Bitcoin may be the most well-known cryptocurrency, being the example that most illustrates a virtual coin. However, Bitcoin is one of many cryptocurrencies and in recent years, ‘alternate coins’ (Altcoins) have been making gains in the peer to peer, decentralised and anonymous currency market.

Many of the Altcoins a built upon the fundamentals and framework provided by Bitcoin, with different coins aiming to provide a different and unique selling point, using Bitcoin’s technology for a unique application like, for example, some coins’ ability to use Smart contracts; software designed to enforce contracts automatically and without error.

The recent rise in ICOs, alongside continued growth in the cryptosphere has enabled more currencies to rise, creating more room for opportunity. The breakthrough fostered by Bitcoin has undoubtedly bloomed into something exciting. Whether or not the up and coming projects will continue to go from strength to strength in light of plans for regulation is yet to be seen. How decentralised systems will continue to work once regulation is in place is another difficult question. For now, the Altcoins provide unique applications and a different texture from ‘mainstream’ Bitcoin. Aor today, there are about 500 different types of coins.