Before we explain the basics of Altcoin trading, we should first answer some fundamental questions about Altcoins first.
What is an Altcoin?
All cryptocurrencies that entered the financial market after the creation of the Bitcoin, as alternatives to it, are called Altcoins. The success of the Bitcoin motivated developers and cryptographers around the world to try to improve the Blockchain technology and to construct new crypto coins.
Today, on the cryptocurrency scene, you can find around 1565 active Altcoins. They can be different from the Bitcoin in many ways, from the distribution method to the privacy settings.
Which are the most famous Altcoins today?The most famous Altcoins on the cryptocurrency market and their market caps are:
- Ethereum (Ether) – $62,740,589,295
- Ripple – $34,894,794,516
- Litecoin – $8,445,528,446
- Dash – $3,740,763,889
- EOS – $9,373,886,906
- Cardano – $7,555,148,355
- NEM – $3,595,896,000
The popularity and the value of the Altcoins are constantly changing, depending on the variables on the market. However, the Ethereum, the Ripple and the Litecoin have been seeing a steady growth since they were first introduced in the cryptocurrency world.
What is Altcoin trading?
Altcoin trading is the same as Bitcoin trading. You have to gain access to a virtual exchange platform to start buying and selling Altcoins. What is important for you, as a trader, to find a verified, local exchange that would allow you to transfer funds and crypto coins safely and within the scope of the national law.
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Altcoin exchange in Australia
If you are searching for a good Altcoin exchange in Australia, you should take a look at Blockbid. Blockbid allows you to trade most of the cryptocurrencies on the market by using the same account. This virtual platform is based in Australia, and it is compliant with Australian law. The exchange has full cybersecurity insurance and an offline multi-signature hardware vault for storage.
You can find sites online that offer playing games or answering questions for Bitcoin micro earnings, or if you are more tech savvy, you can open a Bitcoin faucet/rotator to generate traffic through referral links. However, if your focus is on more significant profits than buying and trading, then Bitcoins is the way to go.
How does Bitcoin work?
The Altcoin exchange in Australia is subjected to the AML/CTF requirements. Altcoin trading is regulated according to the guidelines provided by the Australian Transaction Reports and Analysis Centre (AUSTRAC).