All altcoins are different from each other and are respectively different from bitcoins. Some have a different economic model, other may have different distribution model, some may have different hash mining techniques.
When it comes to crypto currencies, we are most familiar with Bitcoin and have been discussing its pros and cons. But other than bitcoin, now there are many other crypto currencies in the crypto market. These are known as Altcoins.
The above are all altcoins or are alternative to bitcoins.
All altcoins are different from each other and are respectively different from bitcoins. Some have a different economic model, other may have different distribution model, some may have different hash mining techniques. Several altcoins have a different programming language. Like Bitcoin serves a specific monetary purpose, not all Alts have been developed to serve the only monetary purpose. There are altcoins that serve the purpose of domain name registry or work as data pointers.
Some altcoins simply change some of Bitcoin’s parameters that do not contribute much in their usefulness. In some cases it seems that an altcoin has a greater total amount of coins, it just means that worth of each individual coin is less. Some altcoins have some different transaction techniques.
Many altcoins have come into existence but Bitcoin still remains the most valuable of them all. Altcoins have less hash power securing them and there are fewer developers working on these coins. It’s not like they haven’t promised anything. They have promised useful features but these promises are yet to be fulfilled in some cases.
Since there are lesser developers improving and working on them it becomes riskier to use these altcoins. Other than Bitcoin only a hand full of altcoins have established a strong position for themselves in the market. Many altcoins were created to enrich its investors and obviously have resulted in major scams.
While most altcoins do not offer major applications and do not promise anything to the investors we cannot say all of them are useless. So as a buyer, one has to be careful and carry out a comprehensive due diligence while researching on altcoins so as to minimize chances of fraud.
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