Every other cryptocurrency that came after the Bitcoin is considered an Altcoin, like Ripple or Litecoin. Since its creation, Bitcoin has faced some problems in high fees and processing time, and some Altcoins offer lower fees and significantly shorter processing times. The concept is to create alternatives that would be more efficient, either in anonymity or in simpler mining methods. To read Blockbid's beginner guide on "What are altcoins?", click here.