DeFi 10117 September 2021

What is Altcoin?

Altcoin Explained

Summary

· An Altcoin is any cryptocurrency alternative to Bitcoin

· Bitcoin was the first cryptocurrency

· Altcoins first emerged in 2011

· First Altcoin was called Namecoin

An Altcoin is any cryptocurrency that is an alternative to BTC(Bitcoin). The altcoin is a mix of ‘alternative’ and ‘coin.’ Bitcoin was the first cryptocurrency. These other cryptocurrencies came after it is called alternative coins. Altcoins started emerging in 2011, and the first generation of Altcoins was created with a similar blockchain engine.

The first Altcoin was called Namecoin and was based on the same code as Bitcoin. It was launched in April 2011 and was a significant part of Altcoins’ history. It proved more than one coin can exist in the crypto markets. Today, blockchains can operate numerous altcoins with similar currencies but with separate mechanisms and rules.

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