Altcoins Explained, and Should You Buy Them?
As the popularity of cryptocurrency continues to rise, new terminology has also arisen. Terms like “altcoins” and “stablecoins” have led many people to become confused. In this article however, the term “altcoin” will be debunked once and for all. So what exactly is an altcoin?
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The term “altcoin” simply means any cryptocurrency that is not Bitcoin. Otherwise known as ‘alternatives to Bitcoin’ or ‘altcoins’. This means any other cryptocurrency besides Bitcoin, could be considered an altcoin. Hopefully that clears up some confusion for anyone new to crypto terminology. Now it’s time for the big questions surrounding altcoins.
Should People Invest in Altcoins?
Although there is not a definitive answer to this question, it is worth dicussing the pros and cons of altcoins. It is important to note that the value of Bitcoin has a major impact on the value of most altcoins. The crypto market has demonstrated this time and time again. When the price of Bitcoin drops, so does the value of many common altcoins. There is a multitude of reasons for this relationship, and it is important to make sure people are aware of this before they invest.
Popular Altcoins to Invest in
There are thousands of altcoins, and more are being created every single day. This can make it hard for new crypto investors to gain an understanding of which altcoins will be worth investing in. Again, this is a question which has no definitive answer. However for the sake of the article, here are a few popular altcoins worth reading more about.
One of the most popular altcoins to date is Ether, Ether is a cryptocurrency created by Ethereum. For people who are looking for an altcoin that already possesses massive value, Ether is the altcoin for them. Not only that, but Ethereum has positioned itself as one of the largest blockchains for NFTs. Ethereum also provides an entire ecosystem of apps called ‘decentralized-apps’. This helps provide stability for Ether, since Ethereum is behind many other projects that require the use of their blockchain.
Another popular altcoin worth mentioning is Solana, this cryptocurrency is a bit cheaper than Ether. However, Solana still provides a high potential to increase in value within the near future. Much like Ethereum, Solana aims to provide a cutting edge blockchain ecosystem. Solana markets itself as one of the fastest blockchains in the world. Not only that, but adding to the Solana blockchain is much cheaper than adding to the Ethereum blockchain. This is another factor to consider, which could potentially skyrocket the value of Solana in the future.
Investing In Altcoins
Whether or not you choose to invest in altcoins is completely up to you. However always remember that the crypto market can be extremely volatile. In other words, don’t invest money that you cannot afford to lose. If you choose to invest in altcoins, best of luck to you! Comment what crypto topics I should talk about next, down below.
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