Bitcoin has not only been a trendsetter, ushering in a wave of cryptocurrencies built on a decentralized peer navigate here network—it has also become the de facto standard for cryptocurrencies, inspiring an ever-growing legion of followers and spinoffs.
Because it isn’t the only cryptocurrency available, looking into others and finding out which ones besides Bitcoin are doing well is essential. Here are some alternative cryptocurrencies that have held on throughout steep price climbs and nosedives.
What Are Cryptocurrencies?
Before taking a closer look at some of these alternatives to Bitcoin (BTC), let’s step back and briefly examine what we mean by “cryptocurrency” and “altcoin”:
A cryptocurrency, broadly defined, is virtual or digital money that takes the form of “tokens” or “coins.”
The cryptocurrencies modeled after Bitcoin are collectively called altcoins and have sometimes tried to present themselves as modified or improved versions of Bitcoin.
The “crypto” in cryptocurrencies refers to the cryptographic technics that allow for creating and processing digital currencies.
Alongside this important “crypto” feature is a common commitment to remaining decentralized; cryptocurrencies are typically developed by teams who build in mechanisms for issuance (often, although not always, through a process called mining) and other controls.
Cryptocurrencies are almost always designed to be free from government manipulation and control—although, as they have grown more popular, this foundational aspect of the industry has come under fire.
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