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Altcoin
First launched in 2011, there have been thousands of Altcoins since then. Altcoins are also gradually becoming an important part of the cryptocurrency market today. In the following article, DNSE will write about the term Altcoin and which Altcoins have potential in 2024?
“Altcoin” is an abbreviation for the phrase “alternative coin” in the field of cryptocurrency and crypto. It is used to refer to cryptocurrencies other than Bitcoin. Altcoins are built on different blockchain technologies and protocols.
First appearing in 2011, this term began to become popular when the cryptocurrency market began to develop and many new cryptocurrencies appeared.
Examples of some popular altcoins include: Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Cardano (ADA), Stellar (XLM) and many other cryptocurrencies.
Advantages of Altcoin
Overcoming the disadvantages of Bitcoin: The later birth of Altcoin allows it to overcome the previous disadvantages of Bitcoin such as: Cheaper transaction costs, faster transaction speed, higher applicability.
Diversify investment portfolio: Currently, there are many new cryptocurrencies appearing. Each type will have different purposes as well as be equipped with different technologies. This diversity allows investors to choose the right altcoin.
High profit potential: In some periods, some Altcoins have recorded impressive price increases, far exceeding Bitcoin. Although risks still exist, the potential when investing in Altcoin is still there.
Disadvantages of Altcoin
Besides the advantages, investing in Altcoin also has disadvantages such as: Risk of fraud, lack of liquidity, strong price fluctuations. Or there are many altcoins that are only sold on certain exchanges.
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