What are Altcoins? And Everything You Need To Know

what are Altcoins

What do Alternative coins (Altcoin) really mean? Well, let’s go into it. The first cryptocurrency to ever exist was Bitcoin, about 12 years ago. The success story of Bitcoin led to a cryptocurrency called Ethereum. With that also came another crypto coin, and another, and another. And now there are NFT’s, Memecoin, and a whole lot.

There are about 2500 traded cryptocurrencies but this number won’t stop there as more and more will keep popping up.  In a statement released by CoinMarketCap, there are about 5,400 cryptocurrencies in the market now.

With the current Bitcoin price now, for an investment to make a big ROI on a bitcoin purchase, you need to purchase a large number of it. Bitcoin has reached a point where it is unaffordable for a low or middle-income individual to hold at 1BTC, but this also has made it possible to look at other Altcoins with huge potential but the cheap prices for anyone with any financial background to invest in.

What are Altcoins?

But what Alternative coins (Altcoin) really mean is an alternative coin. A crypto glossary is used daily to describe cryptocurrencies and other digital assets that aren’t Bitcoin.

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All Altcoins are similar to Bitcoin because bitcoin made it possible for Altcoins to exist. Without Bitcoin, there wouldn’t be Altcoins. Altcoins also uses blockchain technology, a system that allows secure peer-to-peer transactions on the internet.

Brief History about Altcoins

The Godfather of cryptocurrency, Satoshi Nakamoto, the name behind the world’s first cryptocurrency. History has it that, the first crypto ever created was Bitcoin in the year 2009.

3 years after, the world witness the birth of alternative coins when Namecoin became the first-ever cryptocurrency created after bitcoin. This laid the path for many Altcoins to follow up till now.

Namecoin became the second largest cryptocurrency right after Bitcoin but it didn’t take long till that position was taken over by other altcoins. Litecoin (LTC) is one of the altcoins that really showed huge potential.

Then came XRP (RIPPLE) in 2013, followed by Eth (Ethereum) in 2015. And the number of altcoins coming out has not stopped since then, new altcoins popping up in the market day in and day out with new use-cases and innovation solutions to boost the defi ecosystem system.

altcoin season
image via Bitpanda Blog

Where Can You Buy Altcoins?

Buying alternative coins now is very easy with lots of crypto exchanges out there. One can own any altcoins of their choosing.

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Crypto exchanges like Binance, Paxful, Coinbase, Uniswap, KuCoin, MEXC, etc. you can buy Bitcoin and any other major coins of your choice via Bank transfer or credit on the listed exchanges.

For customers who want to own an altcoin of their choosing, you can do this by purchasing BTC or Eth, then transferring it to the crypto exchange of your choice, and using it to purchase or buy the altcoin you want to own.

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How to Buy Altcoins

  • Choose the crypto exchange you want to purchase your altcoin on. Sign up for your account to get started. Provide all the required details to get your account registered.
  • Buy your first crypto or altcoin using your fiat currency.
  • After successfully buying your first crypto or altcoins, the coin you purchase will be available in your crypto wallet
  • You can now convert or exchange your crypto to any altcoin you want

How to Sell Altcoins

What is the best way to sell Alternative coins?

  • find a fiat-friendly exchange.
  • Choose a currency combination to go with your desired fiat currency.
  • Choosing a Coin for Conversion
  • Once you’ve found the most cost-effective pairing, you may trade your altcoins for the cryptocurrency of your choice.
  • Transferring to the Fiat Exchange
  • On the fiat exchange, look for a pairing that includes your coin and the fiat currency you want. Cash in your coins by selling them.

What is Altcoin season?

The term ‘Altseason’ is a condensed version of the term ‘altcoin season.’ It is a type of cryptocurrency market cycle in which altcoin values climb rapidly. This price shift can occur with or without the effect of Bitcoin’s dollar value.

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During this market time, the price success of altcoins frequently exceeds that of Bitcoin. Altcoin prices are usually either stable or very slow-moving. However, every now and then, the value of all altcoins might skyrocket in a matter of seconds.

This desire cycle could last anywhere from just a few weeks to several months in length. As a result of the uncertainty, many investors try to boost their profits at this time. During the alt season, the rate and magnitude of price increases can vary greatly.

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We hope this article helps understand what Altcoins are, where to buy, and how to sell.

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Source: fifty7tech.com

A Techie with a devoted interest in following trendy tech and writing articles • SEO • Crypto Follower & Investor •Tech Media and other things.

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