Altcoin

An altcoin, short for "alternative coin," refers to any cryptocurrency other than Bitcoin (BTC). Since Bitcoin was the first widely adopted cryptocurrency, all subsequent digital assets built on similar blockchain technology are categorized under this umbrella term. Altcoins were created to address perceived limitations of Bitcoin, offer unique functionalities, introduce new consensus mechanisms, or target specific use cases beyond a simple store of value or medium of exchange. They represent the vast majority of the cryptocurrency market in terms of sheer numbers, embodying the diverse innovation within the blockchain space.