What is Altcoin?
An altcoin is a digital currency similar to Bitcoin, which serves as an alternative cryptocurrency. Altcoins exist to offer different types of benefits to bitcoin. For example, some altcoins emphasize security, faster speeds or lighter versions then bitcoin. These altcoins can be created in a variety of ways, such as from scratch via ether mining by virtual machines, or by ‘forking’ from the protocol. Essentially, altcoins are exactly what they sound like: alternative methods to Bitcoin with different features.
Ethereum is described as a decentralized “supercomputer.” Ethereum runs smart contracts – a computer protocol designed to facilitate, verify and enforce what is “the negotiation or performance of a contract,” without needing to go through a third-party. The cryptocurrency used within Ethereum is known as ‘Ether.’ Similarly to Bitcoin, Ether is a mode of payment that can be mined and spent.
Bitcoin Cash is a ‘fork’ derived from bitcoin created by BTC miners worried about the future of the cryptocurrency and its scalability. The crypto has a larger block size in its blockchain to speed up verification while allowing transactions to be processed faster. Bitcoin Cash can be traded on digital currency exchanges. It can also be mined in a variety of different ways.
Ripple is a payment protocol created by Ripple Labs made to serve as a global network for secure, instant and low-cost global financial transactions without any chargebacks to users. Payments with Ripple are irreversible. Ripple uses the digital currency known as XRP (also referred to as Ripple). The main goal of Ripple is to fix the international payment market which is hampered by fees, exchange rates and time. However, Ripple can not be mined.
Litecoin is a cryptocurrency which is virtually the same as bitcoin with some key differences. The crypto is described as being a faster alternative to processing blocks to bitcoin while being more cost-effective. Although, Litecoin doesn’t hold anywhere close to the same value as bitcoin and is often considered the silver to bitcoin’s gold. Litecoin is minable and can also be gambled with at select online casinos.
EOS is a decentralized blockchain developed by Block.one. Block.one has claimed EOS can process millions of transactions per second without fees associated to them. EOS’ main goal (like many other cryptocurrencies) is to do what bitcoin can but in a more scalable way. EOS tokens are linked to the Ethereum network, which allows the ability to execute smart contracts. Gamblers can play with EOS tokens at some online casinos.