What are Altcoins?

24 August 2019 07:08 MoneyBitcoin

Maybe you are not so deep in the subject of Cryptocurrencies, but you've heard at least talk about bitcoin, you should at least know that bitcoin is a virtual currency that is an alternative to our money and with great proposals. But what if I tell you that there are alternatives to bitcoin, other virtual currencies with proposals that may be better than bitcoin.

I'm talking about the Altcoins, other virtual coins similar to bitcoin, but generally with different purposes and supposed improvements in certain aspects.

What are?

The term Altcoin can be understood as an abbreviation that means "alternative currency," altcoins are alternative digital currencies to bitcoin where some may offer some specific benefits that bitcoin does not offer such as faster confirmation of transactions, more privacy, more security ...

There are also those that are direct copies of bitcoin, which were made just to bring quick profits to its developers and others that are just scams.

Examples of altcoins

Litecoin - LTC:
Very similar to bitcoin, litecoin was launched in October 2011, is supported by a peer-to-peer network and offers some advantages under bitcoin. And one of the advantages is that instead of processing a block every 10 minutes as is the case of bitcoin, the litecoin processes it's from 2.5 minutes which is 4x faster.

Ethereum - ETH:
Using blockchain, ethereum's main intention is to be a decentralized platform that performs smart contracts. It was founded in January 2014 by Vitalik Buterin, who is a Russian-Canadian writer and programmer.

Monero - XMR:
Launched on October 18, 2014, the Monero is a decentralized cryptomoeda that aims to be untraceable, the existing technology in this altcoin offers some resistance to the analysis of Blockchain which makes it possible to carry out operations without making the transactions public.

How to get?

Just like bitcoin, there is more than one way to get Altcoins and the site already has an article that shows some ways to get bitcoin, but it also works for Altcoins, it is worth checking → Entering the world of cryptocurrencies.

One way is by mining your currency, and for this you need only your computer, a stable Internet connection, and a specific program or site for mining your currency.

Another way is to acquire the desired currency in a currency exchange house like Poloniex.

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