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Bitcoins vs Altcoins: A comparison


After the release of Bitcoin in 2009, numerous Altcoins were released into the Cryptocurrency market. From Ethereum to Solana, there are a lot of differences between these Altcoins and the first Cryptocurrency, Bitcoin. Bitcoins and these Altcoins can be traded on platforms to earn a guaranteed profit. So, read more.


Proposed in 2009, Bitcoin is the original Cryptocurrency. It is a peer-to-peer decentralized system where all transactions are entered into a transparent public ledger called Blockchain. The digital currency does not require any central authority, that is, a bank or other financial institution, to facilitate its transactions.


Any other Cryptocurrency released after the release of Bitcoin is termed as Altcoin, meaning ‘Alternate to Bitcoin’. At present, there are more than 14,000 Altcoins in circulation in the financial market. These Cryptocurrencies are built by editing specific rules to specify certain users and have a lot of similar characteristics to Bitcoin. Some examples of these changed rules are low price volatility and Smart Contracts. Even though the price of most of the Altcoins depends on the price volatility of Bitcoin, developers assure that this won’t be the case and that Altcoin will be independent of Bitcoin’s fluctuating value.

Bitcoin vs Altcoins

When 9it comes to market cap and popularity, Bitcoin always comes out at the top. Still, Ethereum, an Altcoin, has been giving competition to Bitcoin for the first position despite its recent two significant declines in prices. 

The intention behind Bitcoin’s creation was the decentralization of the financial market and outstanding levels of transparency in all transactions. In contrast, Ethereum was the first Crypto to utilize Blockchain technology through Smart Contracts, giving rise to Decentralized Finance (DeFi). When comparing Ethereum and Bitcoin, an essential factor is that both have different algorithms due to which they have additional block rewards. Ethereum is comparatively quicker than Bitcoin when it comes to transactions. 

Many other Altcoins have similar algorithms behind them, but some different features make them stand out from each other. Another significant difference is Bitcoin’s limited availability. Only 21 million Bitcoins can circulate in the market, and almost 90% of it has already been mined. Due to limited availability, the supply and demand make Bitcoin’s price extraordinarily volatile and high compared to other Altcoins who are less volatile, less costly, and even have way lower transaction fees and time.

Altcoins have been developed on and after the spontaneous rise of the popularity of Bitcoin in the financial market. The whole purpose of acquiring Altcoins is to improve Bitcoin and its algorithms to explore technologies like Blockchain thoroughly. 

The Bottom Line
To conclude, Altcoins have a significantly improved transaction, functionality, and scale to catch up with the rising demand for Cryptocurrencies. However, Bitcoin’s dominance on the financial market has been in a stronghold since the beginning, and it does not seem to be slipping any time soon. With the evolving Cryptocurrency market, Altcoins will also evolve, giving traders a range of Cryptocurrencies to choose from before investing. 

Other articles from mtltimes.ca – totimes.ca – otttimes.ca

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