Altcoins Explained
Bitcoin no more is the only cryptocurrency. There are now more than 1000+ of cryptocurrency alternatives to bitcoin available.Each and every coin has its own USP,functionalists and purposes.
Semantics : "Altcoin" isn't the name of cryptocurrency.Infact,the term "altcoin" describes any cryptocurrency alternatives to bitcoin.For example, Ripple, Litecoin, Bitcoin Cash, Stellar, NEO, and Ethereum are all technically “altcoins.”
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Benefits of Altcoins
As said above that every "altcoin" came into existence with different functionalities and purposes.
Bitcoin is the mother cryptocurrency and altcoins value are measured in bitcoin, which has made the bitcoin market extremely competitive and its also difficult and expensive for the beginners to get into the crypto world.
Majority of "altcoins" on the other hand are less popular, much less expensive and less competitive.Most of the altcoins are even mined by beginners with CPUs.There are even some CPU-only coins.Most altcoins use the SHA-256 hashing algorithm (hashing algorithm of Bitcoin).Some altcoins uses the Scrypt algorithm (hashing algorithm of Litecoin).Some of the unique altcoins use specialized hashing algorithms (such as X11, X13, X15, NIST5, and 100% POS).
As nothing is perfect on this earth, so the reality of bitcoin.As we know that bitcoin is the first widely used cryptocurrency and as it grows to large scale crypto-commodity, we came to face some problems and challenges that could have been next to impossible to predicate when bitcoin was first designed and implemented. Altcoins help us to address those problems and challenges and ensure long-term viability of bitcoin.