cryptona
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What is altcoyin?



What is altcoin and why are they needed?
The word "altcoin news" is an abbreviation "Bitcoin alternative", and they name all crypto-currencies except bitcoin. Altkoins are called an alternative to bitcoin, since most altcoins hope to either replace bitcoin, or improve at least one of the bitcoin parameters.

what is altcoyin

There are hundreds of altcoins, for example, 478 altcoyins are listed on the Coinmarketcap website at the time of this writing. Every day there are more and more new altcoys. Most altcoins are not much more than just bitcoins, changing only 1-2 minor characteristics, for example, the speed of coin transaction in the network, the method of coin distribution, or the mining algorithm. Most of these coins do not live for a long time. The only exception is Litecoin, because it was created as one of the first altcoyins. Compared to Bitcoin, lightcoin has a different mining algorithm and a much larger number of coins. For this reason, lightcoin has consolidated itself as silver to the gold of "Bitcoins." The picture below shows the top 11 altcoins by market capitalization (the number of coins issued multiplied by the value of one coin):

What is altcoyin?

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Nevertheless, when creating some altcoyins, significant innovations are introduced into the source code of Bitcoin. For example Darkcoin, hopes to encircle the bitcoin platform with technology for completely anonymous transactions. Bitshares positions itself as an electronic version of Wall Street, Ripple - provides simple currency payments. Some altcoyns, such as CountepParty and MasterCoin, even use the Blockchain of the bitcoin network to function.

Many Bitcoin enthusiasts consider altcoyins absolutely unnecessary, and they think that they will not be able to compete with the developed Bitcoin infrastructure. However, this does not entail the fact that altcoyins are an important part of the crypto-currency market. Decentralization is one of Bitcoin's most important goals, and altcoyne improves the further process of decentralizing the crypto-currency community. In addition, altoquin helps to experiment with developers using unique characteristics. Although bitcoin will be able to copy any innovations, if it is desired by the community and the developers, fully functioning altcoyins are a much better laboratory for bitcoins than the Bitcoin test network, since altkoins have a certain monetary value unlike the test network. Finally, altcoins offer healthy competition in the crypto-currency market, and thus provoke Bitcoin developers to remain active and continue to develop innovations. If part of the crypto community finds that Bitcoin is obsolete and no longer satisfies their needs, they can take altcoyin.