How well do you know steemit ?

Hello guys,
It's a pleasure on my path to share with you all my entries in this week's contest which is titled "My Iftar Menu" which was organized by @khursheedanwar. It is an interesting contest and I would love to drop my entry ASAP.

Source

Before we go ahead I would like to invite @dave-hanny, @rakiya, and @lhorgic to join this contest in this community today and share their participation as well, I do hope to see and read your entries as well.

What are altcoins basically?

Altcoins basically are those crypto that came into lime light after Bitcoin. So this means that every asset that came after BTC which is the first crypto asset is called an altcoins.

Altcoins include Steem, Tron, Ripple etc. So to a lay man altcoins is any crypto currency aside the first crypto currency which the BTC. This is what altcoins means to me.

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

Steem: This is the native token of the Steem blockchain and it is use to pay Steemians for creating content on the Steemit platform. Currently the price of Steem is around $0.25 but hopefully before the end of bull run it will hit $1.

Hive: The native token of the Hive blockchain and it is also user to reward content creators and curators. This token at the time of writing this publication is trading at about $0.35

TRX: This is the native token of the Tron blockchain and it is also use as a reward payment means for Steemit platform. The TRX token is trading at about $0.15 at the time of writing this article.

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

To trade altcoins in an exchange is pretty same with BTC. Firstly to buy a coin you need to look for a seller or if the platform is such as Roqqu the amount you wish to buy the asset with will be deducted from you ban account and then the asset sent to your wallet.

In the same way, if you want to do the P2P format, all you need to do is to ensure you get a seller and when the coin is sent to you you release the money or you send the money before the coin will be released.

Just like the way you buy, the same way you will sell you asset so you need to look for a buyer and follow same procedure as the above and then you will get the asset you want.

Write 3 tips to follow before investing in altcoins?

DYOR: Is an acronym which stands for the word do your own research. This means before investing in any altcoins do your own investigation about the asset because it is at owners risk.

Check the Team: If the team members of that project are reliable then you can invest in such project but if they are questionable then you should use your tongue to count your teeth.

Usage of the assets: Check the usage of the asset and be sure that it has a good usage so that you don't just waste your money investing in things that are not valid. So this is also very important.