An altcoin is a cryptocurrency derived from Bitcoin. It’s loosely an acronym for Bitcoin Alternative, also known as the Bitcoin Clone. An altcoin is made of the original source-code of Bitcoin provided by Satoshi Nakamoto. A majority of Altcoins are the hard-fork version of Bitcoin with few modifications. Just like Bitcoin, an Altcoin is also a decentralized Cryptocurrency and Payment method which facilitates Peer-to-Peer transactions without involving any third party or intermediary. The details of transactions get recorded on a publically shared database called Blockchain.
The blockchain is a decentralized digital cryptographic ledger that stores details of transactions in a series of blocks. Each block stores a small patch of Altcoin transactions and gets electronically linked with other blocks, forming a vast Peer-to-Peer network. Blockchain creates a permanent and tamper-proof record of stored information. The data once stored on Blockchain can never be deleted or modified. It remains there as a permanent record. Each node in blockchain holds a copy of the ledger thereby creating a pseudo-transparent environment which also aids in fraud prevention.
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