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Advertisement Litecoin is the biggest Altcoin Even if they do not accurately understand how it works, most people are at least somewhat familiar with Bitcoin. However, once they begin to get involved with cryptocurrency, they may be surprised to learn that there are actually hundreds of types of cryptocurrencies known as altcoins.

Altcoin Mining

Altcoin newcomers often have many questions, and this guide will provide a brief overview of altcoins to help beginners decide whether or not to invest in them as part of their cryptocurrency portfolio. Altcoins are referred to as Bitcoin alternatives because, at least to some extent, most altcoins hope to either replace or improve upon at least one Bitcoin component.

There are hundreds of altcoins CoinMarketCap listed at the time this guide was writtenand more appear each day. Most of these coins do not survive for very long. One exception is Litecoinwhich was one of the first altcoins. In addition to using a different hashing algorithm than Bitcoin, Litecoin has a much higher number of currency units.

Some altcoin ecosystems, such as CounterParty and Mastercoineven utilize the Bitcoin blockchain to secure their platform. Many Bitcoin enthusiasts argue that altcoins are completely unnecessary and will not succeed because they cannot rival the infrastructure Bitcoin boasts. However, altcoins serve an important role. Moreover, altcoins allow developers to experiment with unique features.

Finally, Altcoins give Bitcoin healthy competition. If users do not feel that Bitcoin satisfies their digital desires, they can adopt an altcoin. If enough users left Bitcoin for a particular altcoin, the Bitcoin developers would have to adopt the features the community desired or risk losing its place as the preeminent cryptocurrency. Namecoin was the first altcoin. It seeks to decentralize the world of online identities.

What Was the First Altcoin?

What Was the First Altcoin? Created in AprilNamecoin was the first altcoin.