By Crypto currencies or digital currencies are currently booming all around the world and we are seeing a digital revolution that has completely changed the finance industry and investing too! If you ever have tried to buy a digital coin or have researched about them, you would have encountered a general term ‘Altcoins’.
The Altcoins can also be used as the traditional to-buy-things purpose but the main thing is investing in these coins. But as the prices are fluctuating day in and day out, so better study the facets of these coins before throwing money on them or if not did you should go see the crash of Dogecoin.
Facets of Altcoins:
High Fluctuation
These coins are just fluctuating rapidly and the reason is people’s lack of patience and continuous buying and selling. So, if you can’t handle your emotions then don’t go ahead but If you can then you should give a chance. We can see that a simple tweet can raise the price of a coin and then after some time it can crash like a plane down to the earth. The fluctuation rates are the reason that many investors resist the plant to buy these coins.
Decentralization
The blockchain technology is completely a decentralized system. It means that no central body is regulating the transactions and therefore no one is there to regulate you.
Error-Free Transactions-
Since the game is completely decentralized therefore if there is a mistake in the payment amount then the user is completely responsible for that and nobody is up there to hear the call and answer anyone.
Transparent and Fast
The altcoins can be bought instantly and sold too and the complete process is decentralized and transparent. Platforms like Bitcoin Era let you transparently invest in these digital currencies and they are quite fast.
Demand of Bitcoin can affect the price of these coins
If the craze of Bitcoin continues then there is a full chance that instead of buying 2or3 Ethereum , people would like to buy Bitcoins because it has the potential of giving them increased return than any other altcoin and this trend will affect the price of these coins and the price of these one can crash too. So it’s the people who will move the market and the current trend suggests that there are many people shifting from altcoin to Bitcoin.
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Digital revolution
The altcoins in the long run will be a major part in the digital revolution of the fintech. If not Bitcoin then some altcoins can be used to purchase normal goods and services.
Governments might ban them
Since the transaction of the altcoins is also anonymous like that of the Bitcoin and they can be easily used on the dark web or anywhere in any illegal transaction like purchasing a weapon or something like that, therefore we might see some of the altcoins getting banned for the ease of the governments to decrease such criminal activities.
Crypto Teachers
Since the boom of crypto currencies took place, there are numerous people that come to you and say that they will make you a crypto wizard or something like that and say that they will help you make millions with crypto and all you need to do is to buy their courses and pay them some fees and this trend is going upwards only. The problem is that those people are themselves inexperienced and they exploit the impatience of people. So, if someone really wants to make million then they should learn from verified sources. As the boom goes up these so called ‘crypto teachers’ are going to increase.
Conclusion
The conclusion here is that the overall technological concept of Altcoins is awesome and the coins are cool and have potential to make anyone rich but there are also some disadvantages like the increasing demand of bitcoin and crash of altcoins but in many cases, people will still buy altcoins and these coins can be used to buy stuff and many coins as a quick get rich way. So before taking any step one should study the facets of these coins and then act accordingly.
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