What are Altcoins | How Do Altcoins Work | Types of Altcoins | Altcoins Pros and Cons
What are Altcoins | How Do Altcoins Work | Types of Altcoins | Altcoins Pros and Cons. In this video, you will learn about Altcoins and how do Altcoins work.
Altcoins are alternatives to Bitcoin. They are cryptocurrencies that use a technology called blockchain that allows secure peer-to-peer transactions.
Altcoins works much like the original Bitcoin. Using a private key, you can send a payment from your digital wallet to another user's wallet.
Altcoins don't all follow the same rules as Bitcoin. For example, while Bitcoin will only ever mine, or produce, bitcoins every 10 minutes, an altcoin called Litecoin will produce coins every 2.5 minutes.
Litecoin also uses a different set of rules for mining than bitcoin. Whereas bitcoins require costly hardware to mine, litecoins can be mined with common computer hardware.
A few examples of altcoins include Ethereum, Ripple, Dash, and Litecoin.
Some of the pros of Altcoins are: Provide competition to Bitcoin and has very low transaction fees.
Some of the cons of Altcoins are: The value is very volatile and there is a high potential for scams and fraud.
There are basically two types of Altcoins:
1. Stablecoins - these Altcoins are designed to combat the volatility of cryptocurrency by tying their value to an underlying index, commodity, or security. Tether is one example of a stablecoin.
2. Digital tokens - these Altcoins function as digital tokens and are supported by an underlying blockchain platform such as Ethereum.
In summary, Altcoins are alternatives to Bitcoin. They are a form of digital currency, or cryptocurrency, each with its own set of rules and Altcoins are very new and their prices can be very volatile.
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