Contest !! || Explore altcoins with steem4bloggers

Hello everyone,
It's your favorite Steemian @rakiya from Nigeria and I'm delighted to join in this contest organized by @khursheedanwar in this noble community today. It's a wonderful contest and I love to share my participation in it.

Source

What are altcoins basically?

The word altcoins is a word that is use to describe any crypto currency that is not Bitcoin, this means that these coins serve as an alternative to Bitcoin. In summary any crypto currency which is not Bitcoin is an altcoins.

For example ETH, LTC, Steem etc are alll altcoins because they are alternative to Bitcoin. This coins as we know can be used for transaction purposes as they have similar use case as in the case of Bitcoin as a crypto asset.

So basically from the above question, an altcoins is any coin aside Bitcoin. We have thousands of altcoins today and many more are still coming becaue we keep mining ⛏️ daily.

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

BNB is one of the altcoins I will like to briefly talk about. BNB is the native token of the binance platform which is used to perform activities on the platform. This token is use for gas fee and also many other activities within the Binance platform.

BNB like other token is also an altcoins and many other platform also has their native token but BNB seems to be the highest in price because of the massive usage of the platform and the use case of the token.

Steem is the native token of the Steem blockchain and the Steemit platform. Steem is also an altcoins and it is use as a means of payment or reward in the Steemit platform.

Steemians all over the world get their reward in form of Steem and even now, I'm writing this post and anticipating a Steem reward via a post upvote.

MX token is the native token of the Mexc exchange and it is use for performing activities within the platform just like the BNB I mentioned earlier for the binance platform.

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

Trading altcoins is similar to trading Bitcoin. You can convert the asset you wish to trade to USDT and then get a pair who is ready to buy and then you seek to him and once you receive the money, the exchange will notify you to release the asset when the user has marked the order as paid.

The same thing is applicable when it comes to selling an asset. You will have a buyer and a seller and all you need to do is to make an order from those who are ready to sell and then make the payment and the seller will release the asset as well.

Write 3 tips to follow before investing in altcoins?

Usecase: One of the criteria to check before investing in any altcoins is the use case of the altcoins. Like Steem is used on the Steemit platform and many users accept it as a means of payment as well.

The founders of the token also matters alot. You will have to check and be sure that the founders are people with reputable character and are not people with questionable character.

Also check to be sure that the said asset is listed in prominent exchanges so that you can have access to it at anytime and if there is issues with it you will be notify on time.

I want to invite @lhorgic, @drhira, and @josepha to join the contest also.