Altcoins Explained

Believe it or not, Bitcoin is not the only cryptocurrency!

There are thousands of Cryptocurrency alternatives to Bitcoin available today, each with unique differences, functionalities, and purposes.

Most people are at least somewhat familiar with Bitcoin. However, once they begin to get involved with cryptocurrency, they may be surprised to learn that there are actually hundreds of types of Cryptocurrencies known as Altcoins.

The word “altcoin” is an abbreviation of “Bitcoin alternative,” and this describes every single cryptocurrency except for Bitcoin.
Many Altcoins are trying to target any perceived limitations that Bitcoin has and release versions with competitive advantages.

There is a great variety of Altcoins. Sad to say most Altcoins offer no benefit over Bitcoin at all.
But some Altcoins out there can and do perform useful tasks (for example acting in a Testnet capacity or offering greater anonymity than Bitcoin) and may have a future

Many others are exclusively driven by speculation or worse. So make sure to do your research and if you can separate the wheat from the chaff, there is much profit awaiting for you!