Altcoin
Cryptocurrencies that function as digital mediums of exchange outside of traditional banking and governmental institutions. Unlike defined legal tender, altcoins have no formal status but operate as decentralized alternative payment mechanisms built on blockchain technology. While bitcoin was the first widely adopted cryptocurrency, the term altcoins refers to the myriad of other cryptocurrencies that have emerged subsequent to bitcoin. They provide additional options for financial transactions and value storage based on blockchain-powered digital assets and cryptography.
