Sep 16, 2019 in BlockChain
Q: Currencies other than bitcoin such as Litecoin and Dash are popularly known as ___________.

i) Altcoins

ii) Cryptocurrency

iii) Altcurrency

iv) Cryptocoins

1 Answer

0 votes
Sep 16, 2019

Correct Answer is i) Altcoins

Litecoin, like its contemporaries, functions in one sense as an online payment system. Like PayPal or a bank’s online network, users can use it to transfer currency to one another. But instead of using U.S. dollars, litecoin conducts transactions in units of litecoin.

Dash is an open source cryptocurrency. It is an altcoin that was forked from the Bitcoin protocol. It is also a decentralized autonomous organization (DAO) run by a subset of its users, which are called "masternodes".

Altcoins are alternative cryptocurrencies that were launched after Bitcoin's success. Each altcoin operates according to its own rules. Currencies other than bitcoin such as Litecoin and Dash are popularly known as Altcoins. They generally project themselves as better replacements for Bitcoin. Bitcoin's emergence as the first peer-to-peer digital currency was paving the way for many to follow.

Altcoins are alternatives to Bitcoin. They are cryptocurrencies that use a technology called blockchain that allows secure peer-to-peer transactions.

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