Contest !! || Explore altcoins with steem4bloggers
Canva creation
| Assalam O Alaikum! |
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Contest !! || Explore altcoins with steem4bloggers
and created by @khursheedanwar .
What are altcoins basically? |
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Basically the word "Altcoin" is a made of the two words, first alternative which means substitute and second is coin which is currency. So term generally includes all cryptocurrencies and tokens excluding Bitcoin. All altcoins relate to the blockchains for which they were clearly designed. It is also known as the digital form of money. Bitcoins are made for decentralized monetary standard. In other hand altcoins provide the facility of many functioning. It can fill our different needs. It represents the ownership of assets.
Besides BTC and ETH write about any three altcoins in simple words. |
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Litecoin (LTC)
We can say that Litecoin is the younger sister of Bitcoin. It has low cost and faster to use for any transactions. it is fast and has low costs that is why, people use it for regular purchases like groceries or coffee.
Ripple (XRP)
The main objective of ripple coin is to reduce the cost and speed of money transactions between banks and other financial organizations. It is comparable to a very quick worldwide money transfer network. It allows certain large banks to transfer money across borders in a matter of seconds.
Cardano (ADA)
Cardano coin can be seen of as an upgraded, more effective Ethereum. It makes it simpler for developers to create smart contracts and decentralized apps (DApps) by stressing on security and scalability. Its environmental friendliness makes it more popular than some other cryptocurrencies.
Freepik
How altcoins can be traded at crypto exchanges?(Write briefly about their buying and selling). |
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Altcoins can be traded in cryptocurrency exchanges, It is similar to how stocks are traded on stock exchanges. First of all we have to create account on a cryptocurrency exchange. In this case we have to provide some personal information to verify our identity. We can trade altcoin by buying and selling altcoins.
- After account creation we have to depositing funds. This can be done by transferring cryptocurrencies like Steem or Ethereum from another wallet. Or by depositing other currency (USD, EUR) by bank transfer ,debit card.
- Then we choose an altcoin. After funding our account, we can check the exchange's list to choose which altcoin we want to buy.
- After that the process starts placing an Order. We have decided on an altcoin to buy, we'll need to place an order on the exchange.
- After placing our order, the exchange will match it with a corresponding buy or sell order from another user.
- Withdrawing funds process starts after that. Once we have purchased altcoins, we want to withdraw them from the exchange to a personal wallet for added security. We can also choose to keep them on the exchange if we plan to trade frequently.
- Selling altcoins is also most important. To sell altcoins, we follow a similar process to buying, but in reverse. We choose the altcoin which we want to sell, specify the amount, and place a sell order either at the market price or a limit price. Once the sell order is matched with a corresponding buy order, the trade will be executed and we receive the proceeds in our exchange account.
Freepik
Write 3 tips to follow before investing in altcoins? |
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I will like to follow these three steps before investing in altcoins:
- First of all, as a good trader in cryptocurrency I analysis the coin history and it ups and downs. After deep observation I decide to buy that coin which is best for me.
- The second thing is that I deeply study to chart extensively. I study their history about at least six months ago. After I choose altcoins.
- I will stay informed about everything altcoins. I will also talked with experience crypto traders, it will also help me to choose good altcoins which lead me to profit. In this way I can get more profit by choosing altcoins wisely.
I love to invite to my dear friend
@shahid2030
@shahidalinaz
@hudamalik
for taking part in this contest.
| Thanks! for being with me |
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Special thanks |
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Best Regards |
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@safdarali
Thank you, friend!
I'm @steem.history, who is steem witness.
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@safdarali
Yes, you are right, one is an alternative, and the other is a coin, and if you talk about it, except for Bitcoin, then all the coins are highly protected. What about the world this is really the era of crypto and the best era we are going through and you have created an admirable post keep up the good work.
Thank you so much for your feedback dear @shabbir86