Bitcoin, while being hailed as the number one cryptocurrency, has its limitations. Over the years many developers have felt that they can improve upon the technology that it is built upon, this being the Bitcoin blockchain.
Bitcoin transactions come with high fees and take a fair amount of time to process; thus some altcoins were designed to have lower fees and faster processing times. Bitcoin’s “proof of work” process also requires massive amounts of power which can be replaced with an alternative verification process making altcoins more efficient. Different altcoins have also been designed with privacy and anonymity in mind such as Monero.
Crypto enthusiasts who are drawn to the idea of cryptocurrency and blockchain but believe Bitcoin has technical drawbacks have been attracted to various altcoins as an alternative.