Alt-Coin

Taxonomy

“Alt-coin” is a commonly used term to refer to any cryptoasset in existence that is not Bitcoin. This term exists because Bitcoin was the first cryptocurrency and to this day is the cryptoasset with the largest market cap (worth the most money). Because of this position of dominance held by Bitcoin, many people, especially Bitcoin maximalists (people who believe that Bitcoin is the only cryptoasset of value), refer to all of the other cryptoassets as “alt-coins” as a way to lump them all together and minimize their existence. In reality, the only common point between all of the so-called alt-coins is that they are not Bitcoin. Because of the lack of specificity, we don’t think alt-coin is a great term. With that said, because alt-coin is the most common term to refer to the entire crypto market excluding Bitcoin, we will use it.