Altcoins Explained - BEWARE OF SCAMS (2020) - Transcripts

April 29, 2020

  • Favorite
  • Share

Bitcoin is not the only currency available on the crypto market. There are many equally interesting alternatives to BTC, which we call altcoins. They all have one thing in common – they are digital currencies, with their own blockchain and value.

So what are altcoins? How do they actually work and why did they come into being?

Sign Up and start trading on CoinCasso and get $35
https://bit.ly/3aFsS9M

CoinCasso is a cryptocurrency exchange platform that is breaking the mould of traditional platforms. We are using our patented hybrid exchange utilising benefits from both decentralised and centralised exchanges.

Visit our website:
https://coincasso.com

Like us on Facebook:
https://www.facebook.com/coincasso

Follow us on Instagram:
https://www.instagram.com/coincasso

Transcript

Welcome back to the channel everybody, my name's Artie with coin caso and in this episode we're going to cover all coins. So if you want to get educated on everything. Cryptocurrency please consider subscribing to the Youtube channel because every single week we release new videos teaching you everything that you need to know about. Cryptocurrencies. So if you've heard of Bitcoin you've probably heard the phrase all coin be thrown around in this video we're going to cover what an all coin is. We're also going to go over some of the top all coins as well as go into the negative aspects of different all coins. And finally we're going to cover I. C. O. S. So let's start off with the basics. What is an altar coin.

And also coined by definition is basically anything that's not Bitcoin. Bitcoin stands for alternative coin. Some examples of all coins are cryptocurrencies like ripple light coin ethereum and dash. So why do we even need all coins when Bitcoin is so valuable and so widely used. Well unfortunately Bitcoin is not perfect. It was the first however and that's why it's so popular and gets so much publicity. All coins were actually created in an attempt to create a better version of Bitcoin. These different all coins attempt to make their program either faster, smarter or 100% anonymous. So all all coins have their distinguishing characteristics which set them apart from Bitcoin since the creation of Bitcoin in 2000 and nine there have been thousands of all coins created. Each one of them claiming to be better in some way For example light coin they promise super fast transactions and the fastest processing speeds on their Blockchain dash on the other hand is known for being 100% anonymous. You cannot actually trace who the coin is coming from and who the coin is going to ethereum on the other hand has a very intelligent Blockchain that offer smart contracts as opposed to Bitcoin that only uses their currency on the ethereum Blockchain you can actually do transactions for real estate and even cell phone plans. The issue with this is they may in fact be better than Bitcoin but getting users to adopt their coin and actually use their currency is the biggest hurdle that they need to get over if you want to see which all coin is actually the best.

The only way to do it is to go to an exchange platform and organize the coins by either market capitalization or volume and this way you can see which ones have the most volume traded daily as well is how much they're valued through their market capitalization. So which all coin is best on this channel? We've already discussed many coins like Bitcoin ethereum tether also known as U. S. D. T. And in the future we're going to release videos on light coin and dash. So if you want to learn about these different all coins you can watch these videos but I also suggest that you do your own research because then you can form your own opinions on these different cryptocurrencies. Always always always learn about an all coin before you invest your money into it. The reason there are so many all coins primarily is because people were trying to get rich quick. These developers created an all coin then they got a lot of publicity behind it used a lot of marketing efforts to really get people talking about it and investing into their project causing the price to go artificially up. Then once it reached its peak the developers would actually sell off all of their coins raking in the profits and leaving everybody behind wondering what happened to their investment.

This is what we call a pump and dump scheme. However there are some great honest all coins like light coin an ethereum. Now let's get into how all coins find their start. All coins begin their life as an I. C. O. Or initial coin offering. When a company wants to create an all coin they create what is called a white paper, this paper goes over what their project is and how the program works as well as future plans and how much money they need to accomplish their plan. Then when the public deems this a good idea they invest their money into the company and they receive a token in exchange the money that the people invested into the company is used by the company to develop their project basically it's like crowdfunding on Kickstarter. But for cryptocurrencies. Once the project is completed, all those tokens are actually converted into the project's Cryptocurrency and then released to the market. Therefore determining the value of that coin.

The price may go up or the price may go down. One of the biggest examples of this is the ethereum Blockchain when people first invested in there. I see. Oh They could purchase an ethereum token for 18 cents each. Now, ethereum price is over $170. That's a pretty good return on investment. Sometimes the price goes up, sometimes the price goes down, but that's the risk you take investing in any company. The Cryptocurrency world is still in its infancy and I believe that a majority of all coins will completely go away and we will be left with the top 10. These will be the kings of the industry that no one will be able to compete with. Just like we see in our global economy, how google facebook and amazon pretty much run the world. But until this happens, I encourage you to do your own research on these all coins and figure out which ones you think will end up on top my opinion, There's going to be a top three Bitcoin like coin and ether and that's it guys. That's everything that you need to know about all coins and how they get their start.

I hope you guys enjoyed this video, I hope you got some value out of it. I hope I was able to teach you something. Please don't forget to like the facebook page. Subscribe to the Youtube channel, Come back tomorrow when we go over the top Cryptocurrency news articles, as well as the top Cryptocurrency prices in the last 24 hours.

00:00:00
00:00:00