Lesson 3 – What Are Altcoins?
What Are Altcoins?
Simply put, an Altcoin (Alternative Coin) is any cryptocurrency that is NOT Bitcoin.
Altcoins arose out of a need to solve problems that Bitcoin alone does not. Under the hood, most Altcoins have the same code as Bitcoin but with modifications.
There are many “junk” Altcoins and they have no “problem-solving” value so only a few people invest in them. I also believe that there are many Altcoins scams as well.
But there are some very good strong “legit” Altcoins – if purchased and held or the long-term – can make you a ton of money!
Note: You will hear expressions such as “coins.” This expression carries the same meaning as the expression “cryptocurrency.” So, if I say I own two Bitcoins, it is the same as saying that I own two Bitcoin “coins” or two Bitcoin “cryptocurrencies.” Same meaning.
The Next Lesson (Lesson 4): Why Some Altcoins Are Great Investments? (Check your email tomorrow)