Take a deep dive beyond the world of Bitcoins and explore the viability of trading and investing with altcoins.
The term ‘Bitcoin’ is almost a household name, but the public are generally unaware that there are other crypto currencies beyond Bitcoin. These Altcoins range from the more popular crypto currencies such as Ripple or XRP, Ether and LiteCoin, to more obscure Altcoins such as SiaCoin, FileCoin and Basic Attention Token.
The question then becomes, do online traders invest and trade with these other Altcoins or is Bitcoin their safest bet?
Should you Trade and Invest Altcoins:
According to CNN, there are many reasons why you should not invest in altcoins. At the very least, it is a risky business. With Bitcoin itself, if you are not going to put the valuable research and time into it, you will probably not earn what you expected. This becomes even more of a leap when it comes to what CNN refers to as the “volatile” nature of altcoins. Although, they admit that many of these alternative currencies provide features that Bitcoin does not and further initiates the original purpose of decentralization.
MastertheCryto created a proposed predictive and comparative analysis that rated resultant profit and initial capital over a year regarding Bitcoin and altcoins. Bitcoin came up the highest with $96, 000. Ethereum, an altcoin, followed Bitcoin at $50, 000 with the lowest altcoin gains at $3600.
Altcoin Trading South Africa: Where to Look
The general consensus seems to be that Binance is your best resource as a South African for crypto currency trading. This consensus claims that Binance is secure and provides the option to half your fees if you purchase with their BNB Binance Coin.