The cryptocurrencies other than bitcoin are termed as "Altcoin". An altcoin is the type of cryptocurrency, launched after the great success of bitcoin. Usually, they refer to themselves as improved and better alternatives to bitcoin.
The term “Altcoin” does not refer to a single coin the term represents all other cryptocurrencies other than bitcoin. At present in 2020 the total number of cryptocurrencies presented in the crypto space is more than five thousand. Approximately about 35% of total cryptocurrency comes in the category of an altcoin. Currently, Ethereum and ripple are the leading and biggest altcoin in terms of market capitalization.
What exactly Altcoin Is?
Many people think altcoin as a single coin. Or anyone who hears altcoin the first time can land up in the same confusion. As basically altcoin is not a particular coin it is a category that includes several different coins.
Mainly the altcoin includes mining based cryptocurrency, stable coin, utility tokens, and stability token. In the feature, the altcoin is only going to include mining based cryptocurrency other than bitcoin. As the word itself represent themselves as a combination of two words “Alt” which stand for alternate and “coin” represent the word digital currency, together they represent for all the alternative of bitcoin.
The bitcoin secret of success is a peer-to-peer network that aid bitcoin to pave the way as the first cryptocurrency. Many of the altcoins are active on the limitation of bitcoin, perceived. So altcoin does not have a lot to work as they know the weakness which results in altcoin having a competitive advantage to win the game against bitcoin.
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