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What are altcoins?

Let’s start at the beginning. Many people do not yet know what altcoins are, while they often know what Bitcoin is. We can tell you what altcoins are by first giving a brief explanation of Bitcoin. In 2009, Bitcoin was created by Satoshi Nakamato. Bitcoin is a digital currency that runs on the blockchain. The blockchain consists of a network of computers. When you make a transaction, it is sent to the blockchain. The computers that are part of the network will check if the transaction is valid. Is it? Then your transaction is put into a block, which is added to the blockchain.

Bitcoin was the first currency to run on the blockchain.

However, the idea is easier to copyëren and implement in different variants. Thus, multiple currencies can be created that run on a blockchain. These currencies are called altcoins, because they are basically an alternative to Bitcoin. New altcoins are created every day. Therefore, it is impossible to be aware of all altcoins. Therefore, it is best to be aware of the best known altcoins, which we will discuss further in this article.

The difference between coins and tokens

Bitcoin is a crypto currency. However, an altcoin does not always have to be a crypto currency. In fact, an altcoin can also be a token. Before you start buying altcoins, it is important that you are aware of the difference. Of course you want to know what you are investing your money in. I will therefore briefly explain what a token is, and how it differs from a coin.

An altcoin doesn’t always have to have its own blockchain

In fact, it can also use a different blockchain. When an altcoin uses another blockchain, we talk about a token. Uniswap (UNI), for example, is a token. This is because the platform runs on the blockchain of Ethereum (ETH).

Ethereum is therefore a blockchain, and has its own currency. This currency, the Ether (ETH) is directly connected to its own blockchain. When an altcoin has its own blockchain, we talk about a crypto currency or coin.

How can you buy altcoins?

Happily, it is not difficult to buy altcoins. You do this in the same way as buying Bitcoin, although the first step you need to take is different. This is also considered a difficult step by most people. I’ll explain step by step how to buy altcoins below.

Step 1: Researching altcoins

Before you make a purchase, it is important to do proper research. All the great investors of this world say it: make sure you know what you are investing in. You can do research by means of a technical analysis or a fundamental analysis.

Technical analysis altcoin

Producing a technical analysis is often difficult and requires months, if not years, of experience. In doing so, you examine the price to determine the correct entry point. You do the same for the exit moment. Here you can read more about carrying out a technical analysis.

Fundamental analysis altcoin

A fundamental analysis is somewhat easier to perform, although you will need to have some knowledge about blockchain and crypto. In a fundamental analysis you look at the underlying story of a crypto currency or token. For example, think about the purpose of the altcoin, how it works and who is on the team.

But partners, competition and tokenomics can also be important to the research you do. You can read more about conducting fundamental analysis here. By doing research, you can determine for yourself which altcoin is best to buy. Further on in this article, I will go into more detail about the different altcoins you could buy.

Step 2: Choose exchange on which to buy altcoins, or choose a broker

Crypto buying is done on a crypto exchange. This is a website that can be compared to a broker for shares. On the website of the crypto exchange you indicate which altcoin you want to buy, and at what price you want to do that. For many people it is difficult to choose an exchange, because there is a lot of choice.

The obvious choice then is to use eToro. This is because it is a reliable broker with low transaction costs. Dat betekent dat je niet veel geld kwijt bent aan het gebruik van de exchange. Daarnaast is het aanbod vrij groot: je kunt meer dan 50 verschillende altcoins bij deze altcoin broker kopen.

Naast eToro heb je ook nog keuze uit (internationale) crypto exchanges, zoals:

• Coinbase
• Binance
• KuCoin
• Uniswap
• SushiSwap
• Kraken
• Bittrex

When you are still a beginner in the crypto world, it is best to choose a central exchange (CEX). You can also choose from a decentralized exchange (DEX), such as Uniswap or SushiSwap, but this is quite complicated for beginners. You have to go through many more steps on a DEX, so the chance of things going wrong is much higher. A CEX is therefore a much safer choice for beginning crypto traders.

Step 3: Store the altcoins securely in your wallet

After you have purchased your altcoins, you will need to store them in a special crypto wallet. This is a wallet where you can store crypto coins. You have a choice of two different types of wallets:

It is important to know the difference between a cold and hot wallet. With a software wallet, your crypto coins are stored online, for example in the wallet of the exchange you used. This means that your crypto coins are always accessible.

A hardware wallet is a lot safer because you can disconnect it from the internet. You can compare it to a USB stick where you keep your crypto coins. When you disconnect this USB stick from your computer, the coins on it are not accessible.

Step 4: Keeping an eye on the altcoin price

You naturally want to make a profit on your investment. To do this you will need to sell your altcoins for a higher price than the purchase price. For this it is important to keep an eye on the prices of the altcoins you have bought. You can often do this in the crypto exchange you used, but also on CoinMarketCap.

Step 5: Selling your Altcoins for Profit

Selling your altcoins for a profit is the most fun part of crypto trading. After all, this is the moment when you can make money on your investment. Of course it is also possible to make a loss. However, this only happens when you sell your altcoin for a lower price than the purchase price.

Do you think that one of your altcoins has reached a nice price? Then you might consider selling your altcoins at the exchange where you also purchased them. You can do research on your altcoins to determine if the price has reached a proper price. Again, you can do this through technical analysis or fundamental analysis.

Which altcoins to buy?

Even back to the beginning. Before you buy altcoins, you will first need to determine which crypto you are going to buy. As mentioned, it’s best to research this yourself through fundamental or technical analysis. Still, you may be completely new to the world of crypto. Chances are then that you haven’t heard of altcoins like Polkadot or Ethereum.

The best altcoins right now

You can keep an eye on crypto news to find out the best altcoins of the moment for yourself. Are you completely new to the world, and really don’t know what altcoins are out there? Then you could do some research on the altcoins below:

• • Ethereum (ETH)
    • There is a lot of money out there.
    • Ripple (XRP)
    • Cardano (ADA)
    • Polkadot (DOT)
    • Chainlink (LINK)
    • Holo (HOT)

Conclusion buying altcoins

Buying altcoins is not difficult. Hopefully through this article I have been able to get you started on becoming a true crypto trader. Every great person has had to start somewhere at some point. When it seems overwhelming, it’s important to keep going. By researching and trying a lot, you will learn more and more, and crypto trading will become easier and easier.

By researching different altcoins, such as Ethereum or Cardano, you can determine for yourself which altcoin might be a wise investment. Once you have determined this, you can buy relevant altcoin at a crypto exchange. There are an awful lot of different crypto providers such as eToro or Binance.

After you have bought the altcoin and stored it in your wallet, the trick is to keep an eye on the price. Do you find that the price of your altcoin has reached a nice price? Then you could proceed to sell your altcoin. This is the most fun moment of crypto trading, because here you could make your profits. Of course it is also possible to make a loss, if you sell the altcoin for a lower price than the purchase price.