Altcoins and Tokens!

It's important to recognize that all coins or tokens are looked upon as being cryptocurrencies, even if many of the coins do not function as a currency or medium of exchange. Cryptocurrency was likely catapulted by the creation of Bitcoin and any other 'coin' that was made since then is mostly considered to be a cryptocurrency (or crypto).

Altcoins (Alternative cryptocurrency coins) simply refers to coins that are alternative to the almighty Bitcoin. Many seem to be forks of Bitcoin, using it's open-sourced protocol with some changes which might offer an entirely different coin with a different set of features. Some of the well-known Altcoins are Dogecoin, Litecoin and Peercoin. Other Altcoins that don't come directly from the Bitcoin open-source protocol are like Ethereum, Ripple and Waves. All of the above mentioned, and all those not mentioned, possess their own independent blockchain where their transactions happen.

Tokens are a representation of an asset or utility that usually is connected to another block chain. Sounds confusing, right? Basically Tokens can include cryptocurrencies, but also include other 'tradeable' things like 'points' or commodities offered by companies. Apparently it is easier to create a Token because you don't have to modify codes or create blockchain from scratch (like using Ethereum's blockchain ERC tokens).

Confusing? YUP! But you can still have fun and learn from it all!

Thanks for reading!