Altcoins is a general term used to refer to electronic currencies created to replace Bitcoin. Although these currencies are different, they all have one thing in common, which is improving and developing things that Bitcoin cannot do.
If you want to learn more about the term Altcoins and know more about the most popular Altcoins, please follow the following content from AZcoin.
What are Altcoins?
Altcoins is a term combined from two words alternative and coin, whereby this term generally refers to electronic currencies created to replace Bitcoin. Or to put it more simply, Altcoins are all cryptocurrencies except Bitcoin.
Altcoins can be divided into many types based on their characteristics, uses, and technology as follows:
- Stablecoin: Altcoins are designed to simulate the value of fiat currencies such as USD, EUR,… to minimize the impact of price fluctuations.
- Security tokens: Altcoins that turn real assets such as shares, real estate, etc. into electronic versions that can be traded more easily.
- Utility tokens: Altcoins are used to pay for services or products from any blockchain platform.
- Types of Altcoins: Some other popular types of Altcoins such as Governance token, Security token, Meme Coin,…
Altcoins first appeared in 2011 with just two types and as of 2020, this number has grown to 5,000 different coins. And what is even more surprising is that these Altcoins account for 34% of the total cryptocurrency market according to statistics from CoinMarketCap.
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How are Altcoins different from Bitcoin?
To talk about the differences between Altcoins and Bitcoin we can mention:
- Intended use: Altcoins are used for a wide variety of purposes while Bitcoin is used as a high-value investment.
- Evolving Technology: Altcoins use a lot of blockchain technology and protocols while Bitcoin was developed from the original blockchain technology.
- Transaction: Most Altcoins have fast transaction times and low costs, while Bitcoin has quite slow transaction speeds and very high costs.
- Quantity: Altcoins have a quantity depending on the maximum total supply set by the project, while Bitcoin is only fixed at 21 million VND.
Top 7 Altcoin at 2024
Below is a summary of the top most popular Altcoins in 2024 that we can introduce to you in this content. Besides, if you are interested in cryptocurrency, please take a look at the best crypto exchanges here.
Ethereum (ETH)
Ethereum is an open-source, public, and distributed blockchain technology platform that is considered a pioneer in the concept of smart contracts.
By version Ethereum 2.0, the platform has transitioned from Proof of Work to Proof of Stake, thereby opening up significant developments in sustainability.
Shiba Inu (SHIB)
Shiba Inu (SHIB) is a dog-themed Meme Coin and named after a dog breed from Japan, this coin was created in 2020 by an anonymous developer named Ryoshi.
Although it started as an entertaining Meme Coin, SHIB has gradually developed and is among the top cryptocurrencies.
Dogecoin (DOGE)
Dogecoin (DOGE) is also a dog-themed Meme Coin with the representative image of a funny Shiba dog from Japan.
DOGE can be considered the first Meme Coin created and it is also one of the top cryptocurrencies currently.
Neo (NEO)
Neo (NEO) is a pioneering cryptocurrency in the Chinese market with open source code, a currency with a solid foundation and backed by the government.
Neo (NEO) was born to bring users a smart economy based on blockchain technology and smart contracts.
Meme Moguls (MGLS)
Meme Moguls (MGLS) is a cryptocurrency that possesses a relatively complete ecosystem supported by memes.
MGLS plays a huge role in the ecosystem it is made up of because it is used in many different jobs and services.
Bonk (BONK)
Bonk (BONK) is another Japanese Shiba dog-themed Meme Coin that is also currently very popular in the virtual currency community.
BONK is developed on the Solana platform and brings many interesting utilities with the goal of supporting the development of this platform.
Litecoin (LTC)
Litecoin (LTC) was created by former Google engineer Charlie Lee in 2011 to become a miniature version of Bitcoin.
Although LTC was born later, it has received as much attention from the community as Bitcoin and is also considered digital silver.
Conclusion
Here is all the content we can share with you about Altcoins. If you have any other questions, don’t hesitate to contact AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
