#Cryptocurrency_meaning and #type_of_cryptocurrency and #Alt_Coin_Meaning with #Pros_and_Cons_of_alt_coin
▶ Video Is About :
Crypto means Data Encryption & decryption to ensure the security of transactions in Communication
what is cryptocurrency
Digital Currency for Medium of exchange
Created & Stored in the blockchain
Ensure Safty of transaction
Has no Physical Counterpart
operating independently of a bank
Crypto VS (Traditional ) FIAT currency
Decentralized | Centralized
Digital Medium of Exchange | Physical Medium of Exchange
Limited Supply | Unlimted Supply
New Concept | well Established & tried the concept
Represented by 1 private and 1 Public piece of code | Represent by bill & Coins
Value Represent By demand Supply | value Represent by the market and regulation
Fast Cross Border Transaction | Cross Border payments with restriction of RBI & Fema ACT
Risk involves in cryptocurrency
Price Volatility is highly Volatile and speculative
No Guarantee or Backing as the underlying asset for mostly cryptocurrencies
Hacking Risk: cyber attacks Result in the theft of CPT are increasingly common
Cryptocurrency wallet set up by Pvt companies which may be unregulated and located overseas
liquidity Risk: not enough active buyers and sellers
Illegal Activity: Due to Relative anonymity & ease of transfer
Emerging Technology is still an experiment
The term altcoin refers to cryptocurrencies other than Bitcoin. Such coins distinguish themselves from Bitcoin by extending their capabilities and plugging their shortcomings.
“The term “”altcoins”” refers to all cryptocurrencies other than Bitcoin.
As of March 2021, altcoins accounted for 40% of the total cryptocurrency market, with more than 9,000 cryptocurrencies and counting.
Some of the main types of altcoins include mining-based cryptocurrencies, stable coins, security tokens, and utility tokens.
Altcoins might include only mining-based cryptocurrencies other than Bitcoin in the future as usage continues to develop with technology.
Ethereum and Binance Coin were the largest altcoins by market capitalization as of March 2021.”
Pros
Altcoins are “better versions” of Bitcoin because they aim to plug the cryptocurrency’s shortcomings.
Altcoins like stable coins can potentially fulfill Bitcoin’s original promise of a medium for daily transactions.
Certain altcoins, such as Ethereum’s ether and Ripple’s XRP, have already gained traction among mainstream institutions, resulting in high valuations.
Investors can choose from a wide variety of altcoins that perform different functions in the crypto economy.
Cons
Altcoins have a smaller investment market as compared to Bitcoin. As of April 2021, Bitcoin has a 60% share of the overall cryptocurrency market.
The absence of regulation and defined criteria for investment means that the altcoin market is characterized by fewer investors and thin liquidity. As a result, their prices are more volatile as compared to Bitcoin.
It is not always easy to distinguish between different altcoins and their respective use cases, making investment decisions even more difficult and confusing.
There are several “dead” altcoins that ended up sinking investor dollars.
Ethereum, Binance Coin, Tether, Cardano, Polkadot, XRP, Uniswap, THETA, and Litecoin as of March 2021
Don’t buy simply because the price is Low
Most beginners make one common mistake: buying a coin because its price seems to be low or what they consider affordable. Take, for example, someone who goes for Ripple instead of Ethereum simply because the latter is much cheaper.
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▶ Video Timestamp:
0:00 Amazing Facts About Cryptocurrency
0:33 What do you mean by Crypto
1:13 Meaning of Cryptocurrency in Hindi
1:45 Difference Between Cryptocurrency and Fiat Currency
2:57 Risk in Cryptocurrency
3:28 Altcoin (Alt coin is cryptocurrency other than bitcoin) & Pros of Alt Coin
4:35 Cons of altcoin
5:00 Popular Alt Coin and their ROI
5:40 Who invented Bitcoin