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Buy altcoins on Binance

Altcoins are different cryptocurrencies from bitcoin. Altcoins share some characteristics with bitcoin, but use a different consensus mechanism to produce blocks or validate transactions. They are also distinguished by smart contracts or lower transaction costs.

Types of altcoins

Different features and consensus mechanisms can make up an altcoin. According to these variations, altcoins can be attached to more than one category. Here is a short course of some of the most important categories:

Created by mining

Mining-based altcoins, as the name suggests, are created by mining and use Proof of Work (PoW), a method in which systems generate new cryptocurrency from verified transaction “blocks” that are added to the blockchain. Here are some examples of altcoins by mining: Litecoin, Monero and Zcash.

Stablecoins

Stablecoins closely track the value of fiat cryptocurrencies like the US dollar and euro. They allow users to quickly and inexpensively transfer securities around the world while maintaining price stability. BUSD is an example of a USD-backed stablecoin.

financial tokens

Financial tokens are digital assets issued on a blockchain and have similarities to securities traded on the stock exchange. Some offer equity in the form of ownership, dividend payments to holders, or even bonds. Financial tokens are typically launched through Financial Token Offerings (STOs) or Initial Exchange Offerings (IEOs).

utility tokens

Utility tokens represent the majority of tokens issued in ICOs. They are basically used by companies to generate interest in their product and for the purposes of applying and creating value in the services provided in blockchain ecosystems. Unlike financial tokens and equity stakes, they do not confer ownership rights to any part of the business.