What is an altcoin and what makes alt-coins different to Bitcoin?
Chapters:
00:00 – Intro
03:01 – Bitcoin Forks
03:35 – DApps
06:58 – DeFi Tokens
#Altcoins #AlternativeCoins #Bitpanda
In this video I’ll cover when alt-coins first were created, what some of the most popular alts are now, and what makes an alt-coin as risk of devaluing or ‘dying’.
To put it simply, alt-coin is an abbreviation of alternative coin, as in any other cryptocurrency alternative to Bitcoin.
As Bitcoin is the first and oldest cryptocurrency the industry has marked it first of it’s kind, it pretty much paved the way for all other cryptocurrencies available today. In April 2018, Coinmarketcap listed more than 1,500 cryptocurrencies, with every single one except Bitcoin falling into the category of being an“altcoin” and as of 2021, there are around 9,500 alternative coins listed.
In terms of market capitalisation in 2021, the popular alternatives to Bitcoin range from Ethereum, the smart contract King, Ripple’s XRP, Exchange coins like Binance and Stablecoins like Tether, that are pegged to a fiat currency like the USD.
Since Bitcoin’s conception, and as the industry has evolved, alt-coins on sites like Coinmarketcap for example, have traded places when it comes to top 10 ranking by market capitalization. Bitcoin has always remained at the top spot.
The term “market capitalisation” or “market cap” is an important metric in the evaluation of the market value of a cryptocurrency. This figure is indicated by a cryptocurrency’s current market price times the total number of coins in the market (known as the circulating supply).
So, let’s dive a little deeper…. Is there any feature all altcoins have in common?
Cryptocurrencies such as Bitcoin, Ether and others can be utilised for payments on various platforms and not just their native environment. Many altcoins will offer different unique features, such as different distribution methods or different mining algorithms, different coin supply and different tokenisation models. It’s really important if you’re looking into an alt-coin to look into these factors. For example, when I look at new coins to invest in, I always look at if they have a fixed supply or not. These things vary – so do your own research.
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Bitpanda is a fintech based in Vienna, Austria and was founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer. Bitpanda has 2.5 million users and more than 450 team members. With a PSD2 payment service provider licence, state-of-the-art security and streamlined user experience, Bitpanda has grown into a popular trading platform for newbies and experts alike. The goal is to tear down the barriers to investing and personal finance through digital assets and blockchain technology like cryptocurrencies, precious metals, fractional stocks and ETFs and to bring traditional financial products into the 21st century
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