What is Bitcoin and blockchain technology?Bitcoin was the first cryptocurrency to be invented and is by far the best-known cryptocurrency. However, Bitcoin is just one of many cryptocurrencies. There is more than $250 billion worth of cryptocurrencies in circulation.
Blockchain technology is when a digital ledger is stored in a distributed network. Let’s say Steve wants to send Bitcoin to Jessica. The online transaction is presented as a block. This block is distributed across the Bitcoin network at which time the network verifies the validity of the transaction. Verifying the transaction ensures no fraud or corruption can occur. Then the block gets added to the chain and becomes part of the network. A permanent record is created of the transaction and the Bitcoin is transferred to Jessica.
What are some of the alternatives?Cryptocurrencies are ranked according to their market cap. Bitcoin is number one followed by Ethereum, Tether and Ripple. There are more than 3 600 cryptocurrencies listed on Coinmarketcap.
The alternative coins are aimed at solving real world problems and were developed by reputable and experienced teams. Did you know Litecoin was created by a Google engineer?
How to choose among them?With so many cryptocurrencies, how do you know which cryptocurrency to invest in? The trick is to DYOR (Do Your Own Research). Go onto Google and read up about the cryptocurrency you are looking at buying. Does it solve any real-world challenge? Who is the team behind the project? What is the long-term earning potential on the coin?
Keep in mind that less popular cryptocurrencies have lower liquidity on cryptocurrency exchanges. This means that it may take long to sell the coin on an exchange. During the time it takes to cash out, the value of the coin may drop. With high market cap coins like EOS, Ether and XRP it is truly effortless to sell and buy the coins.
The easiest way to get started with cryptocurrencies is to find a reputable cryptocurrency exchange that caters for the fiat currency in which you earn. Then decide how much you want to invest. The golden rule is never invest more than you
are willing to lose. AltCoinTrader is a safe and secure cryptocurrency exchange that caters specifically for South African investors. AltCoinTrader is well deserving of its reputation as South Africa’s favourite cryptocurrency exchange.
How does AltCoinTrader work?Getting started on AltCoinTrader is easy. Start by registering on AltCoinTrader. It only takes a couple of minutes. AltCoinTrader has a variety of reputable crytpocurrencies that have carefully been selected for South African traders. The platform is very secure as it uses the latest technology. You can also buy Gold and Silver on AltCoinTrader!
Once you have successfully registered an account, deposit funds into your account with a debit/credit card or simply make an EFT payment. You can make a deposit from as little as R10 to R200 000 to buy your favourite cryptocurrencies on AltCoinTrader. Remember, you do not have to buy one whole Bitcoin. You can buy Bitcoin in fragments.
Visit the AltCoinTrader blog site for helpful hints and tips on how to buy and sell cryptos, how to use the AltCoinTrader app, how to earn passive income with cryptos and much more.