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Depending on the definition, altcoins are coins other than Bitcoin or Bitcoin and Ethereum. Since most cryptocurrencies have diverged from one of the two, altcoins are an alternative.

Some altcoins are used to confirm and process transactions, unlock new blocks, or otherwise add to the cryptocurrency’s value. The point is to challenge Bitcoin and show that the crypto market can be differentiated.

Why Altcoins?

Altcoins were created to challenge Bitcoin. As this cryptocurrency gained popularity, there were many critics, such as the limited number of blocks, slow confirmation, etc. Altcoins were created to solve all the problems of Bitcoin and improve cryptocurrency transactions.

Most altcoins have the same basic purpose as Bitcoin – a peer-to-peer network that transfers large amounts of data. However, while BTC can only be mined, altcoins can be created using alternative, energy-efficient methods. This is what makes them popular and valuable.

Altcoin category

As mentioned above, altcoins serve to solve the main problem of BTC. We have 3 categories.

Mining-based Altcoins
These altcoins are created in the same way as BTC – through mining. Some examples are Litecoin, ZCash and Monero.

Safety and utility notes
Security coins are similar to stocks. After investing in them, you can expect returns from your investment in the form of dividends. Unlike BTC, the price stability is greater. Useful notes are made as a payment method for specific companies. You can use them to pay for goods and services. Some examples are Binance Coin, Polygon and Chainlink.

stable coin
Since we’ve already discussed BTC conversion, you can already see where we’re going. Stablecoins were created on the contrary to stabilize the crypto market and provide a certain level of security. The best example is USDT.

Altcoin scam

While most scams focus on Bitcoin, you’d be surprised at the number of complaints about altcoin scams. Scammers are not selective about resources or opportunities when it comes to claiming resources. People believe they will buy their cryptocurrency as a stable coin or utility token to finance their long-term needs. In fact, they send money to scammers’ wallets.

Be very careful and make sure you work with a legitimate and regulated crypto trading provider.

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