Bitcoin is a form of digital crypto which was conceptualized by Satoshi Nakamoto. The goal was to develop a one-of-a-kind digital payment system that would allow for borderless financial transactions without the use of middlemen.
It’s also a term for the blockchain’s digital ledger or a system that’s being developed as open-source software.
Because it is open-source software, upgrades are made to the system, resulting in a hard fork in the blockchain. This results in the formation of altcoins, or alternative currencies.
Alternative crypto that are not Bitcoin are referred to as altcoins. This stems from the notion that Bitcoin is the first crypto, and all others are “alternative” or “alternative” coins.
Altcoins include Ethereum, Ripple, Tether, Bitcoin Cash, Bitcoin SV, and Litecoin, to name a few. More than 2,000 alternative crypto have been introduced since the launch of Bitcoin in 2008.
