Altcoin is a term given to all crypto currencies other than Bitcoin. It literally means alternate coin. Altcoins are alternative blockchains to Bitcoin, they use the same basic principals as Bitcoin but with some changes (e.g different mining algorithms or consensus rules etc…).
Most alt coins are forks on Bitcoin, some are built on the Bitcoin blockchain, others operate their own blockchains and offer diversity in functionality, innovation, niche-specific developments or just improvements on what is already there. For instance faster transacting, better privacy, easier coding or more popular and usable language (Bitcoin is built on C++ which is a computer language not very popular these days, while many of the new cryptos are written on Java or Microsoft’s .NET that attract vast communities of developers and freelances who work with these computer code languages).
Many alt coins are competing to be the next big success story but the market is already saturated and only a small percentage of the currently circulating cryptos are in fact worth looking into.
There are nearly 1000 crypto currencies currently in circulation and the ones that I am trading or investing in, are only the top 30 or so. The best way to find out how they perform is by going to https://coinmarketcap.com/ and see their current rating by volume.
But what really makes a cryto currency valuable and why some of these virtually unknown and brand new coins go up in price is determined by a series of factors outlined in my next post. But just before I leave you, please note that you should definitely avoid any crypto currency that involves heavy recruiting and is based on a deep multi level marketing system. The likes of Onecoin, Dascoin, Swisscoin, Scoin or The Billion Coin [TBC] are all in this category. These are not on the public exchanges and they only serve as community tokens system, therefore they are not easily spendable or tradable, if at all…