According to Quora , Altcoins are cryptocurrencies other than Bitcoin. They are similar to Bitcoin because they can perform some functions that Bitcoin can but they have unique differences. Examples of Altcoins are HaggleX, Ethereum, Ripple, etc.
Altcoin works similarly to Bitcoin. Its transactions are permanently recorded on the blockchain. Most altcoins try to address any perceived Bitcoin flaws by developing competitive advantages in newer versions. They were created to improve Bitcoin which earns them the name “Alternative BitCoin”.
Although people think that Ethereum was the first Altcoin, because Vitalik Buterin was naming that “Better/Improved Bitcoin”, but in actual sense, the first altcoin that was introduced to the market of cryptocurrency is Namecoin. It was created in april 2011 right after the creation of bitcoin.
With over 10,000 altcoins existing, smaller subcategories where altcoins can be classed based on similar use cases have been developed. They are:
Digital Currencies: These altcoins focus on offering a medium of exchange as Bitcoin alternative. An example of this is Litecoin.
Stablecoins: These are altcoins pegged to a fiat currency (USD, EUR, GBP, etc). The most common example is Tether USDT..
Privacy Tokens: These altcoins allow users to carry out private transactions on the blockchain by obscuring the origin and destination of the transaction. Popular examples include Monero and Dash.
CBDCs (central bank digital currencies): These altcoins are issued and maintained by the central monetary authority in an economy. Examples of countries exploring these are Nigeria and China.
Governance Tokens: These altcoins are usually used in decentralized finance protocols, and allow users to vote on the development of the project.
Utility Tokens: These are also generally platform-specific and are used to unlock access to services like a subscription. HaggleX falls under this category. Another example is the Revuto token.
NFTs (Non-fungible tokens): These altcoins hold unique characteristics that cannot be recreated and represent a one of a kind product.
Currently, there’s a fast rising growth in the number of new coins that are introduced to the market. Prior fundamental analysis helps one to know which altcoin to invest in. HaggleX is a good place to start though, discover more here .
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