What Are Altcoins
In todays blog I wanted to cover a topic that is very important when it comes to investing into cryptocurrency. That very topic is what we call in crypto community altcoins. Now I'm sure many of you have heard of altcoins if you have been into crypto. Most noobs and beginners are uninformed about these type of cryptos. Most of the time the noobs and beginners either focus on the main cryptos like Bitcoin and Ethereum or shit coins like baby doge or sum other bullshit crypto. On this blog we are serious cryptocurrency investors and traders so we talk about only cryptos that are safe and bring in profit. So that's why I decided to cover our topic today. Lets now get into the rest of the article.
Why Altcoins even exist
To understand why altcoins even exist we first need to look at bitcoin. When bitcoin first came out and was attracting attention to itself it was really under developed at the time. First it had no uses or utility besides the fact you can use it to pay for things anonymously. Second the time it took for transactions wasn't very fast and wasn't efficient. So people started to develop alternatives to bitcoin. This was the new and ever growing crypto community answer to the problem. This is how we got ourselves altcoins and the huge list of cryptos there are today.
How Are Altcoins Different From Other Cryptos
So we went over how altcoins were created as a way of giving cryptocurrencies more utility and purpose in the last paragraph. But nowadays bitcoin has more utility then it has had ever before. Still altcoins are still one step ahead of bitcoin. One of these ways is in the form of smart contracts. As of right now only Ethereum and a limited list of altcoins have smart contracts. You may ask what are smart contracts and what's so important about them. What they essentially do is allow for more to be done with a crypto. They give the coin utility and the ability to add code to it. Something neither bitcoin or the majority of shit coins or meme coins have. Then on top of that altcoins are typically faster then bitcoin. Some have tried to improve on top of bitcoin all though this has spawned some bitcoin alternatives that are basically cousins of bitcoin. Such as bitcoin cash or bitcoin diamond. Although these forks don't have to much different from bitcoin.
Altcoins To invest and watch for
Now let me start of before getting into these cryptos that I AM NOT A FINANCIAL ADVISOR so don't take this as such advice. Nevertheless lets get into some cryptos that I think will do good in future and the near future. My first one would have to be polygon or what other might call MATIC. Polygon has DeFI which I can not express how important this is. If you don't know what is DeFI in simple terms it's decentralized finance and lets people take out loans and do typical financial things without a middle man like a bank very important. Besides being one of the most used DeFi applications it has a damn near instant transaction speed. A good crypto to get into before it blows up with a price of $0.85 as of (7/21/21). My second crypto people need to invest and get into is polkadot. Polkadot is lead by Ethereum co founder and main goal is to connect all the blockchains and coins so its creating a cross chain that can all talk to each other in a decentralized way. A sort of internet for the wider cryptocurrency world using what is called bridges. It can do up to 1000 transactions per minute not the fastest but not the slowest either. it can also move other assets besides coins and tokens. As of writing this the price is at $12.23. The my final crypto is going to be ICP or internet computer. What makes this crypto so special you ask? well to start this coin has a huge backing by contributors they've backed over 160 million dollars into this crypto. But the main thing that makes this coin so special is what they are trying to achieve a decentralized internet basically. This is a big key part to web 3.0. This allows for faster internet speeds and allows for the elimination of censorship. There are a lot of technicals to it I'm sure most people are interested in but just know this coin is going to blow up in the future and should be on everyone's radar. As of right now the price of ICP is $33.72.
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