What Are Altcoins?

By SwapSpace on The Capital

Altcoins vs Bitcoin

Bitcoin disadvantages:

  • Low-speed Bitcoin transactions. For altcoins, other algorithms are used to speed up transaction time. Cryptocurrencies with a smaller volume of blocks carry out operations faster.
  • Lack of anonymity. Although the crypto transactions are considered encrypted, it’s still possible to track the sender or the receiver of data. To avoid the information leak, some altcoins use additional encryption methods.
  • Difficult and expensive mining. The constant complication of Bitcoin mining requires more and more resources to create new blocks in the blockchain. Altcoins offer alternative mining protocols that allow users to mine crypto without special equipment.
  • Lack of functionality. The main task of Bitcoin is to be a tool for settlement operations. Altcoins have additional functionality, for example, the creation of smart contracts (tokens), etc.

The first altcoin in history

Top altcoins ever issued

  • Litecoin. Introduced shortly after Namecoin, Litecoin was named as the silver to Bitcoin’s gold. It is considered to be the closest competitor to Bitcoin. While fundamentally similar in code and functionality to Bitcoin, Litecoin differs from Bitcoin in several essential ways.
  • Monero. Cryptocurrency with an additional level of encryption. It is the most popular means of payment on the Darknet, and that’s why XMR is often criticized and was even accused of servicing crime.
  • Dash. Another altcoin aimed at anonymity. It was launched in January 2014.
  • Ripple. A platform for payment systems focused on operations with currency exchange. The Ripple protocol, developed by the company of the same name in 2012, is popular in the banking sector.

Is it possible to create your own cryptocurrency?




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