November 19, 2019
The term “altcoin” stands for “alternative coin”. The term “altcoin” is used to describe all cryptocurrencies which are not Bitcoin. The idea behind the term “altcoin” is that Bitcoin is the first cryptocurrency and it’s original, while all the other cryptocurrencies are alternative coins. Some of the altcoins include Ethereum, Maker, Dash, Litecoin, Monero, Augur, etc. Each altcoin has its pros and cons, and it’s necessary to get as much information as possible before you start using an altcoin.
At the same time, the term “altcoin” is used quite widely, and it can be used to refer to coins and tokens.
Bitcoin was created in 2008, and since that date, more than 2000 alternative cryptocurrencies (altcoins) were created. Many of those cryptocurrencies are created based on the Bitcoin, using the process known as Hard Fork. Since many of the altcoins are created using Bitcoin as a basis, they still have some similarities, but each altcoin has its features and functionalities. Therefore, it’s impossible to say that all the altcoins are the same.
The altcoins based on Bitcoin also have a similar mining process that uses the algorithm, which is known as the Proof of Work consensus algorithm. Nevertheless, some altcoins use alternative methods to reach a consensus within the network. The widely used alternative to the Proof of Work algorithm is the Proof of Stake consensus algorithm. Some altcoins may use other algorithms, such as Proof of Burn, Proof of Authority, Delegated Proof of Stake, and Delayed Proof of Work. Each algorithm has its advantages and disadvantages.
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