What Is An Altcoin?
- Troy Rudd
- Mar 31, 2017
- 2 min read
What is an Altcoin? Very simply, any cryptocurrency other than Bitcoin. We all know Bitcoin is "King" and was the first digital currency. But, are the other coins worth anything? YES! There are hundreds of other coins on the market. You've probably even heard of some of the top coins like: Lite, Monero, Doge and Ethereum. These are all an open source, peer-to-peer digital currency that is DECENTRALIZED. Being decentralized just means that it is not owned by any government or individual. This is important because there are some very well known SCAM coins out there, and new ones popping up all the time. A couple you may have heard of are OneCoin and a newer one called The Billion Coin. More importantly than "What is an Altcoin?" is "What is the coin actually worth?" All legitimate Altcoins can be purchased and traded on platforms like Bittrex. To find out if a coin is a scam, just search for it on a reputable, transparent exchange like Bittrex. If it's not there, RUN!
Any currency derives its value from TRUST. There must be a trust among users that it can be traded and used in exchange for a value that the community agrees on. Scam coins like OneCoin, The Billion coin, Wow Coin and others tarnish the cryptocurrency community, and I do my best to make people aware of them as new scams pop up. I have owned, used, traded and mined Bitcoin for over three years. I consider myself an "armchair activist" for the crypto community and the promotion of purchasing, growing and using Bitcoin and other Altcoins, especially Ethereum (Ether). If you don't already have a bitcoin wallet, it is very easy to register one and start buying bitcoin. If you are in the USA, Coinbase is one of the most popular platforms to purchase and exchange for USD. If you use my referral link for Coinbase, you will be gifted an extra $10 when you buy your first $100 in bitcoin. Here is my link to get the extra $10 (I'll $10 too :) http://GetCoinWallet.com
I hope this post has help clear up the question: What is an Altcoin? More importantly, I hope it will help you avoid any scams. If I can be of further assistance on bitcoin or altcoins, please email me at my personal address: Troy@TroyRudd.com or connect with me on Facebook.
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