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Altcoins Explained | What Are Alts? The Cryptocurrencies Beyond Bitcoin:
In this video, I’m going to tell you all you need to know about altcoins to equip you with all the information you need to start trading them. You'll learn what alts are, all the different types of altcoins available, their advantages, and their disadvantages.
Looking to start trading crypto? If you are, you'll definitely need a reliable exchange such as Binance; so be sure to check out the link at the very top of this description to sign up. This link gives you access to an exclusive 10% discount on trading fees, available just for my viewers.
As of October 2021, there are over 12,000 cryptocurrencies, so you have an incredibly huge pool of options to consider investing in. CoinMarketCap data also shows that altcoins account for nearly 60% of the total cryptocurrency market as of October 2021.
There are several different types of altcoins, including stablecoins, mining-based coins, security tokens, and meme coins.
Stablecoins are cryptocurrencies that follow the price of another asset. Many of the biggest stablecoins are pegged to the US dollar and attempt to mimic its value. As such, if the price of the US dollar shifts, the issuer of the coin will take steps to correct it. Examples of stablecoins are Tether, True USD, and Paxos Standard.
As for mining-based coins, these are essentially cryptocurrencies that use the mining process to validate transactions and add more coins to the supply. Examples include Monero, Litecoin, and Metaverse.
Security tokens resemble traditional stocks and often promise equity in the form of ownership or a dividend payout to holders. They are usually offered to investors through initial coin offerings (ICOs).
Last but not least, meme coins are essentially cryptocurrencies inspired by a joke or a silly take on other well-known cryptocurrencies. They tend to gain popularity in a short period, often hyped online by prominent crypto influencers and retail investors who wish to exploit short-term gains. Examples include Dogecoin and the more recent, Shiba Inu.
Watch the video till the very end to learn it all!
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