Altcoins – I am sure that if you have ever studied or directly invested in Bitcoin or other cryptocurrencies, you have all heard about the concept of “Altcoins”, but many of you are still confused about what Altcoins are? And it’s no different from Bitcoin. This article I Love Bitcoin share with you all about What is Altcoin? Should you invest in Altcoins? Where to create wallets and buy and sell Altcoins? Which exchange is reputable and cheapest?
What are Altcoins?
Altcoins is a term used to refer to all coins other than Bitcoin (also known as “Alternative Bitcoin”), which means that there are currently about 2,000 coins on the market (as of 2018), we exclude Bitcoin, all remaining coins are collectively referred to as Altcoins.
Why did the concept of Altcoins appear?, after the successful birth of Bitcoin in 2009, many other coins were born and all developed on the basis of Bitcoin. The difference of Alt coin with Bitcoin is the AltCoin was born to overcome the disadvantages of Bitcoin, such as: Lower transaction fees, faster transaction speed, more security, more anonymity, better scalability, ..each coin will has a different feature and application, and of course is superior to Bitcoin, however, the idea is that but not many Altcoins can surpass Bitcoin.
Which coin was the first Altcoin born?
Namecoin (NMC) is the first Altcoin born after Bitcoin, NMC coin was created by Vinced on April 18, 2011. Namecoin is considered an early fork of Bitcoin, it helps to improve the decentralization, privacy, censorship, security, and speed of certain components of the Internet infrastructure such as DNS and identity.
Should you invest in Altcoins?
“Should“Of course it should, if you are looking for an investment opportunity in the Cryptocurrency (cryptocurrency) market, you cannot ignore Altcoins. 2017 is probably a “glorious” year for Bitcoin and Altcoins, up to now the market has “cooled down” quite a lot, but that does not mean it will not be “hot again”.
Why should you invest Altlcoin instead of Bitcoin? Altcoins help you multiply capital much faster than Bitcoin, as you know Bitcoin is the virtual currency with the largest market capitalization in the world, so it is difficult to x5, x10 in the short or medium term (2.3 months) , but Altcoins can do it, a lot of people invest in Potential Altcoins, good coin and with the market going up they have xxx their account and made a lot of money, of course, the risk is still there, you can still lose, and that’s a rule in investing, The important thing is that you know how to manage capital, buy at the right time and sell at the right time to make a profit.
One disadvantage of Altcoins compared to Bitcoin is that “easy to price“, ie “sharks” (the term for market manipulators), the price of Altcoins is often more volatile than Bitcoin, because the smaller capitalization makes it easier to manipulate. However, this manipulation is only disadvantageous if you are an inexperienced trader, and if you choose a good altcoin and invest for a long time, you do not need to worry about this issue much.
You can track the price movement of Bitcoin and over 1,500+ Altcoins in real time at “Coin Rate Table” ours.
Where to create a wallet to store Altcoins?
If you are new Learn about Altcoins or Bitcoin, I will add this part, usually each coin will have a separate storage wallet developed by the project’s team or an intermediary wallet service or you simply store it on the exchange’s wallet. But with Token it is different, Token will share a wallet with the platform coin it uses. If you do not know what Token is and how it is different from Coin, you should see this article “What are Tokens and Coins? How are they different?“. Specifically, I summarize:
- Private wallet: If it is Coin, it will have its own wallet and you can download it directly from the official website of that coin to use. If it is a Token, then you see the Token developed on which Coin platform, then use the same wallet with that Coin. Eg, Token ERC20 belong to Ethereum share a wallet with Ethereum.
- Intermediate wallet service: There will be companies that develop online and offline wallet services and support coin storage. Eg:
- Blockchain Wallet: Support to store Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH)
- CoinBase Wallet: Supports storing Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ethereum Classic.
- Ledger Nano Wallet WILL: This is a hardware wallet, also known as a cold wallet, it supports storing a lot of coins.
- Exchange wallet: If you regularly trade coins, you can always store them on the wallet of that exchange, of course, which exchange supports any coin trading, it will have that coin’s wallet.
Where to buy and sell Altcoins? Which exchange is reputable?
Usually you will Buy and sell Alt Coins on exchanges or if it is Token, will buy from ICO projects. Currently, there are many exchanges for you to buy and sell coins, I will introduce you to some of the most reputable, cheap and safe international exchanges in Vietnam as well as internationally. (Click on the bulletin board name to see the instructions for use.)
- Remitano floor: This is an exchange in Vietnam that supports you to buy and sell in VND, Remi has 4 coins that you can buy and sell: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and USDT (Tether) .
- Binance Exchange: This is the international exchange and also the largest exchange in the world, Binance supports a lot of Coins and Tokens, but of course you can’t buy with VND but must use BTC, ETH or USDT to buy.
- Huobi Exchange: Similar to Binance, also in the Top 3 largest exchanges in the world, supporting many Coins and Tokens. Huobi has an exchange called Huobi OTC in Vietnam, you can buy coins in VND. I will write the user manual later.
- CoinEx exchange: This is also an international exchange I often use, the operating model is similar to Binance and Huobi.
Epilogue
So I’ve finished sharing with you all Information about Altcoins, hope it will give you much of the knowledge you need about the AltcoinsIn the next post, I will share some of the most potential Altcoins in 2018, 2019 for your investment reference, remember to follow the blog. If you feel the article “What are Altcoins? How is it different from Bitcoin? Should you invest in Altcoins? Where to create a wallet and Buy and sell?“Useful, don’t forget Like, Share and 5 star rating to support Blog I Love Bitcoin Please. Leave a comment if you have a question you need me to answer. Good luck.
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