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How To Buy Altcoins in 2023
As cryptocurrency continues to grow, the term ‘altcoin’ has emerged to categorize all cryptocurrencies that aren’t Bitcoin. The appeal of altcoins lies in their potential to deliver returns that can outpace Bitcoin. Investors often turn to altcoins to try and beat the returns delivered by Bitcoin in each market cycle. In this guide, we will walk you through buying altcoins in 2023.
Understanding Altcoins and the Market
Before diving into the buying process, it’s crucial to understand what altcoins are and their role in the market. Altcoins, short for ‘alternative coins,’ are all cryptocurrencies other than Bitcoin. They emerged after Bitcoin’s success, with developers seeking to improve upon or diverge from Bitcoin’s original premise.
For many people, Ethereum is no longer considered an altcoin. However, its native asset, ETH, fits into this category. A native asset is a cryptocurrency needed to transact on a platform or application, and its demand often correlates with the platform’s popularity. Ethereum has been particularly disruptive in the global financial industry, ushering in a new era of decentralized finance (DeFi) through its blockchain and smart contracts.
Other significant cryptocurrencies by market cap include Ethereum competitors like BNB, the native coin of the BNB Chain, Ripple’s XRP, Solana’s SOL, Polygon’s MATIC, and others. The impact of Ethereum has been so transformative that it has enabled a new financial industry, that of decentralized finance (DeFi), through its blockchain, known as a global computer. Smart contracts, a pivotal component of Ethereum’s blockchain, facilitate the creation of other decentralized currencies and decentralized applications (dApps). Decentralized exchanges (DEXs) like Uniswap and SushiSwap are examples of applications created using smart contracts, and their native assets are among the most promising altcoins today.
Where to Buy Altcoins
When deciding where to buy altcoins, consider security, user experience, fees, available cryptocurrencies, and customer service. Based on these criteria, eToro and Coinbase are excellent places to start for beginners due to their intuitive interfaces and robust security measures.
Coinbase is a renowned digital currency exchange headquartered in San Francisco, California. It offers a user-friendly platform, making it ideal for beginners. Coinbase supports a wide range of altcoins, making it a good option for diversifying their portfolio.
eToro is a social trading platform that allows users to follow and copy the trades of expert investors. It supports a variety of cryptocurrencies, including many popular altcoins. eToro is known for its social trading features, allowing users to follow and learn from experienced traders.
Binance is one of the largest and most popular cryptocurrency exchanges globally. It offers an extensive list of altcoins for trading. Binance also provides advanced trading features, making it suitable for experienced traders.
Kraken is a US-based cryptocurrency exchange that provides cryptocurrency to fiat trading and provides price information to Bloomberg Terminal. Kraken offers a wide range of altcoin trading pairs.
These are just a few of the exchanges available in 2023. When choosing an exchange, consider security features, user interface, transaction fees, customer support, and available cryptocurrencies.
How to Buy Altcoins
Here’s how you can buy altcoins in a few simple steps:
Step 1: Create an Exchange Account
Exchanges power swaps between fiat currencies and digital currencies. Centralized US-based exchanges require personal information like your Social Security Number (SSN) and driver’s license for tax purposes. However, decentralized exchanges are anonymous. You can purchase altcoins from exchanges such as eToro and Coinbase.
Step 2: Buy a Crypto Wallet (Optional)
Cryptocurrency wallets store the private key needed to access your funds on the blockchain. Remember, your crypto assets are associated with your wallet ID on the blockchain. You don’t truly own your assets if you don’t control your private key (like on many exchange wallets). Suppose an exchange controls your private key, providing a central point of attack for hackers to steal your funds.
Step 3: Study the Market and Make Your Purchases
The altcoin market is full of potential winners and losers. The best way to ensure you make a sound investment is to study the market before investing your full amount. Starting small and learning real lessons with a minimal amount can save you from experiencing a significant loss.
Buying altcoins involves understanding the market, creating an exchange account, considering the use of a crypto wallet, studying the market, and making your purchases on a reliable exchange. Investing in altcoins can be a rewarding experience, but it’s not without risk. Always make sure to do your research and understand the risks involved before investing in altcoins. Be aware of ‘rug pulls‘ or scams still lurking on Ethereum and other competing blockchains like the Binance Smart Chain, Solana, or Matic.
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