FROM THE HISTORY OF ALTCOIN

Currencies that followed Bitcoin are called Altcoins (alternative coins).

Altcoins were introduced in 2011. They were Litecoin and Namecoin. The developers aimed at overcoming certain problems typical for Bitcoin. Thus, Litecoin processes blocks at a higher speed. But some cryptocurrencies are significantly different from Bitcoin. Ethereum, for instance, has turned into a cryptoplatform due to the use of smart contracts.

Ripple is even more independent on Bitcoin. It actually is a centralized system.

A number of cryptocurrencies, like Dash for example, made a special emphasis on anonymity.

According to the data of CoinMarketCap.com, by July 2017 there had been over 800 cryptocurrencies in circulation. Some currencies have been announced but haven’t reached exchanging platforms yet.

At the beginning of July 2017 the cryptocurrency market capitalization was over 90 billion dollars with Bitcoin and Ethereum being the prevailing ones (more than 40 billion dollars and 25 billion dollars correspondingly). 

Cryptocurrencies can be acquired in different ways:

via mining, 

- via forging, 

- via ICO.

Mining and forging are technologies based on processing new blocks in blockchain. The successful miners are further rewarded with some amount of cryptocurrency.

ICO is a means of cryptocurrency spreading. Originally, cryptocurrency is obtained by those engaged in mining and forging. Then, any person can receive the currency from the original owner in exchange for money, a commodity or service or as a donation.

The exchange can take place between the interested parties without any mediators or by means of some of the existing exchanging platforms.

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