What are Altcoins?

To put it simply, all cryptocurrencies other than Bitcoin are termed altcoins. They were developed in a similar blockchain structure to replicate the success story and they also follow a peer-to-peer system. Similar to Bitcoin, altcoins also need a specific mining method to enable users to carry out safe and secure web transactions. Generally, the framework used for developing altcoins is similar to that of Bitcoin but with enhanced features. These features include a better process of mining, and cheaper or faster transactions. However, overlapping is possible in several altcoins features but when compared with each other, they present several variations.

While now Bitcoin has thousands of altcoins as its competitor, it has still maintained the top position in the list. Rapid evolution is taking place in the space of cryptocurrency and the stage is taken by modifications such as privacy, immediate transfers, and varied proofs. Litecoin, OKCash, Dogecoin, and Zcash are included in some of the many popular altcoins.