So, you finally figured out all this Bitcoin stuff. You heard about it, wondered, and now understand what it is. But wait a minute… there’s more? What on earth is an altcoin? Can I buy one?
Actually, an altcoin isn’t a single digital currency. Rather, ‘altcoin’ refers to any digital currency that isn’t bitcoin. Altcoins were initially created as a way to improve or fix problems that people saw with Bitcoin.
The best example is Bitcoin Cash, which was created to increase the Bitcoin blockchain’s block size. Why? To address the fear that Bitcoin’s smaller blocks would fill up too fast with increased usage, and therefore transaction time would be slower.
Some other popular altcoins that you might have heard of include Litecoin, Ethereum, and Stellar.
These altcoin things seem pretty cool, right? Oh, they’re cool enough that you’re thinking about investing in them? But you have no idea where to start?
Well then, read on…
Something to note about altcoins is how different each one can be. These differences are important when thinking about investing in any altcoin. For example: investing in Dogecoin would be a very different experience from investing in Ethereum. How each coin is programmed or managed, as well as its volatility and popularity, contribute to how you might approach investing in them. Each altcoin is its own beast and should be treated as such.
Despite this, investing in altcoins can be similar to investing in Bitcoin in some ways. A lot of resources that offer Bitcoin investment also offer investment in some other altcoins. Once you pick a coin you like, it’s a matter of researching its ups and downs to figure out how you can best profit.
Some people like to buy a coin and hold it for a long-term play, hoping it will eventually rise in price. Others like to day trade, taking advantage of shorter-term volatility to make a bit here and a bit there.
If you know anything about online exchanges, it’s likely that these websites and services also offer you the option to purchase something like Ethereum, some stablecoins and a selection of other offerings. These websites come with their own pros and cons, though.
One of the biggest concerns is that online exchanges require substantial personal information to create an account, and need to be connected to your bank account or credit card. If you don’t have those, the exchange becomes pretty useless. Also, moving your funds from bank to exchange and back again can take several days, which creates issues if you want to make your investments in a timely manner.
So if you intend to take advantage of day-to-day price fluctuations, you need a crypto-friendly trading platform instead, which are designed for stock traders. But they usually only have a small selection of altcoins.
An easy investing alternative is purchasing your altcoins from an offline physical source, like a Digital Currency Machine (DCM). These self-serve kiosks, located in convenience stores and supermarkets, allow you to instantly exchange cash for digital currency or digital currency for cash.
Coin Cloud machines offer over 30 altcoins to invest in, including a wide selection of new DeFi tokens and stablecoins. They don’t require an unnecessary amount of information from you but still have measures to keep you and your funds safe.
If any part of the purchasing process is confusing for you, or you just have a few questions, Coin Cloud has a customer service team waiting to help you. They’re just a call, text or email away, every day of the week.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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