Cryptocurrency: A Beginner’s Guide to Purchasing ALT Coins with Bitcoin.

So you’ve bought some bitcoin and you’re ready to move onto the next adventure — altcoins! If you’re newer to the cryptocurrency world, you may not be aware that that there are literally hundreds of types of cryptocurrencies, also known as altcoin. Altcoin can be a great investment and can provide substantial returns, depending on how much you’ve purchased.

Source: www.richardpatey.com
“Altcoin” is an abbreviation of “Bitcoin Alternative” which means that altcoin describes every cryptocurrency aside from bitcoin. Altcoins can be different than bitcoin in a few ways:
Economic model: Some coins may have more of a logical economic roadmap with a quite limited amount of coins, while others may be mined easily, and have more coins available.
Coin distribution: There are a variety of ways altcoins can be distributed. Some altcoins have controlled mining, while others were distributed evenly to everyone in the country where the coin was created.
Other: Some altcoins may have a more dynamic programming language, focus more on privacy or serve other purposes such as decentralizing domain-name registrations.
So what do you need to do to get your hands on some?
Step 1: Pick an exchange
Source: themerkle.com
There are a variety of platforms you can use to trade your bitcoin for altcoin. You will want to look into what country the exchange is hosted in, what altcoins are available to be traded and exchange fees. Here are a few commonly used platforms:
Bittrex
Quoine
Bitfinex
Poloniex
Step 2: Transfer bitcoin
After you’ve chosen the exchange platform that works best for you, you can sign up and transfer bitcoin into your new account. On most platforms, it is as easy as clicking a button and getting the address that you need to send the bitcoin to. Some also provide QR codes to make the process even faster.
On Bittrex, it looks like this.
Step 3: Trade
On your chosen exchange platform, choose the market that has the coin you want to purchase. For example, if you wanted to trade bitcoin for ethereum you would click BTC-ETH. You then simply choose the amount of coins you want to buy.
Much like the photo below of the Bittrex exchange, your chosen platform will give you the latest details on the volume and latest prices of the coins.
Step 4: Add altcoins into your wallet
Your last step is to take your new coins and add them back into your wallet. This is important because not all exchanges are insured, and if the exchange is compromised in anyway, you may be out some cash.
What altcoin do you plan to purchase?

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