Altcoins are the alternative cryptocurrencies launched after the success of Bitcoin. “Altcoin” is a combination of two words: “alt” and “coin”; alt is short for alternative and coin signifies currency.

Generally, altcoins project themselves as better substitutes to Bitcoin. The success of Bitcoin as the first peer-to-peer digital currency paved the way for many to follow. Many altcoins are trying to target any perceived limitations that Bitcoin has and come up with newer versions with competitive advantages. There are a great variety of altcoins.