Hello, this is Calgo :)
Today, I prepared about Altcoin. If you interested in Bitcoin, you may have heard the word ‘altcoin’ a lot in the news.
Even if you know Bitcoin, if you are confused about what Altcoin means, Calgo will introduce you this time.
Altcoin is a combination of Alt, an abbreviation of Alternative, and Coin of Bitcoin.
In other words, coins that appeared as an alternative to Bitcoin are called altcoins.
All cryptocurrencies other than Bitcoin can be collectively referred to as altcoins.
Altcoins appeared because a better, improved coin was needed than Bitcoin.
Since the source code of Bitcoin is open to the public, anyone can read it, improve its functions, and develop a coin with a new name.
There are thousands of coins listed on CoinMarketCap, a world-class cryptocurrency trading site.
The first altcoin is called Namecoin, which was created in early 2011.
The cryptocurrency that currently ranks first among altcoins is Ethereum.
It is a coin developed by Vitalik Buterin in 2014 by applying blockchain technology, and has the advantage of being excellent at preventing hacking.
In addition to Ethereum, Ripple and Bitcoin Cash are representative altcoins.
If you want to know more about Ethereum, please refer to Lobit’s previous post.
Even until the year of production, Bitcoin’s market share reached 70%, maintaining an unsurpassed position.
Recently, while Bitcoin has been hit by a bear market, its market share has decreased a lot.
Nevertheless, Bitcoin still functions as a key currency.
In the market, the market price of altcoins is displayed in terms of bitcoin, and altcoins can be traded using bitcoin.
However, if Bitcoin’s downtrend or competitor-class cryptocurrencies such as Ethereum increase a lot, Bitcoin’s position will not be solid forever.
Any coin can dominate the market if people start using it a lot.
Whether it’s Bitcoin or altcoins, there is always the potential for price fluctuations in the volatile crypto market.
Therefore, when investing in cryptocurrency, you should always be cautious and prioritize safety.
Investing in virtual assets that reduces risk and raises profits!
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