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WHAT ARE ALTCOINS(ALL YOU NEED TO KNOW ABOUT ALTCOINS)

WHAT ARE ALTCOINS(ALL YOU NEED TO KNOW ABOUT ALTCOINS)

Altcoins are virtual currencies that are alternatives to bitcoins. They are similar to bitcoins in that they are both virtual currencies but they operate differently from bitcoins. Most Altcoins thrive on the loopholes of bitcoins. For instance, litecoin (which is an example of Altcoins) can produce coins every 2.5 minutes while Bitcoins produce coins every 10 minutes. This makes the processing of payment of Litecoin faster than Bitcoins. Also, Altcoins use the Blockchain technology that allows secure peer-to-peer transactions. Examples of Altcoins are Ethereum, Litecoin, Binance coin, Chainlink, File coin, USD coin, Dash, Digibyte, EOS, Crypto.com coin, and many others.

different type of crypto currency coin

The advantages of using Altcoins are listed below:

1. They improve on Bitcoin’s shortcoming in that Altcoins often address a perceived flaw in the Bitcoin framework such as mining cost, speed, and the like.

2. They provide competition thereby preventing Bitcoin from becoming a monopolist market which is a very important criterion in engendering customer satisfaction.

3. They offer low transaction fees. Most Altcoins, if not all, are not as expensive as bitcoins and their charges are relatively low which gives more people the chance to use the platform.

The disadvantages however are:

1. The value is very volatile. Altcoins are new and are not a really established form of investment so the risk ratio is high.

2. It is more susceptible to scammers and fraudsters.

In spite of this, Altcoins are a good way to test the waters of virtual currencies. If you have more questions, kindly contact the SecureCapital team.

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