Alt coins can be described as an alternative coin other than bit coin that is used to describe other crypto currencies. There are hundreds of altcoins and more altcoins appear every day.
Altcoin changes its transaction speed, hashing algorithm and distribution method to make a difference from Bit coin. Altcoins play a very important role by decentralizing the crypto currency market further. Altcoin also allows developers make use of new unique features therefore making altcoin a better and healthy competitor in the crypto currency market, therefore forcing all crypto currency developers to remain active and continue innovation.
Also found are altcoins that serve very important purposes and non-monetary cases such as domain name registry and storage data pointers. Some altcoin websites gives giveaway promo of their coin for exposure to entice new users to get their community moving and succeeding.
Altcoins sometimes offer a very more versatile programming language to build applications. Some altcoins also offer great privacy to users. Some altcoin has been designed specifically as a currency unit for the exchange of solar power production while other altcoins have been used as domain names on the internet. Altcoin are built with a very solid team behind its creation which makes it credible. Altcoin has very Broad supports which are developed by enthusiasts and have developed into a new framework that can be used for messaging applications to online marketplaces. More income can be made by altcoin exchangers with a very big risk and a huge profit.
Types/Examples of Altcoin
lite coin were the first altcoins to have been created and worked based on different hashing algorithm with a much more higher currency unit in the crypto currency market.
Name coin is another altcoin that as the function of a currency. It was created mainly for decentralizing domain-name registration which makes internet censorship difficult. Name coin has been described as the most successful altcoin in history.
Scam coins are another type of altcoin that is designed solely for making profit for their creators. Scam coin gains support for their coin by encouraging the use of computers to mine them therefore gaining more users for their coin which in turn drives up its value.
Other example of altcoin includes Dark coin, BitSharee, counterparty, Master coin and Ripple etc.
There are a variety of ways to acquire altcoins most important way is accepting altcoins as a form of payment for goods and services delivered. Other way altcoin can be acquired includes trading altcoins on crypto currency exchanger’s websites.