Cryptocurrency came into existence after the economic crash of 2008 due to the insolvency done by the big company named ‘LEHMAN BROTHERS’. The crash stirred the whole world economically and many financial disturbances were faced by people. This is when cryptocurrency took birth in the internet world as a digital currency. This currency ensured the people that there would be no controlling agency and people will have direct communication across the globe with whom they are trading.
The first such cryptocurrency is Bitcoin that is seen and said to have existed. When this currency started its career in the digital world, it had a meagre value. But if we see in recent times it has proved to be one of the most profitable ones.
Now if we talk about altcoins, any uncontrolled currency except Bitcoin is called an alternate coin or altcoin. They are termed as a back-up of Bitcoin and Bitcoin do not come under the definition of altcoin or we would say Bitcoin does not include in its ambit any other coin. There are a number of cryptocurrencies that are said to have been designed based on the same technology. Such as Ethereum, Ripple, Dash coin, Monero, Litecoin etc. They are called altcoins because they are genuine cryptocurrencies designed similar to Bitcoin. But each currency is designed with different algorithms and blockchain and has different mining procedures. If you want to earn passive income then you can trade bitcoin.
Most profitable alternative coin to spend your money
The first such coin would be Ethereum that was brought to us by VITALIK BUTERIN. This is on the 2nd number after Bitcoin. This coin is based on open sources which are available public ally and includes smart contracts between the parties. The coin is based on blockchain technology like any other cryptocurrency and is based on a distributed computing platform which means there is no central control.
Dogecoin that was started as a meme coin based on a dog breed has shown exceptionally high value in recent times. When it had started no one believed that it would get to such high value. The reason for such high escalation is the support it is getting from big names of the world.
Tron coins are also getting big support from people around the world. The number of Tron holders are increasing day by day which is a positive sign in terms of its value. It is said that the number of holders would exceed 30 million in future as per the rate of subscription it is attaining each day. The reason for its growth is its partnership with industrialist DAO Maker. Such support would definitely show positive results.
Cardano is also going to get a possibly high hike in its value because it will enable the feature of smart contracts this year pretty soon. The smart contract disables the introduction of any third party and the agreement is directly between the parties to such a contract.
We all are familiar with the risk involved in the crypto market, but if you apply all those techniques that an experienced trader takes, you won’t lose out on your money. If you are unable to invest in a currency like Bitcoin or Ethereum you can invest a very little sum in other alternative coins. To get an idea about the working of crypto working and how to mine coins you must start with the base. Firstly, get familiar with all the dos and don’ts and don’t directly jump to invest a huge amount in search of returns. Start with small sums and then move further with time as per your knowledge.
I hope the article would have given you the necessary information regarding altcoins that you must invest in if you are scared of investing in big coins. Thank you!