After the cryptocurrency made its way into the financial market about a decade ago, Bitcoin was the firstborn of many coins. It was the front-runner for all other digital currencies, paving the way for the success of cryptocurrency in the financial industry. Altcoins are cryptocurrencies that were created and launched after BTC successfully made its way into the markets without a hitch. These Altcoins portray themselves as subs for BTC that can create better value than what BTC has created over the past 11 years. The term refers to every other cryptocurrency created apart from Bitcoin that can serve the same purpose as BTC in the money markets. Earlier this year, research showed that there are over five thousand cryptos presently flowing in the market, while Altcoins accounts for almost 35%.

Altcoins aiming to take over the cryptocurrency market from Bitcoin

If Bitcoin had not succeeded in bringing in expected profits as had hoped, investors wouldn't know of anything called Ethereum or Ripple today. If BTC succeeds, more coins can now flow into the market and compete for value, and Bitcoin is still the number one leading cryptocurrency to date. It's predicted that BTC will have some unpreventable limitations shortly, the reason why Altcoins are striving to make an impact. Ripple, ETH and others have been competing for the top spot, and for them to make an equal magnitude of impact as a BTC, they need to excel competitively. Bitcoin has already given the blueprints for building many more altcoins, these blueprints are what lots of Altcoins use to develop their system. Because BTC can be transacted by two parties without any involvement of a third party, most of these Altcoins follow the same principle.

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Their goal is to effectively provide cheap methods for traders and investors to transact their assets without glitches and promoting safety. They have lots of common features that transcend over 50 percent of them, yet it's difficult to find two Altcoins that 100% alike. As time goes by and technology grows, new Altcoins are created with enhanced features but all fall into three classes. These categories include the stablecoin, utility, and security tokens, those that are mined are the last class. Though an altcoin can be found in two or three of these classes, depending on their properties, the classes are not strict. Mining-based Altcoins follow a process where they are mined and sent into the market's pool to solve issues with the system.

This class has more features in common with BTC than every other altcoin class, and we are hoping to take over BTC soon. Ethereum is a proud member of the group, it's the 2nd most popular cryptocurrency and the best mining-based altcoin around. The financial market's flow of resources is extremely fast, and crypto's volatility measure is greater than other financial assets. Stablecoin came into the industry to improve Altcoin's status quo by lowering volatility encountered by remaining Altcoins and Bitcoin. Like other stock assets, security tokens are associated with business outlets, promising dividends such as ICOs. Also sold often as part of ICOs, utility tokens such as Filecoin are created to give claims to several services to be exchanged.