What are altcoins?

Bitcoin became the first decentralized cryptocurrency. Since then more than 1000 cryptocurrencies have been created. These coins are called Altcoins (Alternative coins). Altcoins are created by diverging from bitcoin consensus rules (the fundamental rules of the cryptocurrencies network) or by developing a new cryptocurrency from scratch.

Why cryptocurrency?
In centralized banking and economic systems corporate boards or governments control the supply of currency. In the case of a decentralized cryptocurrency, companies or governments cannot produce new units. Cryptocurrencies are the expression of our freedom. People can create money themselves. Of course this is not recognized by the state or financial authorities.

The benefits of cryptocurrencies are great. You can include everyone in the financial system and send money almost instantly to anyone anywhere in the world without a 3rd party and excessive fees. It emerged as a side product of digital cash. It is not surprising that governments and banks are afraid of the hidden power of cryptocurrencies. They will have the citizens scared of using this liberating technology and probably discourage them from using it or even forbidding it.

The market of cryptocurrencies is fast and wild. Nearly every day new cryptocurrencies emerge. This will also bring a lot of scam coins. These coins are created in order to make the “Creators” rich.

If you do invest in altcoins only invest in coins you have researched.

How to obtain cryptocurrency?   
As with Bitcoin, there are a variety of ways to obtain altcoins. The most basic way to obtain altcoins is to accept them as payment for goods or services. You can also trade for altcoins on cryptocurrency exchanges. Most exchanges use Bitcoin as an intermediary (although a few accept regular currency), so if you do not already own bitcoins you will need to buy some before you can trade for altcoins.

 

 

 

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