Altcoin
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ALTCOINS
Altcoins are generally defined as all cryptocurrencies other than Bitcoin (BTC). However, some people consider altcoins to be all cryptocurrencies other than Bitcoin and Ethereum (ETH) because most cryptocurrencies are forked from one of the two. Some altcoins use different consensus mechanisms to validate transactions, open new blocks, or attempt to distinguish themselves from Bitcoin and Ethereum by providing new or additional capabilities or purposes.
Most altcoins are designed and released by developers with different visions or uses for their tokens or cryptocurrency. Learn more about altcoins and what makes them different from Bitcoin.
Types of Altcoins
Altcoins come in various flavors and categories. Here’s a brief summary of some of the types of altcoins and what they are intended to be used for.
- Payment Token: As the name implies, payment tokens are designed to be used as currency—to exchange value between parties. Bitcoin is the prime example of a payment token.
- Stablecoins: Cryptocurrency trading and use have been marked by volatility since its launch. Stablecoins aim to reduce this overall volatility by pegging value to another asset.
- Security Tokens: Security tokens are tokens that represent fundraising efforts or ownership. They could also represent tokenized assets. Tokenization is the transfer of value from an asset to a token.
- Utility Tokens: Utility tokens are used to provide services within a network. For example, they might be used to purchase services, pay network fees, or redeem rewards.
- Meme Coins: As their name suggests, meme coins are inspired by a joke or a silly take on other well-known cryptocurrencies. They typically gain popularity quickly, often hyped online by prominent influencers or investors attempting to exploit short-term gains.
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