What are altcoins? Everything you need to know

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Bitcoin, the king of crypto, holds its status as the first established cryptocurrency and highest priced currency of its kind in the market. It’s become synonymous with the term cryptocurrency, however alternative cryptocurrencies, known as altcoins – of which there are currently over 5000 – also bring something interesting to the table.

Each altcoin has its own, unique offering, from faster payment times to more efficient cross-border transactions,  providing a diverse array of benefits that could be better suited to individuals’ needs than the popular head of the family, Bitcoin – depending on what you’re after.

Generally, alternative payment methods outside of traditional currencies, including altcoins, are on the rise. Altcoins (and Bitcoin) combine properties of modern money and the likes of gold into a new type of asset which makes it both scarce (like gold) yet easily transferable (like fiat currencies). They can be easily stored, not taken from its holder without their consent, and are accessible to everyone, everywhere.

About the author

Sam Kopleman is UK Country Manager at Luno

The different categories of altcoins

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