Contest !! || Explore altcoins with steem4bloggers

Hi everyone,
It's another day of the week and I'm delighted to participate in this contest today organized by @khursheedanwar which talks about My Childhood!!! I will be making my entry below so read through it and drop your valuable comment as it will be appreciated.

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What are altcoins basically?

Altcoins are those coins that are in existence aside BTC and ETH. This means that any coin which is not BTC and ETH are altcoins. So any crypto currency including our dear Steem token is an altcoins.

Altcoins are those crypto currency that were developed or brought into existence after BTC and ETH. So which ever token we are seeing today including those in airdrop are called altcoins.

So there are many altcoins in circulation at the moment and a few example include Steem, TRX, XRP etc.

Besides BTC and ETH write about any three altcoins in simple words.

The 3 altcoins I will like to discuss based on the above question include Steem, TRX and Hive.

Steem token is an altcoins that is the native token of the Steem blockchain. This means that the Steem blockchain uses Steem as a means of payment to its users.

Through their are other means of payment aside the Steem token such as TRX and SBD but the native token of the blockchain is Steem.

TRX which is known as Tron, it is the native token of the Tron blockchain. The founder of the TRX token is Justin Sun and he also have some share on the Steemit platform which made the integration of Steem and TRX to be possible.

This means that TRX is also used as a means of payment on the Steemit platform just like the Steem token.

Hive is the native token of the Hive blockchain. It is the token use to pay writers or curators or investors on the Hive platform. Just like the Steemit platform, Hive is also use as a means of payment.

How altcoins can be traded at crypto exchanges?(Write briefly about their buying and selling).

To trade crypto in an exchange platform all you need to do is to go to the exchange and copy the token address and then go to where the token is located example here in the Steemit wallet and then transfer the asset to the said wallet address.

When you have done that, to trade it I.e buying or selling, you may need to use the P2P handle. Using the P2P handle, if you want to buy, you locate buy and then enter the amount of asset you wish to buy and when you have sent the money to the person who is ready to sell, he or she will release the token.

In the same way, when you want to sell, you use the P2P format again and then place your other and those who are ready to buy will also release the money and after confirmation you too will release the asset.

Write 3 tips to follow before investing in altcoins?

Before investing in any altcoins as a good crypto trader all you need is to do proper analysis and DYOR which mean do your own research and be sure of the asset you want to buy.

If the said project is a good one you can go ahead and invest without fear but if it's not then you have to invest with caution.

Also the use case of the said asset matters a lot. You have to check and be sure that the asset you want to invest in has a good amount of use case and also it acceptable by all.

Finally, before investing in any altcoins, you must be sure that there is no bad records about the tokens and the founders as well.

I want to invite @sahar78, @sduttaskitchen, and @shiftitamanna, to join the contest in this community and share their entry participation.