Bitcoin doesn't need to be introduced because it was the first digital coin ever created. Being the first cryptocurrency, it reserved the right to stand alone, while all the ones that came after it were classified as "altcoins." What are altcoins? In plain English, altcoins are cryptocurrency alternatives to bitcoin, or more generally, any cryptocurrency that is not bitcoin. Since the creation of the first alternative coin in 2011, thousands more have been produced. The primary objective of the first new alternative cryptocurrencies was to enhance the functionality of the original Bitcoin and, of course, to spur competition. Developers of altcoins wanted to cut down on energy use, slash transaction fees, and speed up transactions. Today's cryptocurrency market has developed, and numerous altcoins have uses other than Bitcoin's role as a decentralized payment system. Others are built on completely independent blockchains, while some of them run o...
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