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LogoutIn the virtual currency realm, the terms crypto token and cryptocurrency, and altcoins are frequently used interchangeably. These words, however, are not interchangeable. The most prominent cryptocurrency is Bitcoin, which is a standard currency used for making or receiving payments on a blockchain. Altcoins (and crypto tokens) are two subset types of cryptocurrency, which is the superset.
Alternative cryptocurrencies, or altcoins, were created in the aftermath of Bitcoin’s tremendous success. The term “alternative coins” refers to coins other than bitcoins. They were introduced as improved bitcoin replacements, claiming to eliminate some of Bitcoin’s drawbacks. Altcoins include Litecoin, Bitcoin Cash, Namecoin, and Dogecoin, to name a few. Despite different degrees of success, none have achieved the kind of popularity that bitcoin has.
Cryptocurrencies and altcoins are virtual currencies with their own specialized blockchains that are primarily used as a means of making digital payments. Crypto tokens, on the other hand, are built on top of a blockchain, which serves as a platform for the design and execution of decentralized apps and smart contracts, with the tokens serving as a means of payment.