What are Altcoins and how do they work?

Alternative currencies or altcoins as they are known for short refer to any type of Cryptocurrency that is different from Bitcoin which was the first public Cryptocurrency coin in existence.

Altcoins frequently differ from Bitcoin in terms of functionality, such as Litecoin’s ability to execute a block every 2.5 minutes and Ethereum’s smart contract functionality. In 2016, Ethereum has arguably one of the most following of any altcoin and was the most widely used blockchain in 2020. Altcoin market rallies are commonly referred to as an “alt season”.

Some people consider altcoins to be anything separate from Bitcoin or Ethereum as these are the 2 largest cryptocurrencies at the time of publishing and the majority of coins and blockchain projects are built on either of these 2 blockchains.

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