May 18, 2022

Altcoin

What is an altcoin?

The term is usually used to refer to all cryptocurrencies other than Bitcoin. However, some believe it encompasses all cryptocurrencies apart from Bitcoin and Ethereum since most coins are forks of, that is, originate from, one or the other. Most altcoins are created to have different characteristics from bitcoin and Ethereum; they usually aim to patch some perceived issues or fix the limitations that people believe the two cryptocurrencies have.

Altcoin - Coins representing Bitcoing, Ethereum, and Ripple
Photo by Worldspectrum

Understanding altcoins

The term derives from “alternative coins.” Most cryptocurrencies are forks of either bitcoin or Ethereum. They are created because a group of people do not agree with the existing blockchain and want to create a new cryptocurrency that has different characteristics from the existing ones. However, that is not to say this is the only reason for creating a new coin: Dogecoin, for instance, a cryptocurrency that refers to the popular meme with the famous Shiba Inu, was initially made as a joke but took off.

There are various types of altcoins, including meme coins, governance tokens, payment tokens, security tokens, stablecoins, and utility tokens.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet. 

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Damir Yalalov
Damir Yalalov

Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet. 

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