Bitcoins aren’t the only currency available in the crypto world. There’s a world beyond it. Curious? Let’s go explore it right away!
You’ve probably heard of Bitcoin and the phrase “altcoin” being thrown around. Today we will cover what an altcoin is, go over some of the top altcoins, discuss the negative aspects of different altcoins, and finally cover ICOs.
An altcoin, by definition, is anything that’s not Bitcoin. Altcoin stands for “alternative coin.” Examples include cryptocurrencies like Ripple, Litecoin, Ethereum, and Dash. Altcoins were created in an attempt to make a better version of Bitcoin. They try to make their program faster, smarter, or 100% anonymous.
Since the creation of Bitcoin in 2009, there have been thousands of altcoins created, each claiming to be better in some way. For example, Litecoin promises super-fast transactions and the fastest processing speeds on its blockchain. Dash is known for being 100% anonymous, while Ethereum has a very intelligent blockchain that offers smart contracts.
To see which altcoin is best, you can go to an exchange platform and organize the coins by market capitalization or volume. Always learn about an altcoin before you invest your money into it. Altcoins begin their life as an ICO (Initial Coin Offering). When a company wants to create an altcoin, they create a white paper and use crowdfunding to raise funds for their project.
In the cryptocurrency world, many altcoins will likely disappear, leaving only a top ten that no one will be able to compete with. Until that happens, do your research on these altcoins and figure out which ones you think will end up on top. In my opinion, there will be a top three: Bitcoin, Litecoin, and Ethereum.
That’s everything you need to know about altcoins and how they get their start. I hope you enjoyed this read and got some value out of it.
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