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What is Altcoin?

What is Altcoin?

Altcoin or Alternative coins are those which are alternative to Bitcoin. There are hundreds of Altcoin, each with different individual features and functions. Bitcoin involves many problems and it is not perfect. Altcoin creates a different version of Bitcoin. The popularity of Altcoin is measured by the market capitalization, which means how much money or capital is invested in an asset when measured in dollars.

The main reason for Altcoin to emerge was to improve Bitcoin flaws and to somewhat, try to compete with bitcoin by innovating and developing new features to improve and improve on bitcoin limitations.

Another important factor was the transaction time. Many Altcoin like Litecoin (LTC) and Fast coin (FST) have blockchain update times of one minute or under, which is a lot faster than bitcoin.

Some of the examples of popular Altcoin are:-

  • Litecoin– Litecoin transactions are faster than Bitcoin and it was designed as a lighter version of Bitcoin.
  • Namecoin– This allows for registration of website domains that are controlled via the peer-to-peer network.
  • Nextcoin– It is based on proof of stake protocol which removes the need for traditional mining.
  • Darkcoin– It offers greater privacy than bitcoin by mixing up users transactions.
  • Peercoin– It has an improved proof of work method to process transactions.
  • Quarkcoin– It has the combination of many different algorithms in order to make it more secure.
  • Ripple– It asks for a decentralized payment system in exchange for both digital and fiat currency.