Ask Leo : What led to origin and dominance of Altcoins?

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Almost everyone knows what Bitcoin is, the so -called first cryptocurrency, the beginning of the blockchain, the genesis of the world that combines the cryptocurrency and fiduciary. The first and most famous cryptocurrency, however it is a currency that for many users left much to be desired in terms of functions and use, so other alternatives arose that would solve certain limitations that it possessed and that currently owns the bitcoin, these alternatives are called today In "Altcoin".

What is an Altcoin?

To begin with, Altcoin is an acronym, this can be seen with the naked eye derives from the words "alternative" and "coin" and can be interpreted as "alternative currency" so Altcoin is a quite successful term because this is every Altcoin, an alternative currency, at least to its genesis (bitcoin) or almost all of themselves.

Apart from all the meaning of the word the term Altcoin is simply used to identify each existing cryptocurrency that is not the Bitcoin. These arose from three main needs that were supposed to have covered Bitcoin and that over time this currency has not been able to supply effectively.

Decentralization: a term used to define a system that lacks central organism, a system that empowers its users and where each one can influence and make decisions, in addition to clear, to have total control of their participation without being prevented in some way . Always being proportional to your contribution.

Scalability: The greatest lack of Bitcoin today is this, the long wait you have to process a transaction in its network, currently being the average time of 10 minutes, something that centralized systems as a visa for example exceed overwhelmingly. The Altcoin should mostly be superior in scalability to Bitcoin, better to process “x” transactions per second.

Security: Although Bitcoin is certainly one of the safest blockchain today, and this due to its Pow consensus protocol, it must also be taken into account that it generates some insecurity in its users, one of the largest fears around To this protocol is the attack of 51% somewhat complicated, but from time to time it looks possible due to the large amount of mining power that tends to be concentrated in a single site on this network, usually the Altcoins always seek Change this system, see some of these consensus protocols, POS, DPOS, Ppos.

It is also important for an Altcoin to bring out attributes such as the utility he will have or where he will want This is the Ether of the Blockchain of Ethereum, a cryptocurrency that marked a before and after in the cryptographic space.

Today the cryptographic space would not be without the altcoins, these coins have provided alternatives and have echoed in the world, have given the possibility of creating tokens in a simple way, of having total decentralization in a blockchain, they managed to innovate finance, They have given the NFT, Metaverse, DeFi and many more.

A platform that I recommend for the task of visualizing the best Altcoins is https://coinmarketcap.com here, from entering we can see a ranking where the most sought -after coins will be shown in the cryptographic space, from the number 2 occupied by Ethereum will have all the Altcoins from highest to minor according to their market capitalization.

Some Altcoin that I recommend monitoring and that I think they will do a lot for the community through these years:

Ethereum: The Altcoin that is expected to overcome Bitcoin in the coming years, Ethereum has assured at least its top 2 thanks to its introduction of intelligent contracts something that has generated a true revolution and that among so many things introduced that attraction of being able to create A token easily.

Cardano: All safe blockchain have a road map to follow and a whitepaper where they explain their projects, Cardano also did this and even more, Cardano made sure that everything it proposed in its documents was math, something that had never seen and that for many it was a success of the insured currency over time.

Algorand: currency that focused on solving the blockchain trilema, scalability, decentralization and security, one by the hand of the other without oversight, something that everyone wants when using a currency to trade and that apparently this coin achieved, algorand seems to be maintained And this security is always seen hand in hand with its market capitalization.

It is always good to be attentive to the news about the Altcoins, these coins tend to innovate and that always seems a great bet. Not only are you guided by Bitcoin, it is the safest and most liquidity coin, but also one of the most difficult to trade, for many too manipulated.

You should always perform fundamental analysis, if a currency looks good in the future stúdial and follow it, do not choose to bet without following it and do not let good opportunities go.

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