Share Your Knowledge on Bitcoin and Altcoin

[Babayan-nawu]

Good day to members of this great community.
From my research,reading and studies I saw alots about  Bitcoin and Altcoin which still don't get it clearly specifically (Altcoin) well,Bitcoin is reefers to the first largest cryptocurrency and  the most widely accepted and recognized cryptocurrency with a strong security of high market capitalization.
Now I learnt that the Altcoin  was lunched after Bitcoin and it was created by various individuals less widely accepted and lower market capitalization, Although I got understood the bitcoin clearly but my questions is now base on this Altcoin,since it was created by various individuals,does Altcoin deals with a specific cryptocurrency or many cryptocurrency ?
Would the experienced expertise provide a neccessary examples and breakdown of this Altcoin to my level of understanding?

Thank you all for putting me through.

[Apocollapse]

Now I learnt that the Altcoin  was lunched after Bitcoin

Not really, there were few cryptocurrency launched before Bitcoin https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/

The definition of altcoins is other coins except Bitcoin, the specific versions of altcoins are privacy coins, stable coins, meme coins, gambling coins etc https://www.coingecko.com/en/categories

Some users call altcoins with "shitcoins" because most of them didn't offer any use case.

[MeGold666]

Now I learnt that the Altcoin  was lunched after Bitcoin

Not really, there were few cryptocurrency launched before Bitcoin https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/

Bitcoin was the first truly decentralized cryptocurrency thanks to Proof of Work which was the point of the whole revolution.

As for the "Altcoin" - it's just a term to describe any other cryptocurrency project made after Bitcoin.

Simple as that.

[bigmanik]

Firstly, you should know what ALTcoins stand for, which is an alternative coin. This basically means that it is any cryptocurrency other than Bitcoin
They are usually used when, for one reason or the other, you can't or don't want to use Bitcoin

So, no, they don't deal with specific cryptocurrency it is a general term that covers other cryptocurrencies like Ethereum, Litecoin and so on

[icalical]

Bitcoin has always been holding the majority of cryptocurrency market cap, and until that change, I think we will keep referring other crypto outside of Bitcoin as Altcoins. They come in many forms, from Ethereum to memecoins like Dogecoin. Not only does the functionality of altcoins span a wide range, from Ethereum supporting smart contracts to stablecoins pegged to real world assets anchoring their prices to them, but altcoins have generally lower market caps and less widespread adoption compared to Bitcoin. However, they do offer a lot of different functionalities that will further diversify the crypto market. That makes altcoins more than just alternatives to Bitcoin, some good altcoins actually would contribute to developing decentralized applications and finance.

[hugeblack]

Altcoins is a general term to describe a variety of blockchains and you will definitely not find a neutral answer, especially from pro bitcoin people, so it may be better to understand bitcoin in depth and then you will find that some altcoins solve deep problems associated with bitcoin, while most altcoins are useless duplicate projects whose goal is to make developers rich.

 watch this video and follow Andreas M. Antonopoulos videos ----> https://www.youtube.com/watch?v=5RozZuFBZb8

[Mia Chloe]

~snip

Nice article  Apocollapse. I think I've come across an article similar to this in the past. However saying that bitcoin is the first crypto currency is also very correct but may seem a little vague for someone who really Keens into the contents of that article. Now personally I really never thought bitcoin was the first attempted crypto currency even before I read an article like this back then.

And my reason was simply because in order to create something as secure, sophisticated and complex as bitcoin there must have been a couple of failed attempts in the past even if they weren't publicised.

The idea of calling bitcoin the first crypto currency is because it was the FIRST SUCCESSFUL crypto currency not really because it was the first attempted. Also generally the term altcoins was implemented to other coins so people literally call any coin that isn't Bitcoin and altcoin.

Others like; meme coins,  and shit coins are like sub terms under altcoin. The idea  of altcoins was alternate coins aside the first crypto currency (BITCOIN) which was the cryptographic break through.

[MeGold666]

...The idea  of altcoins was alternate coins aside the first crypto currency (BITCOIN) which was the cryptographic break through.

It was not a cryptographic breakthrough; it was a novel concept called "Proof of Work" to address the double-spending problem.
The cryptography behind Bitcoin was well known, but the way it was used was a breakthrough.

...The idea of calling bitcoin the first crypto currency is because it was the FIRST SUCCESSFUL crypto currency ...

It wasn't the first successful cryptocurrency; others were as well (in the beginning), but they failed due to centralization and all the problems that come with it.

We could argue about what 'success' means... so far, Bitcoin is a failure in terms of what it was meant to be: Bitcoin: A Peer-to-Peer Electronic Cash System

What we have today: Bitcoin: A CeX-to-CeX Electronic Property System
 

[Mia Chloe]

I shook my head and smiled when I read your reply. Firstly let's start with this;

It wasn't the first successful cryptocurrency; others were as well (in the beginning), but they failed due to centralization and all the problems that come with it.

Here you are actually contradicting your self by saying it was successful and later failed because If it failed in the first place then it obviously wasn't successful. From you point of view you are literally saying that any coin or project that was launched is a successful project. Take BitConnect (BCC) launched in 2016 like some other coins before bitcoin did, and later became worthless in just a couple of months, would you call that successful?

Now for this part of your reply;

It was not a cryptographic breakthrough; it was a novel concept called "Proof of Work" to address the double-spending problem.
The cryptography behind Bitcoin was well known, but the way it was used was a breakthrough.

Before bitcoin, there was no successful coin that made use of cryptography you are also simply contradicting yourself here because both Proof of Work (POW) and Proof of stake (POS) are crypto graphic terms because they are applied in Cryptography. If bitcoin wasn't a breakthrough as the first successful crypto currency then what will you call it?

[hd49728]

Sharing knowledge about Bitcoin and altcoins in this thread is a great idea to make this thread as a mega spam thread. It's great idea but I dislike it.

Learn Bitcoin.
https://learnmeabitcoin.com/
https://www.lopp.net/bitcoin-information.html
https://www.lopp.net/lightning-information.html
https://github.com/bitcoinbook/bitcoinbook
https://github.com/lnbook/lnbook
https://github.com/igorbarinov/awesome-bitcoin

Learn altcoins.
https://github.com/ethereumbook/ethereumbook
You can start with Ethereum as Ethereum blockchain with smart contracts is a hub of many tokens. Many altcoin blokchains are copies of Ethereum blockchain.

[MeGold666]

....

I'm not contradicting myself; you've just taken what I wrote out of context. I'm not going to argue at such a low level.

/Over&Out

[tbct_mt2]

The idea of calling bitcoin the first crypto currency is because it was the FIRST SUCCESSFUL crypto currency not really because it was the first attempted. Also generally the term altcoins was implemented to other coins so people literally call any coin that isn't Bitcoin and altcoin.

Let me share Bitcoin prehistory that can help for your discussion.
There are many developments, trials before the success of a first decentralized blockchain, Bitcoin.
Before it, there are CyberCash (1994), E-Gold (1996), HashCash (1997), Bit Gold (1998), B-Money (1998), BitTorrent (2001).



Bitcoin for everybody is another source for learning from Saylor Academy.

[Fivestar4everMVP]

Good day to members of this great community.
From my research,reading and studies I saw alots about  Bitcoin and Altcoin which still don't get it clearly specifically (Altcoin) well,Bitcoin is reefers to the first largest cryptocurrency and  the most widely accepted and recognized cryptocurrency with a strong security of high market capitalization.
Now I learnt that the Altcoin  was lunched after Bitcoin and it was created by various individuals less widely accepted and lower market capitalization, Although I got understood the bitcoin clearly but my questions is now base on this Altcoin,since it was created by various individuals,does Altcoin deals with a specific cryptocurrency or many cryptocurrency ?
Would the experienced expertise provide a neccessary examples and breakdown of this Altcoin to my level of understanding?

Thank you all for putting me through.

I want to believe that by now, you must have gotten a very understandable answer or explanation to your question since I believe this to be a very easy one for any one who have spent atleast, 6 months on this forum, such even though still a newbie, should already know the difference between bitcoin and Altcoins.

But just incase you are still looking for that perfect answer with all simplicity, let me tell you that cryptocurrencies include both bitcoin and Altcoins..
Bitcoin is a stand alone cryptocurrency and also the very first one of them all.
While Altcoins is a general title that is given to all other cryptocurrencies that was created after Bitcoin - Altcoin in full simply means "Alternative coin" or "Alternative cryptocurrencies", they consist of all the cryptocurrencies that act as alternative to bitcoin.

I hope this is understandable enough, and I wish you good luck in your quest learning about cryptocurrencies, all the best bud.