What is an Altcoin? Bitcoin may be one of the most popular cryptocurrencies but believe it or not, it’s not the only one. Simply put, an Altcoin is a cryptocurrency that isn’t Bitcoin. Each one has its own unique mission that it hopes to accomplish. Whether it be speed, security, or uniting our complicated financial infrastructure, one thing is certain- cryptocurrencies are looking to change the world.
1. Stellar (XLM)
Stellar enables speedy transactions across the world with fees that are less than a fraction of a penny. The transfer of a Stellar Lumen only takes 3-5 seconds, while Bitcoin takes 10-15 minutes. Stellar has a vision in mind to unite the world’s financial systems with minimal effort and less fees.
I personally believe that Stellar has one of the most solid ideas out there. They aren’t playing around. If you sign up for Coinbase using this referral link, you can earn up to $50 of XLM for watching short videos about it.
2. Zcash (ZEC)
Zcash is a cryptocurrency that allows you to be fully anonymous. The amount sent in a transaction and the parties involved in are completely hidden.
3. Monero (XMR)
Monero is another Altcoin that was created around the concept of being anonymous.
4. Dash (DASH)
Dash got its name from the combination of “digital cash.” You can choose to make your transactions private and can also completely erase your payment history. The cryptocurrency also has an “instant send” feature, which does cost more in fees, that allows a person to instantly send money anywhere in the world.
5. Tether (UDST)
Tether’s mission is to protect its users against rapid changes in the market, causing the cryptocurrency to fluctuate in value. Each UDST is apparently backed by one U.S. Dollar but there is doubt of whether or not that is true.
6. IOTA (MIOTA)
IOTA is looking to improve where other cryptocurrencies have fallen short. Typically, when you send a payment in crypto, your transaction is validated by miners (random computers across the world which use a lot of energy and cost you in fees). When you send a payment with IOTA, it automatically validates two transactions prior to yours and costs you nothing in fees. However, unless tons of people are using IOTA, the processing time will be slow.
7. Dogecoin (DOGE)
Dogecoin is one of the oldest Altcoins that was created. It’s a joke on the “doge” meme from 2013 and there isn’t a limit to how many coins can be created, unlike Bitcoin. Dogecoin is usually worth less than a penny in value. This makes it perfect for small transactions such as online donations to your favorite content creators.
8. Basic Attention Token (BAT)
BAT wants to create an online advertisement system that rewards publishers and users. Ads on websites nowadays use and share your personal information to provide content that is relevant to you. BAT wants to eliminate that and has set out to create their own types of ads.