What are alt coins?
Alt coins are simply alternative coins to bitcoins. Some of the more known coins at the moment are etheream (eth), and ripple (xrp). Just in case your wondering what those things are in brackets. They are the tickers. The codes that the coin exchanges use when you are buying the alt coins. Allot of alt coins are quoted to bitcoin such as eth/btc. Or xrp/btc. The price of 1 eth = btc. And some are quoted back to fiat- usd eur gbp. At the moment most coins are only quoted back to btc.
So what’s the point in an alt coin?
Well each coin will be set up to offer a product or service that would solve a problem, fill a gap in the market, or any other idea you can think of. For example the waves platform offers businesses the facility to start a ico on its platform. Like crowd funding, or to issue your own token tradable on the waves DEX. (Decentralised exchange). They have a mobile app too! While ripple offers a real time settlement payment service. And remember, all of this is done on the Blockchain meaning that every transaction is recorded, verifiable, and easily accessed.
Every alt coin tries to offer something different. Some alt coins fail, while others succeed fantastically. Imagine buying Ethereum when it was just a few dollars. It’s worth around 1000usd per coin at the moment. Every coin is like it’s own business entity, with its own coin traded on exchanges like Binance, coinbase, and many others.
We have a wrote a tutorial on setting up a coinbase account if you would like to take a look please click here.
Bitcoin and alt coins are very high risk, and volatile. Any actions you take are purely at your own risk. Past performance is not a guarantee of future performance.