What Are Altcoins? Here Are 7 You Should Know About

Last Updated June 27th 2019
3

Altcoins (alternative coins) is a generic term used to refer to all other forms of cryptocurrency developed after bitcoin. Bitcoin had some years of monopoly in the cryptocurrency world for about two years before the first Altcoins, Namecoin was introduced to the market, Namecoin remains one of the top rated Altcoins in the marked till date. The concept of Altcoins development revolves around bitcoin as they are developed to upgrade and/or correct some issues their developers perceive to be wrong with the bitcoin network.

The top-rated Altcoins according to their market cap (how much the amount of the coins in circulation is worth in non-virtual money e.g. dollars) are:

ethereum logo

Ethereum (ETH): Ethereum was introduced in 2013 to the market with a concept of smart contracts and a turning-complete programming language. Ethereum platform makes use of Ether (ETH) as its cryptocurrency that is used as a token for running the program.

Related Article: Should You Be Investing in Ethereum in 2018?

ripple logo

Ripple (XRP): Ripple was introduced in 2012 and unlike bitcoin it was developed with the aim of being used for transactions by said third parties (banks) that was cut off in the design of bitcoin. Ripple aims to be a decentralised transaction platform that solves the problems of speed and security of normal bank transactions, but instead of hard currency, XRP is the accepted currency of exchange.

Related Article: Pros and Cons of Investing in Ripple, Will It Be a Millionaire Maker?

bitcoin cash logo

Bitcoin Cash (BCH): Bitcoin cash was developed as a hard fork of bitcoin classic because the public bitcoin investors started to worry about transaction fees, time taken for transactions to be verified and scarcity of the coins.

Related Article: What Is Bitcoin Cash? Should You Be Investing In It?

litecoin logo

Litecoin (LTC): Litecoin was introduced to the market in 2011 by Charlie Lee and is intended to be like a bitcoin that can be used for day to day transactions and purchases.

Related Article: Why Litecoin Could Make You a Millionaire in 2018

cardano logo

Cardano (ADA): Cardano came to the cryptocurrency market in 2015 and was developed to be a cryptocurrency platform with higher speed than earlier cryptocurrencies, anonymity, allowance of a sidechain and money ownership. However, most of its success on the cryptocurrency market is as a result of its allowance of pseudonyms and sidechains.

Related Article: Why Did Cardano Price Rise 450% In Just Over Two Months?

neo logo

NEO (NEO): NEO was introduced to the market in 2015 as an improvement to the Ethereum development by making the use of its smart contract accessible to a larger community than with Ethereum because it allows more programming language than Ethereum does.

Related Article: Could NEO Be the Best Altcoin to Invest in 2018?

stellar logo

Stellar Lumens (XLM): Stellar Lumen is a cryptocurrency platform on the rise that was introduced in 2014 aimed at becoming an open source medium for exchanging money ad building business contracts, much like a combination of some of Ethereum and Ripple.

Related Article: 2018 Could Be the Year for Stellar, Should You Be Investing In Stellar?

Enjoyed reading this article? Please hit the share button below :) Because sharing is caring!

Free Forex Trading Course

We'd love to hear from you!

Please share your comments or any suggestions on this article below

more from Cryptocurrency Trading Articles...

Trading-Education Staff
As most people know, blockchain technology is the backbone of cryptocurrency and what makes it work. However, there are a plethora of other uses as...
Trading-Education Staff
If you’re interested in cryptocurrency trading, then it is likely that you have wondered where is the best place to trade it. Essentially,...
Trading-Education Staff
What is cryptocurrency? In case you haven’t figured it out yet, we live in the digital age. It was only a matter of time before something so...
Trading-Education Staff
If you’ve started researching cryptocurrencies then you most likely have seen the word smart contracts appear a fair few times, particularly if...
Trading-Education Staff
Bitcoin’s rebound got a lot of attention in 2019 as you probably well know.  For a moment, it looked like it may climb back up to the...
Trading-Education Staff
Facebook’s Libra will be released in 2020 and the project has gained a solid backing from many different companies who are also involved in the...