What Are Altcoins and How Are They Different from Bitcoin?

altcoin hand blue

This year, the cryptocurrency industry will celebrate its first anniversary. Bitcoin, the world’s #1 cryptocurrency will be exactly 10 years old In October. During this time, a large number of different coins have appeared on the market, which tried to improve or replace BTC. In this article we’ll talk about such a concept as altcoins, find out why we need them, when they were invented and what kind of future awaits for them.

Contents:
(please, click the topic to scroll down to it)

  1. What are altcoins?
  2. Why create altcoins?
  3. Promising altcoins of 2018
  4. Conclusion

1. What are altcoins?

This concept is rather familiar to most of the experienced market participants. In fact, an altcoin is any cryptocurrency other than Bitcoin. It will make sense if you refer to the etymology of the word (altcoin – an alternative coin). Altcoin is not a specific coin, but implies a whole separate species, which already has a couple of thousand coins.

2. Why create altcoins?

New altcoins are designed to replace, improve or supplement #1 cryptocurrency. It is worth noting that the vast majority of these projects have not been successful, but there are also quite successful cases. If you look at this in terms of the years passed, you can confidently state that the key to success is not to copy blindly BTC with minimal corrections, but to create truly original projects.

So, let’s analyze the main parameters of altcoins that differ them from Bitcoin:

– The speed of transactions. This is one of the weaknesses of the cryptocurrency flagship, since the network is designed to handle only seven transactions per second, so they can be delayed for two to three hours. Some developers have succeeded in creating altcoins with high network bandwidth and with the ability to scale the user base.

– Hashing algorithm. All cryptocurrencies are built on the technological base of blockchain. Coin systems need to hash transaction data and enclose them in blocks to work correctly. Bitcoin works on the SHA-256 algorithm, which takes about 10 minutes to generate one block. This is by no means the only algorithm, there are other, faster and more efficient ones, such as scrypt, X11, X13, X15, etc. They spend much less time creating a single block, which allows for greater transaction speed.

– Altcoin mining algorithm. The extraction of alternative coins often does not have any fundamental differences from Bitcoin mining. Since altcoins are less popular, they are mined by fewer participants, so the overall complexity of the network is smaller. Therefore, it is much more profitable to mine altcoins than to mine BTC. There are coins that are not available for mining, since the developers initially produced a full emission.

3. Promising altcoins of 2018

Each year there appear new interesting decentralized projects that collect impressive amounts at the ICO stages. Not only can they bring their depositors insanely big money, they can also change the development vector of the industry as a whole. For example, the same thing happened with Ethereum.

If we mark some specific promising altcoins at a given time, we should point out the following:

Ethereum;

Ripple;

Bitcoin Cash;

EOS;

Waves;

Monero;

Dash.

Almost all of them are in the TOP-10 of the global CoinMarketCap rating, but all these projects have not yet fully revealed the capabilities of their technologies, so they are still quite promising for investments.

4. Conclusion

Altcoin is not a definite coin, it is any cryptocurrency, except Bitcoin. Each of them was created as a counterweight, addition or replacement of BTC. Different projects solve various problems of the original blockchain. Many altcoins can have a great future, as some of them have every chance to outshine Bitcoin.

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Cryptocurrency Prices Today, September 22: Cryptocurrencies Are Unstable, Ripple Is Still Growing

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coin360, Bitcоin (BTC) lost 0.74% in the past 24 hours. The price at the time of writing is $6652 per coin.

Cryptocurrencies stay both in the red and green zones:

Bitcoin Cash lost 1.70% over the past day and costs $473 per coin;

Ripple added 20.57% and is worth $0.56;

EOS grew by 1.87%, and its price is $5.89;

Litecoin increased by 0.71%, and its cost is $58;

Cardano lost 3.40%, and its value is $0.081;

Stellar dropped by 4.54% and is worth $0.23;

IOTA added 0.36%, and its value is $0.58;

Dash lost 3.3.1% and costs $200;

Monero decreased by 0.33% and is worth $119.

Ethereum added 3.97% over the past 24 hours. The cost of the coin is $235.

The total market capitalization is $221 billion. Bitcoin accounts for 52% of the total volume. It is $115 billion in monetary terms.

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Cryptocurrency Prices Today, September 21: Bitcoin and Ethereum Are in the Green Zone, Ripple Rose by More Than 40%

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coin360, over the past 24 hours Bitcоin (BTC) added 4.51%. The price at the time of writing is $6699 per coin.

Cryptocurrencies are showing positive dynamics:

Bitcoin Cash added 12.86% over the past day and costs $480 per coin;

Ripple added 41.76% and is worth $0.46;

EOS grew by 10.57%, and its price is $5.78;

Litecoin increased by 7.14%, and its value is $57;

Cardano added 16.18%, and its cost is $0.083;

Stellar gained 18.71% and is worth $0.24;

IOTA grew by 9.16%, and its value is $0.57;

Dash added 7.83%, and its price is $205;

Monero increased by 7.28% and is worth $119.

Ethereum added 8.43% over the past 24 hours. The cost of the coin is $226.

The total market capitalization is $217 billion. Bitcoin accounts for 53.2% of the total volume. In monetary terms, this is $115 billion.

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OKCoin Adds Five New Tokens to Its Listing

okcoin adds five new coins

To continue our today’s topic related to crypto exchanges, we wanted to inform you about the changes in the listing of the exchange OKCoin. OKCoin is currently occupying the second position of the CoinMarketCap rating. A couple of days ago, the management of the exchange introduced 5 new digital assets:

The newly added cryptocurrencies include:

– Ripple

ZCash

Cardano

– Stellar lumens

– 0x

The CEO of OKCoin seems pretty excited due to this event.

We are very pleased to welcome these five new cryptocurrencies and all of the communities that trade them,” he said.

We remind you:

Bittrex Adds Two New Coins: XRP and ETC

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Cryptocurrency Prices for the 20th of September: Bitcoin And Ethereum Is Relatively Stable

price rate

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices today

According to the online platform Coin360, Bitcоin (BTC) added 0.81% over the past 24 hours. The price at the time of writing is $6410 per coin.

crypto rates

Cryptocurrencies are both in green and red zones:

Bitcoin Cash dropped by 1.97% over the past day and costs $425 per coin;

Ripple decreased by 0.35% and is now at a price of $0.32;

EOS added 2.35%, and its price is $5.22;

Litecoin grew by 0.38%, and its value is $53;

Cardano lost 0.29% and costs $0.072;

Stellar lost 1.03% and is worth $0.20;

IOTA dropped by 0.99%, and its value is $0.53;

Dash increased by 0.23%, and its price is $191;

Monero grew by 1.02% and is worth $111.

In the past 24 hours Ethereum fell by 0.89%. The cost of the coin is $208.

The total market capitalization is $199 billion. Bitcoin accounts for 55.4% of the total volume. It is $110 billion in monetary terms.

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Cryptocurrency Prices for the 19th of September: Bitcoin and Ethereum Are Recovering, Ripple Skyrockets

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices today

According to the online platform Coin360,  Bitcоin (BTC) added 1.31% over the past 24 hours. The price at the time of writing is $6375 per coin.

Cryptocurrencies are also recovering:

Bitcoin Cash increased by 4.54% over the past day and costs $436 per coin;

Ripple rose by 20.38% and is now at a price of $0.33;

EOS added 5.27%, and its price is $5.13;

Litecoin grew by 4.05%, and its value is $54;

Cardano gained whopping 15.24% and costs $0.073;

Stellar rose by 6.96% and is worth $0.21;

IOTA lost 0.14%, and its value is $0.53;

Dash increased by 0.30%, and its price is $188;

Monero grew by 5.12% and is worth $192.

In the past 24 hours Ethereum added 6.67%. The cost of the coin is $212.

The total market capitalization is $200 billion. Bitcoin accounts for 55.1% of the total volume. It is $110 billion in monetary terms.

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Bitcoin and Ethereum Price Analysis Today on the 18th of September: Cryptocurrencies Collapsed Again

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coin360, Bitcоin (BTC) lost 3.07% in the past 24 hours. The price at the time of writing is $6286 per coin.


Source: https://coin360.io/

In the past 24 hours Bitcoin reached the highest mark for the day at $6452, later it fell drastically to $6338 and then fell to $6257 per coin. At the time of writing BTC added about $30.


Source: https://coinmarketcap.com/

In this time interval, we can observe a downtrend.

The remaining cryptocurrencies fell into the deep red zone:

Bitcoin Cash lost 7.23% over the past day and costs $414 per coin;

Ripple dropped by 2.50% and is worth $0.27;

EOS fell by 9.17%, and its price is $4.86;

Litecoin lost 7.79% and its value is $51;

Cardano fell by 7.69% and is worth $0.063;

Stellar decreased by 3.51% and costs $0.19;

IOTA lost 6.01%, and its value is $0.53;

Dash lost 6.58%, and its price is $182;

Monero became cheaper by 7.89% and is worth $107.

Ethereum reached the highest mark of $221 in the past 24 hours. A few hours later, ETH dropped to $195. At the time of writing, the price of the coin is $197.


Source: https://coinmarketcap.com/

The total market capitalization dropped to $192 billion. Bitcoin accounts for 56.3% of the total volume. In monetary terms, this is $108 billion.

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