Wednesday, June 7, 2023

Bitcoin vs Altcoin: What is the difference?

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A newcomer in the cryptocurrency hemisphere may occasionally be unsure about the key differences that exist between Bitcoin and Altcoin. In this article, we discuss the same.

The first cryptocurrency to come into existence was Bitcoin, which was launched in 2008. Satoshi Nakamoto invented bitcoin as a peer-to-peer, decentralized digital currency.
This implies that using Bitcoin, a transaction can only take place among independent, equal network participants. For the same, there is no requirement of an intermediary or permit to facilitate them.
The underlying purpose of creating #Bitcoin was to facilitate online transactions among two parties, without having to go through a financial institution.
The factor that made Bitcoin special was that it gave rise to an entirely new industry, which was open for participation by anyone from across the world. Bitcoin, furthermore, is the pioneer of Blockchain technology and is also powered by the same.
Bitcoin has given rise to a new global community that uses Bitcoin and other cryptocurrencies as a part of their daily lives.

With the emergence of Bitcoin, a technological and conceptual basis was created. This inspired the subsequent development of competing project, thousands in number. Each of these projects is known as Altcoin.
Besides Bitcoin, 9,894 coins are listed on coinmarketcap. They are all known as Altcoins. Altcoins stands for Alternative coins. They too are cryptocurrencies, just as Bitcoin, and are built over Blockchain technology.
An Altcoin typically makes additional features available over Bitcoin, which accounts for an enhanced overall functionality and improved transaction processing rates. When the demand for Altcoins’ services expands, they scale their service offerings and features for meeting these demands.
Different mechanisms are used by Altcoins for a reduction in the complexity and cost associated with mining. This puts Altcoins in a position to process more transactions per second as compared to Bitcoin.
Overall, Bitcoin is the first cryptocurrency. All other cryptocurrencies are Altcoins.
#bitcoin #cryptoindia #Altcoin #indiawantscrypto #WazirXWarriors

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