Wed. Aug 17th, 2022

Business News on the Fly

What Is An Altcoin?

Altcoin is a term that refers to all cryptocurrencies that are not Bitcoin. The name is formed by combining the words ‘alternative’ and ‘coin’ and refers to all of the cryptocurrencies in existence other than Bitcoin (that is, all of the alternatives to Bitcoin).

At present there are estimated to be over 9000 alternative currencies in existence with an estimated total value of over $1 trillion. They originate from all over the world and are intended to rival Bitcoin which is the first, most well known and most valuable cryptocurrency in existence. Most of these cryptocurrencies are based on the same blockchain technology as Bitcoin and they function in essentially the same way. Some of the most popular of these altcoins include Ethereum, Ripple, Bitcoin SV, Bitcoin Cash, Dogecoin and Litecoin. Some of them serve other purposes than simply being alternative currencies and are sometimes also classified as ‘security tokens‘ or ‘utility tokens’.