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Altcoins mening “alternative cryptocurrencies” launched after the success of Bitcoin is another term for cryptocurrencies (other than Bitcoin).Alternative cryptocurrency as the name implies are said  to generally project themselves as better substitutes to Bitcoin.

The first altcoin created is namecoin and there are over a thounsant alternative cryptocurrency out there in the market,And more will be created to meet certain needs.
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The success of Bitcoin as the first peer-to-peer digital currency paved the way for many to follow, that has lead to the appearance of hundreds of different altcoins, which are all ultimately based on the same technology of the Blockchain but are designed differently in some ways, in order to achieve different goals.  since most of this altcoins are build on the same frame work as that of bitcoin;

Thus most altcoins are peer-to-peer, involve a mining process and offer efficient and cheap ways to carry out transactions on the web. But even with many overlapping features, altcoins vary widely from each other.

 

Even with many close competitors, Bitcoin is still leading the virtual currency pack. Newer and more innovative versions are getting launched that offer modifications in areas like transaction speed, privacy, proof-of-stake, DNS resolution and more. A few of them have gained popularity; the rest are lesser-known. Examples of altcoin include Litecoin, Dogecoin, Peercoin, Feathercoin, Zetacoin, Novacoin, etc. Litecoin is seen as the closest competitor to Bitcoin.
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Many altcoins are trying to target any perceived limitations that Bitcoin has and come up with newer versions with competitive advantages. There are several alternative cryptocurrency in the market today each trying to solve differenct problems leveraging on the weakness of bitcoin.

However, there are also many altcoins that don’t do much interesting at all. The vast majority of altcoins simply tweak some parameters that don’t matter much, or offer something that may sound useful but isn’t. If, for example, an altcoin has a greater total amount of coins, it just means each individual coin is worth less.

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