Since the creation of Bitcoin in 2009 by an individual or a group using the alias Satoshi Nakamoto, the world has witnessed the explosion of cryptocurrency. The huge cryptocurrency market has formed a surplus supply of cryptocurrency exchanges. Since the launch of Bitcoin, several other cryptocurrencies have emerged and numerous more are springing up every week. The term altcoin refers to every cryptocurrency accept Bitcoin. Keep reading this post to know more about altcoins, their exchange, and how to buy altcoins in 2020.
The Basics about Altcoins and Exchanges
Altcoin refers collectively to a lot of cryptocurrencies such as Ethereum, Litecoin, Bitcoinhex, Ripple, and many more. There is diversity in nature, exchange patterns, and other parameters of altcoins.
Some of the exchanges accept fiat currency (that is, the currency established as money, mainly through government regulation) while others do not. Some exchanges use their wallet whereas some partner with various wallets. Thus, you must be informed about the details of a cryptocurrency and crypto exchanges before considering an investment.
How to Buy Altcoins in Easy Steps
Shopping for altcoins can be difficult if you are doing it for the first time. With the huge variety of altcoins to choose from, it can daunting. Before moving on to the steps of buying, you must remember that when you keep your altcoins on an exchange, you open up the chances of losing your investment. It is best to store your private keys offline. You can use a secured wallet for maximum security.
Now about buying altcoins, you can follow the steps given below for best results.
- Sign up for a secured cryptocurrency transaction platform or a web wallet such as Coinbase.
- Use your bank account or debit/credit card to buy Bitcoin.
- Create your account on the most suitable altcoin exchange. You can choose from the list of top-rated altcoin exchanges like Changelly, Bittrex, Binance, and others.
- Search for the deposit page for Bitcoins and send your Bitcoin to the deposit address from your wallet to the altcoin exchange.
- Once the deposit is done, go to the trading pair of your preferred altcoin and buy as much as you desire.
It is recommended to transfer your altcoins to the hardware wallet for its safety.
The cryptocurrency market is ever-expanding with new users and fresh altcoins with new perspectives such as Bitcoinhex. Do your homework, research thoroughly, and invest wisely to reap maximum benefits of the cryptocurrency market.