Grassroot Crypto Education | Series 2 Volume 5- Contest: Draw the Logo of your Favorite Altcoin by @junst

Hi beautiful contest created by @fredquantum. I am happy to see some crypto course done in steemkidss. I have decided to participate and share more about cryptocurrency

What Is Altcoin

Altcoin is gotten from two words Alt(Alternative) and coin, which means alternative to Bitcoin. So Altcoin is a cryptocurrency, which have the same characteristics with Bitcoin. It also follows the method of Bitcoin, which is the use of consensus mechanism to validate transaction in a Blockchain.

Source of image

Altcoin is expensive in terms of trading than Bitcoin. Since it is the alternative, it will be too cost to trade on it. There are concept found in Altcoin which are smart contract and low scalability. This means that Altcoin get signals from Bitcoin. This can be preview in coin market cap and it shows that Altcoin is a currency which have dealings with Bitcoin. There are some currency seen on Altcoin, they are stable coins, utility token and security tokens

Example of stable coins are BNB, utility token are Ethereum and Solana, security tokens are equity token and many more coins found in Altcoin. BNB and Solana was the highest market cap as of November 2021.

Also , Altcoin shared nodes through peer to peer. This means that it is done by different users, which comes together to share a common boundary or information with each other.

What is your favorite Altcoin? What year was it created?

As seen in my previous explanation about different kinds of Altcoin currency. So I prefer utility token to any other currency in Altcoin and it is Ethereum.

Ethereum was created in the year 30 July, 2015. This was among the top ten traded coin in coin market cap and since then many coins has been approved through Ethereum.

Ethereum has a high charge fee in terms of trading but it responds to high creating of profit in a Blockchain when staked. Staking is the act of locking your coins for a period of time and in return gives you some interest together with your capital. So when Ethereum is been staked, the interest given out will be greater, only if Ethereum continues rising .

Draw the icon of your favorite Altcoin. And write your username on it.

My Drawing Process

Conclusion

Altcoin are coins similar to Bitcoin and we should continue growing in crypto currency trading, this can enable us to be better in steemit. Steem is even one of the Altcoin generated from usdt, BNB, Ethereum and Bitcoin.

I have completed my drawing. I have also completed my verification criteria toward steemkids community.

Thanks to @steemkidss and @fredquantum of creating this wonderful contest for kids.