What does Altcoin mean?
The term “altcoin” is comprised of “alt” and “coin”, both words originating from the English words for “alternative” and “coin”. “Altcoin” was only coined in the last few years but has quickly come to be used for all cryptocurrencies other than Bitcoin.
The rapid success of Bitcoins has led to the creation of more and more crypto-currencies. Altcoins frequently offer improved or simply different features from Bitcoins.
These features might include a faster transaction speed, improved privacy, or other protocols used to verify transactions. Such cryptocurrencies can be summarized under the term “altcoin”.
How many Altcoins are there?
There are a very large number of different altcoins. Some altcoins have become established over time as a viable alternative to Bitcoin. Among the best known include Ethereum and Litecoin, which each have their own approach.
These cryptocurrencies have also benefited from the great interest in Bitcoins and have been able to realize huge price gains.