The rise and growth of cryptocurrencies like Bitcoin and Ethereum have allowed for other alternate coins to also grow in price and popularity. You might already know what altcoins are, but you have no idea how or where to buy them.
You are not alone in this, and luckily the answer to your question is extremely simple. If you are wondering how and where you can buy altcoins, then you should continue reading to find all the information you will need.
What Are Altcoins?
Many of you might be wondering what an altcoin even is. Altcoins are cryptocurrencies that are not the main coins like Bitcoin and Ethereum. These two are the biggest and most popular cryptocurrencies which is why they are considered to be the main coins and not altcoins.
Where Can You Buy Altcoins?
Because these coins are not as popular, you might be wondering where you can even buy these coins and whether they are even worth investing in. Luckily for you, most of the main cryptocurrency exchanges have several options for buying altcoins.
There are thousands of altcoins, so don’t expect to find all of them in one single exchange. However, exchanges like Coinbase have hundreds of options for you to choose from. On Coinbase you can buy altcoins like ADA, LTC, LINK, KNC, and many more options. You can also find a wider variety of altcoins on other cryptocurrency exchanges like Binance.
Another option that you can use for buying altcoins is to swap your tokens. You can use a popular swap platform like PancakeSwap or UniSwap where you can swap popular tokens like Ethereum or Bitcoin for altcoins like the ones mentioned above.
What Can You Do With Altcoins?
The next question you might have is what can you even do with your altcoins. Very similarly to how stocks have companies behind them, each cryptocurrency altcoin has a project behind it. Therefore, when you invest in an altcoin you are often investing in the project it represents. Most people do some research on up and coming projects to invest in and invest in an altcoin during the very early stages, often called an ICO or initial product offering.
Use Altcoins to Invest in a Project
For example if you choose to invest in ADA, Cardano, you are investing in the Cardano blockchain project. This project is supposed to mirror the Ethereum blockchain, but it is supposed to have no gas fees and be more eco-friendly. Many people who believe in this project hold ADA because they believe that the project could grow to bring them a profit at any point. They may also hold it because they use the Cardano blockchain to run an aspect of their business.
There are thousands of other altcoins like Dogecoin for example that have gained popularity in recent years due to social media hype or promotions by celebrities. Not all altcoins have good projects behind them, so it is important that you do your research before investing in them.
Gamble With Altcoins
Another use that altcoins have is gambling. Yes you heard that right you can gamble with altcoins. MintDice will soon be launching the ability to use altcoins on their website, meaning you will be able to gamble at their casino using some altcoins instead of just Bitcoin.
The purpose of this altcoin would be to gamble, so you would buy it with that use in mind. Most likely you will be buying altcoins for their intended use. Although all cryptocurrencies have the opportunity of going up in price and making you profits, most people buy altcoins for their designated purpose.
Game With Altcoins
Lastly, you can use them in cryptocurrency games. These types of games are quickly rising in popularity and will likely take over the gaming world in the next decade. Popular games that use altcoins include Sandbox and Axie Infinity. Sandbox is very similar to Minecraft except it is on the metaverse. You can buy land in the game, as well as many NFT tokens to decorate your land or create games. All of these transactions will be carried out using their altcoin.
Another popular game is Axie Infinity. This is a battle arena style game where you can assemble a team of 3 Axies to go up against other players online. These are NFTs with unique attributes. You earn the game’s altcoin for playing the game which means that if you are successful you can quite literally get paid to play video games.
There are more and more of these games being released, and some of them have very promising futures. One such game is called Townstar. In this farming simulator game you will begin in a 16 by 16 square town where you will be responsible for growing your crops and your town.
You can complete challenges within the game to earn Towncoin which is an altcoin. You can also compete in their weekly competition where the top 400 people receive rewards in GALA coins. The people that place in the top 10 every week earn hundreds of dollars every game for playing a farming simulator game.
All of this might sound very confusing and complicated, but it is something that you will benefit from learning about. Many people believe that cryptocurrency is the future. As time goes on the importance and popularity of NFTs, play to earn games, and the popularity of altcoins will likely increase.
You have a great opportunity to educate yourself about the topic while it is still early. It is better to get started now than to wait until these coins shoot up in price in the coming years. You lose nothing by educating yourself on this topic.
There are thousands of altcoins available on the market. Some of these coins have very promising futures that could make you large amounts of profit. However, you should always do extensive research before investing in altcoins because they have a much higher risk than main coins like Bitcoin and Ethereum.
Out of the thousands of altcoins available right now there will only be a handful of them that will be successful in the long run. This is why it is very important to be careful when investing in altcoins. You should only invest money that you willing to lose because of the risk associated with investing in altcoins.