Definition of an Altcoin: An altcoin is an alternative cryptocurrency to the traditional and more popular cryptocurrencies, and refers to the fact that other cryptocurrencies are supported in addition to Bitcoin. The development of altcoins is relatively simple because bitcoin is open source and many of the cryptocurrencies on the market are also open source.

The cryptocurrencies that emerged after Bitcoin are called altcoins. Their name is a combination of “alternative” and “coin”. Therefore, bitcoin is considered the first currency of its kind and the new cryptocurrencies developed later are considered alternative currencies or altcoins.

Among the most relevant altcoins, two very different types of altcoins are distinguished:

Cryptocurrencies linked to projects that allow the creation of decentralized applications and smart contracts: for example, Ethereum.

Cryptocurrencies that seek to compete with Bitcoin in aspects such as speed or cost of transfer among others: for example, Litecoin.

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