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Author Topic: I'm new here,what is altcoin  (Read 455 times)
GeorgeJohn (OP)
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July 01, 2020, 07:28:58 PM
 #1

I heard the knowledge of bitcoin (btc)and ETH since 2016 and i want to know the difference between altcoin and BTC and ETH.

and how influential is altcoin because beginners that ask question is really or interested to know which I am willing to know.

I know some people will react to this topic violently and some will respond with manner,
I am here to know what i don't know because I believe that knowledge is power and also the beginning of success.


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July 01, 2020, 08:20:16 PM
 #2

I'm pretty sure that no one will react differently here, the BTCTalk community is well known to be helpful to newbies and people that just came back to the scene after a long hiatus.

Altcoins are extremely influential depending on how they market their coin. But nowadays, people can already small scams from miles away. Though there are major projects that performed airdrop with their altcoins basing from their original coin, STEEM almost 3x their value just by doing that. And at this point, XEM is doing it with 1:1 drop with XYM (Symbol).

In simpler terms, an altcoin will more likely to perform in terms of market price and become more influential if there's a major company/project already handling it.
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July 01, 2020, 08:57:51 PM
Last edit: July 02, 2020, 12:53:33 PM by NotFuzzyWarm
 #3

An 'altcoin' is ANY crypto coin/token that is not BTC (Bitcoin).

For the record, the name "Bitcoin" applies only to Bitcoin. Far too often folks use the term 'Bitcoin' when talking about other coins/tokens implying they are the same thing - they are not. Biggest difference is that BTC uses Proof Of Work (POW) to set rewards based on the amount of work that a miner does to validate transactions stored in blocks. Bitcoin is intended to strictly be an alternative to using fiat ("real Money") for financial transactions.

Most other coins use Proof Of Stake (POS) which is a whole different thing. Some are again replacements for fiat, some are for storing all sorts of records/transactions aka "Smart Contracts". While there are a few alt's that use the same POW SHA256 algorithm that BTC uses they are not "Bitcoin".

In a way it is like people often calling facial tissue "Kleenex" or any kind of soda pop 'Coke" even though it may be some other brand.

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July 01, 2020, 10:01:43 PM
 #4

Bitcoin was the first cryptocurrency ever released, anything else is described as an altcoin. This is because Bitcoin is widely considered to the be number one cryptocurrencies, and everything else is just an alternative to the de facto number 1 that is Bitcoin.

Bitcoin and most other cryptocurrencies operate on a blockchain database which is used for storing transaction records. But the way these different cryptocurrencies do this can vary considerably, as can their intended function. Bitcoin is intended to be a replacement to fiat currencies, allowing people to "be their own bank" and send payments without the need for intermediaries. Ethereum, on the other hand, is intended to operate as a distributed virtual machine which can run a variety of applications comprised of smart contracts. They have two completely different use cases, but people can still pay for things with Ether—much in the same way that you can still buy things with gold if you wanted.

Neither is better, they're just different.
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July 01, 2020, 10:38:05 PM
 #5

It is what they say, altcoins is a cryptocurrency that is not Bitcoin. Altcoin is derive from the term Alternative of Bitcoin or Alternative cryptocurrency.

The influence of altcoin is too great that it affects Bitcoin's global adoption.  Many Bitcoin users is brought by altcoin advertisement and I am one of those.  And many Bitcoin haters is also affected by altcoin scam projects that the only main purpose of creation is to grab people's money and run away.

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July 01, 2020, 10:59:45 PM
 #6

I heard the knowledge of bitcoin (btc)and ETH since 2016 and i want to know the difference between altcoin and BTC and ETH.

and how influential is altcoin because beginners that ask question is really or interested to know which I am willing to know.

I know some people will react to this topic violently and some will respond with manner,
I am here to know what i don't know because I believe that knowledge is power and also the beginning of success.


Ethereum can also be called as altcoin and the only difference from altcoin and bitcoin must be the altcoin has already made from the further development of bitcoin source code and that means altcoin just like a new generation of bitcoin with some improvements.

Mostly altcoin already used to create a fast or instant transaction while bitcoin has already used as a commodity or store of value.

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July 01, 2020, 11:50:20 PM
 #7

I heard the knowledge of bitcoin (btc)and ETH since 2016 and i want to know the difference between altcoin and BTC and ETH.

and how influential is altcoin because beginners that ask question is really or interested to know which I am willing to know.

I know some people will react to this topic violently and some will respond with manner,
I am here to know what i don't know because I believe that knowledge is power and also the beginning of success.



Welcome to the crypto space and i don't see anything wrong in asking what you don't know. All coins in the crypto space are called cryptocurrencies but there is a difference though, BTC is the first cryptocurrency while all other coins are called Alternative cryptocurrencies or Alternative Coins hence the short form which is Altcoins. Therefore this is the only difference between ETH and BTC, although each have their own features which makes them stand out. Also, the Influential nature of an altcoin depends on the altcoin itself, that is, ETH is very influential when compared to others, owing to its features which contributed to its position on the coinmarketcap. On the other hand, most new altcoins are less influential and will either grow with time or die with time, which also depends on the team.

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July 02, 2020, 12:00:32 AM
 #8

I heard the knowledge of bitcoin (btc)and ETH since 2016 and i want to know the difference between altcoin and BTC and ETH.

and how influential is altcoin because beginners that ask question is really or interested to know which I am willing to know.

Altcoin -  alternative coin. Also a cryptocurrency but different than Bitcoin. This is the shortest explanation I could come up with.

Quote

I know some people will react to this topic violently and some will respond with manner,
I am here to know what i don't know because I believe that knowledge is power and also the beginning of success.


They do because you can get the answer pretty much anywhere. You can google it or find it on the forum by using the search function.
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July 02, 2020, 12:04:30 AM
 #9

I am here to know what i don't know because I believe that knowledge is power and also the beginning of success.
You must read the pinned message, we have a warning about altcoin, Alternative Block Chains : be safe!

Each altcoin has the main forum self so you have come to and learning step by step regarding how it's work. Use google search to know much more about it or use search keyword, example; ethereum:bitcointalk.org and etc.

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July 02, 2020, 01:24:55 AM
 #10

I heard the knowledge of bitcoin (btc)and ETH since 2016 and i want to know the difference between altcoin and BTC and ETH.

and how influential is altcoin because beginners that ask question is really or interested to know which I am willing to know.

I know some people will react to this topic violently and some will respond with manner,
I am here to know what i don't know because I believe that knowledge is power and also the beginning of success.



Even though ethereum is ranked 2nd coinmarketcap, in my opinion ethereum is still altcoin. Coins or tokens are said to be altcoin because Bitcoin is a pioneer in the world of cryptocurrency and hereinafter referred to as altcoin. In my opinion, some altcoins have prospects because with the increasingly high price of Bitcoin, it makes investors interested in speculating on altcoin

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July 02, 2020, 02:44:07 AM
 #11

I think the most acceptable meaning of altcoins is that they are all cryptocurrencies except, Bitcoin. Even though there is a coin will take over the 1st position of Bitcoin on Coinmarketcap ranking board, we still call it altcoin.

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July 02, 2020, 05:31:16 AM
 #12

Even though ethereum is ranked 2nd coinmarketcap, in my opinion ethereum is still altcoin. Coins or tokens are said to be altcoin because Bitcoin is a pioneer in the world of cryptocurrency and hereinafter referred to as altcoin. In my opinion, some altcoins have prospects because with the increasingly high price of Bitcoin, it makes investors interested in speculating on altcoin
This is what I think too! Altcoins (Alternate coins) are the coins besides Bitcoin. Bitcoin is considered as the main coin in this cryptocurrency market since it has been founded and developed very first. It doesn't mean we should only focus on BTC because all other altcoins have great potential of being increased. When the BTC value started to fluctuate not too much, traders tend to invest in altcoins to earn profits!

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July 02, 2020, 05:35:56 AM
 #13

I heard the knowledge of bitcoin (btc)and ETH since 2016 and i want to know the difference between altcoin and BTC and ETH.

and how influential is altcoin because beginners that ask question is really or interested to know which I am willing to know.

I know some people will react to this topic violently and some will respond with manner,
I am here to know what i don't know because I believe that knowledge is power and also the beginning of success.


There is no need for violently reaction or hashy response, you are just asking questions and anyone who take this personal don't know what they are doing. Bitcoin is the first crypto coin as we know it so altcoin ( alternative coin ) means that any other coins that comes after Bitcoin, ethereum is an example of altcoin and other coins are all altcoins too

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July 02, 2020, 07:05:16 AM
 #14

I heard the knowledge of bitcoin (btc)and ETH since 2016 and i want to know the difference between altcoin and BTC and ETH.

and how influential is altcoin because beginners that ask question is really or interested to know which I am willing to know.

I know some people will react to this topic violently and some will respond with manner,
I am here to know what i don't know because I believe that knowledge is power and also the beginning of success.



All coins except bitcoin are considered to be an altcoin. If you want to read more about ETH and BTC check the links below.
https://en.bitcoin.it/wiki/Main_Page
https://ethereum.org/en/what-is-ethereum/

If you would like to buy altcoins then you will need an exchange I suggest you start with binance (lemme know if you need referal link you will get 10% off on trading).

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July 02, 2020, 07:19:16 AM
 #15

Basically speaking, the rest of cryptocurrency present in the market aside from Bitcoin are so called altcoins. Therefore, Ethereum is not different, it is an altcoin as well.
I know some people will react to this topic violently and some will respond with manner,
I am here to know what i don't know because I believe that knowledge is power and also the beginning of success.
Ill tempered members who are mad with so generic posts are existing so brace yourself lol. Anyway, next te try to search first since most of the fundamentals cam be googled easily. You're right! Knowledge is power and it is more rewarding if you discover it on your own, isn't it Smiley.
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July 02, 2020, 07:28:22 AM
 #16

I heard the knowledge of bitcoin (btc)and ETH since 2016 and i want to know the difference between altcoin and BTC and ETH.

and how influential is altcoin because beginners that ask question is really or interested to know which I am willing to know.

I know some people will react to this topic violently and some will respond with manner


I don't think that people in this forum are savages and they will start abusing you for this question.

The thing you should know is that anything else besides Bitcoin is labeled as an altcoin. The reason is that probably they wouldn't exist if Bitcoin didn't exist.
To answer your question, most altcoins are an inferior imitation of Bitcoin. A few of them as Ethereum have managed to differentiate and create a use case that made them reach a higher valuation. The fact is that 99% of altcoins are going down to zero and won't ever make it. Taking into consideration all the use-cases cryptocurrencies might have I would say that a maximum of one hundred of them will be around after a few years. Consider that there are around 10,000 altcoins today.
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July 02, 2020, 07:29:08 AM
 #17

What Are Altcoins?  Huh
 

Altcoins are the other cryptocurrencies launched after the success of Bitcoin. Generally, they sell themselves as better alternatives to Bitcoin.

The term "altcoins" refers to all cryptocurrencies other than Bitcoin. As of early 2020, there were more than 5,000 cryptocurrencies by some estimates.

According to CoinMarketCap, altcoins accounted for over 34% of the total cryptocurrency market in February 2020.

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July 02, 2020, 09:04:02 AM
 #18

altcoin is a name for other coins besides bitcoin.whatever the coin is called altcoin doesn't care if it's a token or coin.
on average all altcoins have btc pairs when traded on the market.
and their value mostly affects the value of btc.
if btc goes up, alt follows and vice versa

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passwordnow
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July 02, 2020, 09:27:49 AM
 #19

It is very simple. Bitcoin is like the highest breed of cryptocurrencies while the altcoins are next to it. No one will react violently for such questions if you are asking decently and you're better asking it if the research you do isn't enough. And if this is part of your research then that's a great start for you so that you'll excel your knowledge about altcoins and bitcoin. In altcoins, there are many categories that I have made for them. The good, the bad and the dying ones. The good are those at the top like Ethereum, Litecoin and so on, etc. The bad alts are those that are being used for pump and dumps and the dying ones, you know it from the word itself.

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July 02, 2020, 09:57:21 AM
 #20

Altcoins are other coins in crypto space meaning alternative coins, Bitcoin is the first of it's kind and every other that come later are alternative, that's what give birth to altcoins, it's just a short name to alternative coins

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