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Definition of altcoins
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Definition of altcoins
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Altcoins
Tokens, cryptocurrencies, and other types of digital assets that are not bitcoin are collectively known as alternative cryptocurrencies,[26][27][28] typically shortened to "altcoins" or "alt coins".[29][30] Paul Vigna of The Wall Street Journal also described altcoins as "alternative versions of bitcoin"[31] given its role as the model protocol for altcoin designers. The term is commonly used to describe coins and tokens created after bitcoin. A list of some cryptocurrencies can be found in the List of cryptocurrencies article.
Altcoins often have underlying differences with bitcoin. For example, Litecoin aims to process a block every 2.5 minutes, rather than bitcoin's 10 minutes, which allows Litecoin to confirm transactions faster than bitcoin.[32] Another example is Ethereum, which has smart contract functionality that allows decentralized applications to be run on its blockchain.[33] Ethereum was the most used blockchain in 2020, according to Bloomberg News.[34] In 2016, it had the largest "following" of any altcoin, according to the New York Times.[35]
Significant rallies across altcoin markets are often referred to as an "altseason".[36][37]