Home » Altcoins

Altcoins

« Back to Glossary Index

Altcoins are cryptocurrencies other than bitcoin. Many altcoins are forks (variations) of bitcoin.

“Altcoin” is a combination of two words: “alt” and “coin”. The word “alt” is short for alternative and “coin” means currency.

This nomenclature comes from the idea that bitcoin is the original cryptocurrency and that all others are then considered “alternate” or “alternative” coins. Together, they imply cryptocurrencies that are an alternative to the original cryptocurrency named bitcoin.

Many altcoins have emerged but bitcoin still remains the largest and most popular of all cryptocurrencies.

The term “altcoin” is also used quite broadly to refer to digital assets that would also technically be referred to as “tokens” rather than coins.

The best-known examples are the ERC-20 tokens that exist on top of the Ethereum blockchain. Since the creation of Bitcoin in 2008, more than 2,000 alternative cryptocurrencies were deployed.

Many of these altcoins were created as modified copies of Bitcoin, through a process known as Hard Fork. Despite sharing some similarities, each altcoin has its own functionalities.

Related
Parabolic

Parabolic describes a market that moves a great distance in a very short period of time, frequently moving in an accelerating Read more

Bitcoin Block

Blocks are data structures within the blockchain database, where transaction data in a cryptocurrency blockchain are permanently recorded. A block records Read more

Monetary Policy

Monetary policy refers to the actions taken by a nation’s central bank to influence the availability and cost of money and credit to Read more

XM Bonus