- It is seen that more cryptocurrencies are coming forth in the world, and none of them are utilizing the name Altcoin anymore.
- The cryptocurrencies that were developed in the past weren’t that unique and hence didn’t have any distinctive terms in the first place.
In the past, all the other different cryptocurrencies would be named Altcoin. The only exception to that was Bitcoin. However, in recent times, it is seen that more cryptocurrencies are coming forth in the world, and none of them are utilizing the name Altcoin anymore. So, what has led to this sudden drop in the Altcoin name?
Gone are the days when most of the cryptocurrencies used the term Altcoin.
There was a sudden rise of different projects that copied and pasted the source code of Bitcoin. The cryptocurrencies that were developed in the past weren’t that unique and hence didn’t have any distinctive terms in the first place.
Hence, the term Altcoin or Alternative Coins would fit the descriptions of the coins in the best way. This was because the community didn’t put any thought into different cryptocurrencies due to the potential advancement of Bitcoin. The mainstream adaptation of the cryptocurrency, the price growth of BTC for the future, the use cases, and many other factors made Bitcoin a leader in cryptocurrency.
The Sudden Change in The Market
However, things began to change after Ethereum came into the market. People started catching on to the smart contracting platform Ethereum. This platform provided and produced smart contract tokens for the users. Smart Contract tokens can be defined as cryptocurrencies that can perform different tasks autonomously without difficulty due to their intelligent and effective functionality.
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After the introduction of Ethereum, people began to have a distinguished view about Ethereum and hence separated it from the other Altcoins. The altcoins were the coins that would have their blockchain. However, tokens were the cryptocurrencies that would be created on the different platforms of smart contracts.
Another factor that led to the downfall of the term altcoin was the rapid scalability and increase of the blockchain projects that started coming up. This also caused a stir in the dominance of Bitcoin, which was indestructible earlier. The people and users of cryptocurrencies started to notice certain weaknesses in correlating other coins and Bitcoin. With the upcoming new cryptocurrency projects, people began to rethink their ideas about what cryptocurrencies should be in the first place.
Currently, the altcoins distinguish themselves on the cryptocurrency market by providing some unique features that are properly related to factors such as scripting language, transaction management, consensus algorithms, mining mechanisms, and much more. The superior features that altcoins have might just surpass the popularity and dominance of Bitcoin. But still, the value of these altcoins is dependent on the capitalization of Bitcoin.
The community, now beginning to think about other cryptocurrencies than just Bitcoin, has realized that other options can bring the world to a storm. With the growing popularity and dominance of ETH or Ethereum, it can be said without a single speck of doubt that ETH has managed to become the indisputable leader of the innovative and technical world of cryptocurrency. There is a very large number of different tokens that classify several projects of cryptocurrency. With the rise of Ethereum, the term altcoin has been replaced by other projects that have the same capacity and worth as these coins do.
If things go on like this for a very long time, there is a chance that Ethereum might manage to completely surpass Bitcoin while the latter might not even be able to catch up to the success and popularity of Ethereum.