’t have. For example, Ripple is designed for users to easily change it into another currency when sending it to somebody.
From 2009, when Bitcoin was born and became the first Cryptocurrency, Altcoins gradually appeared one by one. From that, the word “Market capitalization” became more popular in the currency market, which demonstrates how much USD the Cryptocurrency is worth.
Altcoin also could be transacted and exchanged on Exchanges like Bitcoin. For more information and updating exchange rates of Altcoins, please go to coinmarketcap.
Thank for your reading. Hopefully, with this article, you’ve found out some useful information. If you have any questions about Altcoins, feel free to leave them in the comment.