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How To Get Started Trading Altcoins The Right Way

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  • How To Get Started Trading Altcoins The Right Way

    Cryptocurrencies have taken the world by storm and anyone who knows their value is making a stake in them. One thing that most people who get started in cryptocurrency trading may not know is that there are many different types of cryptocurrencies.

    Most people are familiar with Bitcoin trading, even if they do not understand too much about it. Then there are Altcoins and newcomers will undoubtedly have several questions about it. Here is a brief guide on how to get started trading Altcoins the right way.

    What Are Altcoins?

    Bitcoins have been around, and many people have tried their hand in Bitcoin trading. Naturally, most people would want to try out the next best thing particularly if they have had success at trading in bitcoins. That is how altcoins came about as "bitcoin alternatives."

    The reason behind altcoins was to improve on or replace some bitcoin components. Equally, there are hundreds of different types of altcoins and each function as a bitcoin clone except for minor characteristic changes. For instance, some altcoins expedite transaction speeds, using a different hashing algorithm, or improve on distribution methods.

    However, most altcoins do not live to see the test of time except for a few which are doing well, if not better, than the bitcoin in trading markets.

    The Role of Altcoins In Cryptocurrency Trading

    Bitcoins being the cryptocurrency forerunner has gotten itself a fair share of enthusiasts who are backing it fully. Bitcoin enthusiasts do not believe that altcoins can supersede or match up to the bitcoins infrastructure.

    However, altcoins further help with decentralization, and they also experiment with additional unique features that bitcoins lack. Another argument is that bitcoins can easily incorporate the features that altcoins have, but on the flipside, the cryptocurrency community appreciates fully functioning altcoins.

    Also, a little healthy competition never hurt, and that is what altcoins offer. The healthy competition that altcoins have presented in the cryptocurrency market has kept bitcoin developers actively trying to come up with innovations.

    The Altcoins You Should Know About

    Once again, you are going to come across a wide range of bitcoin alternatives, but a few of them stand out. Some of the altcoins that you should pay attention to include:

    Litecoin

    The Litecoin is considered as the "silver of bitcoins." with bitcoins being gold in this case. Created in 2011, the Litecoin transactions are said to be faster than bitcoin transactions. However, the Litecoin mining method eliminates some significant advantages that miners using specialized computer hardware are accustomed to with bitcoin mining. Litecoin has an estimated $2.14 billion market cap, and its estimated price is $41.49.

    Peercoin

    Created in 2012, Peercoins were promoted as energy efficient and environmentally sustainable cryptocurrencies. Also, it is said to come with a one percent inflation rate. The Peercoin has a $62.4 million market cap, and its price is $2.58.

    Namecoin

    The Namecoin was amongst the first altcoins created to explore cryptocurrency record-keeping technology. Namecoin functions as a decentralized peer-to-peer DNS for the dot-bit domains which can be purchased using Namecoins. The transactions are then tracked in the public ledger or block chain. Created in 2011, Namecoin has an estimated $37.4 million market cap, and its estimated price is $2.54.

    Primecoin

    The Primecoin takes on a hands-on type of approach with miners having to use their computers to search for Cunningham chains. The Cunningham chains are prime number sequences which offer potential value added to the minting process and securing the network. The Primecoin came about in 2013, and it holds a $14.6 million market cap with an estimated price of $0.74.

    Should You Get In On Altcoin Trading?

    Altcoins and cryptocurrency trading, in general, is a relatively new landscape. That said, cryptocurrency investments carry a level of risk, and it is often the same case with any other type of investment.

    Bitcoin trading is considered as the most stable of cryptocurrency trading, but it still exhibits signs of volatility regularly. The best way to get started with altcoin trading is to take up long-term coin investments on altcoins that present immense potential and overall health.

    Healthy altcoins have strong communities backing, high liquidity rates, and proactive developers who continually work to improve on the source code of the coins.

    Altcoin trading, just like bitcoin trading, is something that every trading enthusiast should try out.

    • Kelly
      #3
      Kelly commented
      Editing a comment
      I will post an updated thread. Many things have changed over the past few months

    • Etse Ralph Mattey
      #4
      Etse Ralph Mattey commented
      Editing a comment
      Please how much is an altcoin now and how do I purchase?

    • Kelly
      #5
      Kelly commented
      Editing a comment
      Hi Etse,

      Altcoins carry different prices depending on the coin. You can get started by creating an account on an exchange and then purchasing your first bitcoin from a gateway such as coinbase or coinmomma.

      Here is an blog post that may help you:

      https://www.altcointradingforum.com/...rrency-trading
    Posting comments is disabled.

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  • How To Get Started Trading Altcoins The Right Way
    Kelly
    Cryptocurrencies have taken the world by storm and anyone who knows their value is making a stake in them. One thing that most people who get started in cryptocurrency trading may not know is that there are many different types of cryptocurrencies.

    Most people are familiar with Bitcoin trading, even if they do not understand too much about it. Then there are Altcoins and newcomers will undoubtedly have several questions about it. Here is a brief guide on how to get started trading Altcoins...
    06-30-2017, 05:18 PM
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