Altcoin vs Bitcoin

The main questions that interest crypto-enthusiasts today are whether the movement of altcoins in the market is promising and what to expect from the first crypto-currency. As we know, bitcoin is the driving force of the crypto-currency market since it is the pioneer among the assets. Besides, the concept of altcoins is still quite an interesting sphere of investment. This article will explain what factors have led to the emergence of altcoins and will tell you the main difference between bitcoin and alternative crypto assets.

Even though bitcoin initiated the revolution on the crypto-currency market, the first crypto asset is believed to have a vast number of advantages. Bitcoin was the beginning of more sophisticated technologies that facilitate making transactions. On the other hand, bitcoin transactions are very slow and services may raise additional fees for payment processing. There are cases when the commission risen exceeds the sum of payment! As a result, bitcoin is hardly possible to use in everyday transactions, but some experts find it a good option for long-term investments. Another issue bitcoin could have managed is blockchain scalability. In other words, blockchain scalability means the capability of the system to handle an increasing amount of data.

Consequently, the new generation of blockchain-based crypto-currencies needs to upgrade and improve. Thus, altcoins were designed to handle the issues of the previous generation of blockchain. Altcoins have adopted the strengths of bitcoin such as reliable and secure blockchain and a fairly simple model of operating. Nowadays, over 8,000 crypto-assets are circulating in the market. This kind of asset is widely used around the world to support different projects or as a means of investment. New generation altcoins are aimed to eliminate the vulnerabilities related to digital assets or serve as their improved version, taking the step further with their distinct features. For instance, altcoin as Monero focuses on the anonymity issues of its customers. Ethereum introduced the concept of smart contracts, facilitating agreements using blockchain.

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However, according to the classification, the altcoin concept refers to any crypto-currency that appeared after bitcoin. Their total number and market cap are increasing every month. All of the altcoins presented on the crypto market have fully or partially similar principles to bitcoin. Besides, the rules and algorithms of their functioning are different. Also, this is a key factor that characterizes altcoins.

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