What are altcoins?
They are alternative cryptocurrencies, based on the same blockchain technology that powers Bitcoin. Since Bitcoin is seen as the crypto standard, we can relate it to rare metals such as gold. These altcoins are essential different elements such as platinum, silver, copper, iron, etc.
Cryptocurrency has been noted to have the ability to fundamentally transform the way financial transactions are handled, and monetary systems are managed. They do this through decentralizing ownership, removing the need for a ‘middle-man’, and a secure immutable ledger of transactions. The speculation around the adoption and growth of cryptocurrency has led many investors to eagerly acquire these cryptocurrencies. With the maturity and rapid price growth of bitcoin, many investors are hoping to see similar returns in these altcoins.
How can I invest in cryptocurrency altcoins?
While most major user friendly online trading platforms like Coinbase offer access to the major crypto coins like Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, a number of popular alternative coins are unavailable for direct trading. So what are some of these exciting alternative cryptocurrencies, and how can you quickly invest in them? Exchanges like Binance provide the missing link. The guides below show you how to invest in the most popular alt-coins in just four easy steps.
Is there a way to reduce network fees?
While these guides focus on using Coinbase to transfer directly into your Binance account, you can reduce fees involved by transferring to a GDAX account first. Once you sign up for a Coinbase account, you will gain access to GDAX. This guide focuses on the least complex method for the novice coin trader, and as a result uses Coinbase instead of GDAX. If you want to reduce the small fees involved, simply replace step 3 from any of the guides below with the following two steps (assuming you already made a GDAX account):
- Transfer your bitcoin from Coinbase to GDAX by pressing deposit in the upper left of the GDAX trade window.
- Transfer your bitcoin from GDAX to Binance by pressing withdraw in the upper left of the GDAX trade window and entering your Binance wallet address in the destination.
What are the most popular altcoins?
Ripple is part of the RippleNet, a enterprise blockchain solution for global payments. It is a network to connect banks, payment providers, digital asset exchanges, and corporations to offer a easy experience to send money globally. XRP is a scalable digital asset for payments. It’s members include large banks such as UBS, AmericanExpress, RBC, and more. More details about Ripple can be found here.
IOTA, or Internet of Things Application, is a scalable, decentralized crypto technology aimed at facilitating transactions between Internet of Things devices. There’s no central ledger, and each device must verify two previous transactions to submit a new transaction. The idea is to allow machine to machine micro-economy and micro payments. More details about IOTA can be found here.
TRON is a decentralized protocol built on blockchain that is aimed to build a global free content entertainment system using blockchain and distributed storage technology. Each user can publish, store, and decide on subscription of content. More details about TRON can be found here.
Verge is described as a secure and anonymous cryptocurrency that is focused on privacy. Individuals and businesses are empowered with flexible options for sending and receiving payments. The main focus is everyday use. More details about Verge can be found here.
Stellar focuses on a distributed hybrid blockchain that is fully open-source and acts as a payment infrastructure for cross-asset transfer of value. Intended for a global financial network where all actors have equal access and participation. More details about Stellar Lumens can be found here.
Cardano is a decentralized public blockchain and cryptocurrency project that offers a smart contract platform, and is powered by a scientific philosophy and research-first driven approach. More details about Cardano can be found here.
NEO is a Chinese led cryptocurrency that focuses on the concept of smart contracts for decentralized commerce, identification, and digitization of assets. It is seen as a Ethereum competitor and successor. More details on NEO can be found here.
DASH is a cryptocurrency offering instant, private, and secure digital cash transactions. They offer private payments online or in-store using their secure open-source platform hosted by thousands of users globally. More details on DASH can be found here.
Hcash is the coin of Hshare, it is a decentralized open-source cross platform cryptocurrency that allows exchange of value and data cross platform easily in a highly secure and authenticated channel. More details on HSR can be found here.
Aelf is a decentralized cloud computing blockchain network, which offers high performance cloud servers, resource segregation as smart contracts run on their own Blockchain, and the ability for governance and development as token holders vote for decision making and representatives. More details on ELF can be found here.
VeChain (VEN) is focused on a supply chain use case of blockchain technology with integrated digital chips to manage the lifecycle of goods. Blockchain offers the ability to validate authenticity and history in a secure fashion. More details on VEN can be found here.
Qtum is a Turing-complete blockchain stack that is able to execute smart contracts on decentralized applications. It merges concepts from Bitcoin and Ethereum and aims to offer services, tools, and templates to bridge the gap between blockchains and business. More details on Qtum can be found here.
Monero is a private digital cryptocurrency that is secure, fungible, and untraceable. It uses the immutability of a blockchain but adds ring signatures and stealth addresses to obfuscate origins, amounts, and transactions. More details on Monero can be found here.
EOS is a infrastructure for decentralized applications, offering scalability, flexibility, and usability. The price is market set, token distribution is down over a year, and Ethereum smart contracts prove fund transfers. More details on EOS can be found here.
Note: Due to the great volatility behind cryptocurrencies, we always recommend you exercise caution prior to making any investment, especially into unregulated markets. Do not invest what you are afraid to lose.