What is an AltCoin? (Know more about Cryptography and secrets of Crypto Trading, Follow https://www.facebook.com/BinaryOptionsS…

What is an AltCoin?

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We get the word Altcoin by combining the words alternative and coin. Altcoins are all cryptocurrencies except Bitcoin (or Ethereum, as some consider). To distinguish themselves from Bitcoin and Ethereum, Altcoins either provide different mechanisms to confirm transactions or provide new or additional features or uses. The market currently has several thousand Altcoins.

Depending on their purpose, Altcoins come in several types. Most Altcoins are forks (a blockchain that has been split due to incompatibility with the original chain, either Bitcoin or Ethereum).

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=> History of the Altcoin

As of October 2021, Altcoins account for virtually 60% of the cryptocurrency market.

The first Altcoin was forked in 2011 from the Bitcoin blockchain. It was called Litecoin and used a memory-hard mining puzzle with the intent of being GPU-resistant.

A little after that came Namecoin. Its objective was to decentralize and replace the domain name system.

Altcoin’s debut rates began to rise quickly in 2013-2014 and have continued to grow until now. In 2017, around 600 new Altcoins entered the market and caused the market to head in the direction of becoming over-saturated.

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