A step-by-step tutorial on how to buy any altcoin
Cryptocurrencies offer a wealth of ways to get involved in the market. At the time of writing, there are over 6,000 cryptocurrencies traded over 250 exchanges worldwide. New cryptocurrencies sprout every day as weaker cryptos lose favor and retire. The market is exploding. More and more investors, businesses, governments, and consumers are committing to the crypto gold rush.
As of September, BTC held over 70% of the total market cap of all cryptocurrencies. BTC is hugely popular, but it isn’t the only way to make money. Alternative coins, or ‘altcoins’ for short, are still a diverse and active part of the cryptocurrency market.
Getting Started with Altcoins
There are a ton of altcoins. These days, any tech-savvy programmer can whip up a white paper and an altcoin. Altcoins come in a staggering variety of flavors.
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The “silver to Bitcoin’s gold,”Litecoinleverages Bitcoin properties to become a lighter, faster version of its predecessor. The main difference between the two — Litecoin is built for speed, boasting a blocktime four times faster than that of Bitcoin, while Bitcoin prioritizes maximum security and immutability.
Early cryptocurrency adopter and computer scientist Charlie Lee created Litecoin two years after Bitcoin’s genesis block debut, achieving status as one of the first altcoins to enter the market. Globally, more than 2,000 merchants accept Litecoin, making itone of the most widely acceptedcryptocurrencies.
FTX Token (FTT)
FTXis a highly trusted, centralized exchange based in the Bahamas created by traders for traders.
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Ripple (XRP). XRP is primarily known as a digital payment network that hosts a cryptocurrency.
The network is used for international money transfers. XRP is not mined and uses a different consensus mechanism than traditional cryptos like BTC.
How to Buy Altcoins: Step-by-Step
Buying many altcoins requires just a few steps beyond purchasing bitcoin. In this article, we recommend purchasing BTC and trading BTC for the desired altcoin.
Many, if not most altcoins, should be paired with BTC on one of the exchanges. However, you don’t need to purchase cryptos through exchanges.
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In addition, Solana Labs opted to include a ‘Secure Element’ tool in the handset to provide secure private key management software on the device.
Despite the market downturn, all of the altcoins on this list are projects to watch and buy in 2022 on any significant dips.
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How to buy altcoins in us
In fact, Lucky Block was the fastest crypto to hit a USD1 billion market cap.
LBLOCK is the project’s token that allows users to buy tickets and daily prize draws. Initially, LBLOCK was launched on the Binance Smart Chain and charged a transaction tax for buys and sells. However, the project recently upgraded the protocol and released LBLOCK v2 to shift Lucky Block into the ERC-20 model.
LBLOCK V2 has no tax on buy or sell transactions, making it more accessible to day traders.
Previously, traders would have to give away part of their profit to the transaction tax, making it an undesirable day trading location.
The upgrade to the ERC-20 model and the removal of the tax has also allowed it to be listed on two major exchanges.
Higher liquidity means you’ll be able to buy altcoins quicker and closer to the market’s clearing price. Need a primer on liquidity?
Search the currency exchanges and do some research on exchanges that have your currency pair. Once you’ve settled on the best exchange, you’ll need to register.
Other important points to consider when selecting an exchange:
- Are they reputable?
- Have they been hacked before?
- Are the fees and rates reasonable?
Step 5: Find the currency pair
After completing registration, you’ll want to move some of your BTC to the exchange.
Remember, you’re trading in currency pairs, so the BTC will be exchanged for your altcoin.
Make sure to look at the currency pair and how it has traded over the past week or month.
The liquidity is provided by users of the platform that deposit funds into pools that are split 50/50 between Ethereum and the native token.
For example, users can create a THETA/ETH pool by depositing an equal amount of THETA and ETH. The liquidity allows traders to swap the tokens, and the liquidity providers earn from the fees generated through the swaps.
Since launching in 2018, Uniswap has changed the entire industry after providing a decentralized method to exchange tokens without the necessary KYC checks employed by top-tier crypto exchanges.
Uniswap should be on your list to watch in 2022 after they announced the acquisition of Genie, an NFT marketplace aggregator that will be integrated into the Uniswap ecosystem
Solana is a blockchain that was created to be able to scale to global adoption.
Securities and Exchange Commission over the alleged unregistered sales of its XRP tokens, XRP Ledger and its community remains bullish — developer Wietse Windtweetedsmart-contract compatibility to debut on the ledger, now live on a testnet.
It should be noted that an unfavorable verdict — declaring XRP to be a security — wouldn’t only potentially invalidate the nearly $1 billion pumped into XRP, but rather, it couldset a precedentthat could impact the entire altcoin market at-large.
ADA is the native coin ofCardano, an open-source, proof-of-stake blockchain by Ethereum co-founder Charles Hoskinson. In contrast to Bitcoin’s proof-of-work protocol, Cardano is the first large-scale platform to successfully operate on a peer-to-peer consensus mechanism, also known as a proof of stake.
Although Tether claims that all transactions are fully backed by its reserves, a New York attorney generalfoundthe company to have “recklessly and unlawfully covered up massive financial losses to keep their scheme going” in an $18.5 million settlement in February 2021. Tether has sinceincreased transparencyacross its site while reorienting to U.S.
Treasury versus commercial paper holdings.U.S. Treasury Bills make up more than half of Tether’s reserves, 55 percent, while commercial paper sits at 28 percent.
It also became the official blockchain partner of the New York Mets in May 2021.
In May 2022, Tezos upgraded the 10th protocol upgrade, dubbed Jakarta, which introduced Transaction Optimistic Rollups that allow the exchange of assets and higher transactions per second by using the Layer 2 scaling solution. 5.ApeCoin
ApeCoin is one of the newest projects on this list, having just launched in March 2022. ApeCoin is the cryptocurrency behind one of the hottest and most expensive NFT collections in the cryptocurrency industry, the Bored Ape Yacht Club (BAYC).
When BAYC launched, it gained the support of a wide range of top-tier celebrities, including Mark Cuban, Jimmy Fallon, Neymar Jr, and Serena Williams.
One exploded, the Difficulty Bomb will make it extremely difficult for miners to remain profitable on Ethereum PoW, forcing them to start supporting the PoS network.
Tezos is an energy-efficient PoS blockchain that has the capabilities to conduct network upgrades without the need to hard fork. The project kick started the ICO revolution in 2017 after raising well over $200 million.
The network is governed by holders of the XTZ token, who vote on improvement proposals in the on-chain voting mechanism.
Tezos makes this list due to the high-profile partnerships they have managed to secure. For example, Tezos managed to sign a USD 27 million multi-year deal to be the official kit sponsor of Manchester United.