[Delio] Altcoins — Revolution in Cryptocurrency World

Published in

delio-global

5 min readAug 24, 2022

The blockchain world is full of technical jargon, acronyms, and phrases. It can all get a bit confusing. When it comes to entering the world of cryptocurrency, it pays to know what exactly you’re dealing with.
Perhaps, every crypto enthusiast has heard of the Altcoin term.
Let’s take a closer look at what altcoins are, their major characteristics, how they differ from Bitcoin, and why it matters.

What is Altcoin?

Altcoin, or alternative coin, is a term used to describe all cryptocurrencies other than Bitcoin and traditional fiat money.

Altcoins occupy over 40% of the crypto market share and all of them can be traded on an altcoin exchange or any major cryptocurrency exchange. Amongst all the altcoins, the following 10 are those that rule the current crypto market, according to Uniswap, the largest coin exchange:

Ethereum, Tether, USD Coin, Binance Coin, Ripple, Dogecoin, Cardano, Litecoin, Bitcoin Cash, Shiba Inu

A commonality of all altcoins is that they each possess their independent blockchain, where transactions relating to their native coins occur in.

How does the altcoin differ from Bitcoin?

The majority of altcoins are variants, also known as a fork, of Bitcoin, created utilizing the open-sourced, original protocol of Bitcoin with modifications to its underlying scripts, creating a whole new currency with a different set of characteristics. Such a ‘forking’ or split of the original blockchain process is called hardforks.

The major idea of Altcoin:

- Underlying idea/benefits under each altcoin
Example: ETH offers a smart contract based on the Ethereum blockchain
- Improved functionality, transaction speed, and scaling scope

Altcoin exchanges and where to buy them?

Altcoin types:

Bitcoin-derived blockchain altcoin

Altcoins use a proof-of-work consensus mechanism where miners use computers to solve complex mathematical equations to process transactions and record them on the blockchain.

The most representative example are Dogecoin, Namecoin, Litecoin

Native blockchain altcoin

Altcoins are representative of a blockchain-based software platform, meaning to be a native coin of so.

Native blockchain represents Ethereum, Ripple

Interesting facts to know about Altcoins:

Fact 1: The first altcoin was released back in 2011 and called Namecoin.

Namecoin is an experimental open-source technology that improves the decentralization, security, censorship resistance, privacy, and speed of certain components of the Internet infrastructure such as DNS and identities.

Fact 2: As of 2022, the number of existing altcoins has exceeded 11,000 in total.

There are 20,268 cryptocurrencies in existence. However, not all cryptocurrencies are active or valuable. Discounting many “dead” cryptos leaves only around 10,953 active cryptocurrencies.

If you now wonder, why amongst all those cryptocurrencies you should invest in alternative coins? Here is your prompt reason:

Cryptocurrencies have a certain allure as investments. Despite the fact of the higher volatility, altcoins provide a higher upside in terms of percentage gain.

We understand that any kind of investment with a high revenue percentage sounds tempting. Moreover, early altcoins have the lowest price and gradually show the price increment. Therefore, investing in altcoins in the early development stages would be the safest way to avoid losing funds.

However, remember the DYOR rule? Invest in altcoins you are sure about after thorough research on all the possible ways of increasing your income.

Where can I trade Altcoins?

Now when you have the basics of the Altcoins and you are certain about your altcoin investment, here are some major altcoin providers we suggest:

Delioswap, or Decentralized Exchange (DEX), as the term itself, says is a P2P decentralized exchange run by smart contracts. DEX provides a straightforward and useful user interface that makes it easier for users to obtain financial services while generating extra revenue when swapping coins on the Ethereum-based platform.

For further information about Delioswap, please refer to the article below:

📍 Delioswap — A Unique Swipe of Cryptocurrency Exchange

Uniswap is the oldest and biggest altcoin trading platform. There is no orderbook or central facilitator on Uniswap. Instead, tokens are exchanged through liquidity pools that are defined by smart contracts.

Coinbase is a good altcoin exchange for beginners. With easy fiat on-ramps and a clean interface that simplifies the process as much as possible, it doesn’t get easier than using Coinbase. That said, you’ll pay quite high fees for this convenience. The exchange lists 56 assets in total, which may or not be enough depending on the breadth of your interest in altcoins.

Where can I use Altcoins I just bought?

While some investors prefer the ‘hodl’ type of investment, there are a bunch of places where you can put your altcoins and generate even more revenue.

For example, Delio provides a wide range of financial services to make a stable revenue from altcoin investment.

Delio Savings service offers one of the highest API rates of up to 12% for ETH, the most popular altcoin, 10% for Tether, and 7% for Ripple, among all the existing savings services which is significantly more than the yields on traditional savings accounts and other existing crypto service providers.

If you are not of the investing but rather ‘money spending’ side, ‘The Bake N More’ café in Dubai now accepts Ethereum, Tether, and Bitcoin. Or take a special vacation in the Maldives with no worries about payment, since S Hotels & Resorts allows guests to pay for stays using virtual currencies.

Wrapping things up

As the world rapidly moves toward new technologies while seeking new ways to integrate crypto into your daily life, altcoins are worth checking out for hands-on cryptocurrency investors willing to boost the crypto experience.

Would like to know more about crypto technical words and boost your investment skills?

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