Altcoins 2018-04-24T22:48:28+00:00

What is an Altcoin?

What is an Altcoin?

An altcoin is simply a combination of two words: ‘alt’ which is short for alternative and ‘coin’, meaning currency. It is also known as an abbrebiation of the phrase ‘Bitcoin Alternative’. Since Bitcoin’s huge success, there have been thousands of alternatives using similar blockchain technologies for various uses. Some of these altcoins were created with amazing uses in the real world, often solving complex problems and offering interesting solutions to challenges in everyday life and in the business world. Discover different altcoins below… including live altcoin prices, altcoin information and where to buy the various coins. Also check out our cryptocurrency news page to get daily updates about many of these different altcoins. This page will be updated frequently and new coins added, if there is a coin you would like adding please get in touch. contact@bitguru.co.uk

What is an Altcoin, Coins and Tokens

Altcoins make up collectively what are known as cryptocurrencies. The original digital currency was Bitcoin, any other cryptocurrency is what we refer to as an ‘altcoin’. However, the term cryptocurrency can be quite confusing as some cryptocurrencies are not actually a currency. A currency is defined as “something that is used as a medium of exchange“. Some of the ‘cryptocurrencies’ are tokens while some are coins. The main thing with both coins and tokens , is the fact they all aim to solve a different problem. Some will solve the same issues but there are distinct differences between a coin and a token. But what is the difference between a coin and a token?

What’s the difference between a Coin and a Token?

A coin in the cryptocurrency world, is a cryptocurrency which runs on it’s own blockchain. Examples of this are Bitcoin, NEO, Ethereum, Cardano and many more. Some are even developing past using blockchain technology, for example; IOTA and Nano use different technologies which operates in a similar way to blockchain, the main this is though coins use their own system as oppose to running on another platform.

A token on the other hand will run on a platform like Ethereum or NEO A token can have many different uses and many of the ongoing ICO’s will use a platform like Ethereum or NEO. These tokens will then offer some specific function, however, they can also be used a medium of exchange within their specific ecosystem. Ethereum tokens will be defined usually as ERC20 but could also be other abbreviations ERC223 or ERC777. The numbers at the end simply define the rules under which the tokens are coded. NEO tokens are generally NEP5 tokens.Because Ethereum and NEO both provide blockchain services then the individual tokens that run on these platform will be stored under a users Ethereum or NEO private key respectively. For example with NEO you will have one wallet address and this will show all of you NEO, GAS and NEP5 tokens. Example of tokens are, Ontology and OmiseGo.

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