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| Name | What is Altcoin? |
| Video Uploader | Video From Forex Broker FIBO Group |
| Upload Date | This Video Uploaded At 16-04-2020 09:07:43 |
| Video Discription | 🔻 Description and useful links below 🔻 Become a trader with FIBO Group! Start trading without risk https://www.fibogroup.com/ Trading platforms for desktops and mobile devices https://www.fibogroup.com/products/platforms/ Trading Terms: https://www.fibogroup.com/products/account-types/ Most cryptocurrencies are so-called “altcoins”. Educating yourself about them and what they are is extremely important for anyone who wants to make a profit trading cryptocurrencies. Altcoin - any cryptocurrency that appeared after bitcoin. The term comes from the abbreviation of words - bitcoin and alternative coin. As you know, the first cryptocurrency was Bitcoin. Its success "paved the way" for other digital currencies, the number of which, at the moment, is around 500. Each new cryptocurrency variation tries to be more convenient and cheaper for the user, thus gaining more popularity than the previous ones. A key aspect of the emergence of so many new altcoins is the lack of centralized regulation. In fact, decentralization and blockchain technology allows you to create an unlimited number of more and more cryptocurrencies. Of course, this does not guarantee that all of them will receive the same popularity in the market or indeed their survival. Most altcoins have common positive characteristics: 1. Convenience and ease of use. 2. High liquidity. 3. High level of user privacy and transactions. 4. Cheap equipment for mining. 5. The speed of transactions is higher than that of bitcoin. 6. Stable access to financial instruments. 7. Changes in algorithms and program code for mining accelerations. 8. Increased decentralization through the development of a technical base. 9. The lack of a monopoly. Despite a number of obvious advantages, there are some disadvantages. Each specific cryptocurrency has its own, individual shortcomings, but there are a number of common drawbacks that you need to know. • Hopping course fluctuations. Despite the decentralization and security of cryptocurrencies from external economic factors, the human factor has not disappeared. Often, traders and investors react wildly to cryptocurrency market news, political statements and large business decisions. Differences in quotes provoke insignificant changes in the blockchain industry. This usually has little effect on the rates of bitcoin and top altcoins, but it can affect the rate of the newer currencies, sometimes significantly and even fatally. • High risk of a loss of confidence. The rate of up and coming altcoins depends on the interest of investors. But this situation is unstable and there is a small margin of error for investors to panic and a very promising altcoin to greatly lose value or even cease to exist. • Transactions in any cryptocurrency are irreversible. Cryptocurrencies provide anonymity to the user, you just need to come up with a password for the wallet to start trading cryptocurrencies. But network passwords can be stolen, wallets hacked. Thus, the fraudster will easily steal funds. In this case, it will be impossible to stop the loss of finances. Even if the private key is simply misplaced, the money will be frozen forever. • The attitude of different countries. This risk is common to most cryptocurrencies. Given the ambiguous position towards digital currencies in different countries, there is always the danger of a ban on mining or ownership of cryptocurrencies. The huge success of Bitcoin and the fact that the program code was posted in open access was bound to affect the appearance of other digital currencies. And this happened in 2011, when a new cryptocurrency was introduced. This first altcoin was Namecoin (NMC). Although introduced to the market as a digital monetary unit, the original intent of the developer was to decentralize domain names to avoid censorship. As a result, the Namecoin structure is used not only for cryptocurrency mining, but also for creating various online resources protected from government structures and censorship. Despite the fact that Namecoin was basically a copy of bitcoin, it has several significant differences. You can read the full article on our website: https://www.fibogroup.com/ If you liked the explanation, like and subscribe to the FIBO Group channel! Simple, clear and accessible about financial analysis and latest market reviews in our social networks: Live Broadcasts: https://www.youtube.com/channel/UCfDfgpg8lEOBkyzHQZ8RuZg Facebook: https://www.facebook.com/FIBOGroup.Global/ Instagram: https://www.instagram.com/fibo_group_forex_broker/ Telegram: https://t.me/FIBOGroupGlobal #forex #fibogroup #forextrading #trading #trader #makemoney #finance #forextrader #workfromhome #fibo #traderlife #investing #money #makemoney #traderlife |
| Category | Education |
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