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AltCoins: The Most Important Currency after BitCoin

AltCoins

Bitcoin is not the only currency available on the crypto market. There are many equally interesting alternatives to BTC, which we call AltCoins. They all have one thing in common – they are digital currencies, with their own blockchain and value.

What are AltCoins?

Any coin that is not BitCoin is called an AltCoin. These coins are alternatives to BitCoin. Most altcoins are coming up with newer versions to solve the drawbacks of BitCoin. The term AltCoin is a combination of 2 words alternative (Alt) and currency (Coin). They denote a type of cryptocurrency that is an alternative to the digital Bitcoin currency when used together. Following Bitcoin’s breakthrough, several of these alternative peer-to-peer digital currencies have sprung up to try to imitate it.

Different types of AltCoins
A variety of AltCoins

 

How are AltCoins different from BitCoin?

The difference between Bitcoin and all other digital currencies is enormous. Bitcoin has a market capitalization of more than $1 trillion. No altcoin, not even Litecoin or Ethereum, comes close. There is no other cryptocurrency or altcoin that is as old or well-known as Bitcoin. Altcoins also lack the security and decentralisation that Bitcoin has, making them far more vulnerable to a network-wide attack. Bitcoin almost always outperforms any cryptocurrency over a long period of time.

BitCoin supremacy
BitCoin influences AltCoins.

How does BitCoin influence Altcoins?

BitCoin is the first cryptocurrency

BitCoin lays down the foundation for cryptocurrencies and it still has its monopoly. Clearly, BitCoin has made other cryptocurrencies popular. Today, almost anyone who invested in crypto owns at least a small amount of BitCoin. The beauty of BitCoin is that its creator is anonymous.

Some AltCoins are BitCoin clones

Due to the popularity of BitCoin, many clones were created during the years. For instance, LiteCoin was the first mainstream AltCoin that uses a copy of the BitCoin code with a goal to become BitCoins faster and lighter version. There are many other clones like BitCoin Cash, BitCoin Diamond, BitCoin 2, BitCoin Gold and many more.

BitCoin has the most secure network

Bitcoin is based on a proof-of-work system that is guaranteed by the more than 18 million miners who participate in the blockchain, Bitcoin’s decentralised network. This large number of participants results in a high level of network decentralisation, maintaining the Bitcoin payment system’s perfect security.

BitCoin is a reserve for other cryptocurrencies

Like USD is to Forex, BTC is to other cryptocurrencies. A large number of investors first buy BitCoin and then trade it to buy other AltCoins.

10 most important AltCoins

  1. Ethereum (ETH)
  2. LiteCoin (LTC)
  3. Cardano (ADA)
  4. PolkaDot (DOT)
  5. Stellar (XLM)
  6. ChainLink
  7. SwapCoins
  8. Binance coin (BNB)
  9. Tether (USDT)
  10. Monero (XMR)

To know more about these AltCoins visit coinmarketcap.

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