Beginners Guide

The Beginner’s Guide To Altcoins: How, What, Where and Why!

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Apr 1, 2021

The world of crypto and crypto-based projects seem to be in constant flux. Ideas become trends, some of which evolve into yet newer concepts. Many are still-born tech and never get the momentum needed to get off the ground. However, there are a few concepts that evolve and stick- garnering massive attention and popularity.

Altcoins and tokens are cryptocurrency terms created after Bitcoin's development in 2009. 

The first-ever altcoin was 'Namecoin' which was introduced to the world in 2011 for a short period and was the only alternative to Bitcoin back then. 

Soon after, several coins were introduced as alternatives to Bitcoin to provide improved security and privacy and perhaps tackle the shortcomings of the king crypto through different approaches. 

To date, many investors and crypto enthusiasts do not wholly understand the ideology behind this concept- what they are and how they work. 

Read on as Coinpedia brings you a detailed guide to understanding Altcoins and tokens. Let's dive in. 

What are Altcoins?

Altcoins are the cryptocurrencies that stand for "Alternative Coins". Therefore, any coin other than Bitcoin is referred to as altcoins. 

In other words, the digits assets providing alternate solutions to the crypto industry are known as altcoins. 

Altcoins also work on Blockchain technology as Bitcoin. A blockchain is a decentralized, digital, and distributed ledger that works as a secure database. The data, once stored here, is impossible to tamper with. 

Each altcoin is unique and better than its counterpart in transaction speed, processing fee, and mining cost.

Some ...

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