What are Altcoins?

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What are Altcoins?

Cryptocurrency started with Satoshi Nakamoto – ‘inventor’ of Bitcoin and has evolved into thousands of alternative cryptocurrencies that are outside of the Bitcoin Blockchain. All these coins are generally referred to as Altcoins.

Why Altcoins?

In short, people wanted to expand or create their version of Bitcoin of the success of Satoshi and Bitcoin.

Some argues that the rise of Altcoins is only natural due to technological development over time. It was said the real crypto adaptors are those who choose not to ignore Altcoins because they have not blinded themselves with the benefits of Bitcoins such as proof-of-stake, built-in exchange systems and focus on pushing the technology forward with adoption of Altcoins”.

I think many of you would have guessed the origin of the word Altcoin – it is the combination of the word alternative and coin – Altcoin. Many of these coins are marketed as an alternative to Bitcoin as there are recognised limitations of Bitcoin. Therefore, it is logical to say every successful Altcoin has its own value of existence and it is up to you to decide whether that is true.

As of 2020, there are over 5000 different Altcoins in the crypto market and it roughly consists of 34% of the total market capitalization of cryptocurrency.

Notable Altcoins as of 2020

Ethereum (ETH)

Ever since its conception, Ethereum has always been the runner up to Bitcoin based on its market value. There are many contributing reasons to this but one notable feature is that Ethereum is a smart contract platform which allows developers to build decentralized applications on and as you know, one of the greatest things about cryptocurrency is decentralization. No wonder it has been such an important coin in the cryptocurrency world.

Initial release: 2013

Total market cap: 20,921,235,236 USD

Tether (USDT)

Tether is one of the most popular stablecoins on the market. USDT is especially useful for international trades and remittance as it mirrors the value of USD. It uses the Ethereum, Omni and TRON blockchains.

Initial release: 2015

Total market cap: 6,364,924,005 USD

How to buy altcoins

All the Altcoins mentioned in this article can be traded on Bitprive. Open your account today to start trading!

Disclaimer: The content herein is not, and is not intended to be, legal, financial, investment, or other advice.

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About Bitprive (BPVE)

Bitprive is a Blockchain startup focusing on developing a regulated global cryptocurrency OTC marketplace with 180+ popular payment methods in the world.

Verified users can list buy and sell offers on the Bitprive platform for multi-cryptocurrency trading with a wide range of digital and physical payment methods. On top of providing the platform technology and matching services, we also provide the BitEscrow Network where crypto is held in our Bitprive hot wallet before the payment is confirmed. Once the seller confirms payment, Bitprive releases the crypto from the BitEscrow Network to the buyer’s Bitprive wallet.

At Bitprive, we value security and efficacy.

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