Altcoin Fantasy is the best cryptocurrency simulator game where users learn to trade cryptocurrencies risk free. Users start with a virtual USD demo account, and make trades during the contest period. At the end of the contest, the players with the most net worth will win actual prizes! Learn crypto trading with our trading sim on the best crypto trading platform! You might be wondering about our name and what Altcoin stands for.
What is an Altcoin?
Also known as digital currencies, cryptocurrency is the modern version of money. In order to have secure and verifiable transactions, each coin is designed using cryptography that controls the supply of coins. And just like money, its value will vary upon its demand. While Bitcoin is the pioneering cryptocurrency, there are other valuable digital coins and since they’re alternatives to the original, Bitcoin – they’re called Altcoins.
Bitcoin was first designed to be a digital cash, conceived after the global financial crisis in 2008 that is able to be sent without intermediary third parties as a way to challenge the banking system.. But as cryptocurrency grew, alternatives started being developed that provided new and interesting features as well as new ways of securing the network. The goal of altcoins was originally to take advantage of market’s perceived limitation of Bitcoin through other cryptocurrency versions that provide solutions to some of the problems.
These days, Altcoin is a generic term given to all cryptocurrencies or other tokens that are different and separate from bitcoin.
Early altcoins, used bitcoin as the basis for their code but changed certain features such as coin circulation, block times, and mining algorithms. Later, altcoins used other coins code and further changed features to specifically meet requirements for different, applications including non-monetary.
Namecoin is one of the earliest altcoins launched that used a similar proof-of-work algorithm to that of Bitcoin and was originally designed as a ledger to store and record owners of .bit web domains. With over 1600 altcoin now listed on resourcing sites like CoinMarketCap, there are lots to choose from.
The Big Contenders
Ethereum is both a cryptocurrency and a blockchain platform that supports the execution of smart-contracts, distributed applications, and operating systems. The currency component is known as Ether and is used to support the blockchain platform through the rewarding of the “miners” that maintain the network.
Ripple is another big time altcoin and has attracted various venture capitalists even from the start. With Google as its back-up, Ripple managed to rake in $50 million from various banking institutions alone with a $90 million total in funding. Compared to other altcoins, Ripple can be transacted using other units of value such as fiat currency. Predominantly, Ripple coins work favorably for bank transactions since it has more transparency and certainty.
Dogecoin is a coin started out a ‘joke currency’ but quickly exploded to another favorite in the market. Markus, the developer behind Dogecoin, based this from Litecoin with some modifications. This altcoin has remained low in value in comparison to Bitcoin but like many altcoins, has exploded in value in recent years with the rapid growth of cryptocurrency in general.
Exploring the fundamental differences between altcoins is an essential part of being a successful investor or trader. Using the Altcoin Fantasy trading simulation platform, you can learn how to trade altcoins in a safe environment while also being in the running to win real prizes and coins! Join Altcoin Fantasy and start trading altcoins now!