One of the most famous digital assets that are known to mankind is cryptocurrency. Just like a person finds its hard-earned money dear to him, in a similar way cryptocurrency has established a similar place in the life of a person.
The cryptocurrencies started gaining popularity only after the establishment of Bitcoin. Even though this is entirely different when compared to physical world assets, it is no longer a new thing. The last decade has paved a way for the successful future of cryptocurrency and its allies.
People generally use the word cryptocurrency and bitcoin interchangeably, hardly knowing the fact that both are different though interlinked. Where cryptocurrency is a class in itself, bitcoin is merely a student of that class. Bitcoin is mistakenly taught to people as the sole crypto-asset whereas in actual it is just one among many.
No doubt, Bitcoin is the most famous, most loved, and most invested cryptocurrency of all time. But today, many new cryptocurrencies are in circulation and are holding a super share when compared to bitcoin itself. One such class of cryptocurrency is famously known to us by the name of ‘Altcoins. If you are interested in bitcoin trading visit bitql.app.
As the name suggests the word ‘Altcoin’ is the combination of two words. One word is Alt which is the short form for Alternate and the other word is a coin which has the same meaning as a coin or currency. With the full word ‘Altcoin’ it means the coins that are separate from Bitcoin. The cryptoassets that are different from Bitcoin are commonly known by the name Altcoins.
They have their features similar to Bitcoin but have a completely different mechanism when the time of validation and production of the block comes. Moreover, they have less volatility as compared to Bitcoin and have some other qualities too that are somewhat better as compared to Bitcoin. These are derived from bitcoins. Both bitcoins and altcoins use P2P technology for the generation of coins.
Due to the increase in popularity of Altcoins people are tending to buy altcoins. In this article, we are going to discuss some of the most important altcoins in circulation.
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Ethereum (ETH)
Ethereum comes second when compared to Bitcoin in the class of popularity. It is the most famous and most used alternative in place of Bitcoin. It was introduced to bring smart contracts in place and as a result, there are around 3000 Ethereum dApps.
Nowadays the NFTs are gaining their place in the news that is also based on the network built by Ethereum.
Solana (SOL)
It is pretty a new face in the market when compared to Ethereum. From the market share, Solana is the fourth most valued crypto asset in the world. It can support dApps and NFTs as Ethereum. It has the benefit of a lower fee as compared to ETH and works on P2P. Moreover, it uses less power so it is greener.
Polkadot (DOT)
Developed by the cofounder of Ethereum Gavin Wood, it offers a permanent network of blockchains for transactions. The chains associated with it are commonly called parachains that are customizable.
Trustless communication is supported by DOT and allows users to transact directly for Bitcoin without relying on an exchange.
Dogecoin (DOGE)
Introduced in 2013 it came as a substitute for bitcoin. It also became a social media meme sensation. Many crypto giants including the famous Elon Musk have hold of Doge and thus are considered as a powerful alternative to bitcoin. The price is dandling for many months but God knows what can happen in this digital world.