1. How to own Altcoins?
Just like Bitcoin, there are many ways to own Altcoins:
Method 1: Mining Altcoins (Altcoin Mining)
Usually, Altcoin mining algorithm is easier than Bitcoin, so Altcoin miner configuration is also lower. Some famous Altcoins can be mined with the most specialized mining machines such as: Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Dash, etc. In contrast, Altcoins cannot be mined because they do not use algorithms. Proof of Work like Bitcoin can be mentioned as: Ripple (XRP), EOS, Tron (TRX), Cardano (ADA), …
Method 2: Buy and sell Altcoins on the exchange
For some large, familiar Altcoins like Ethereum, you can buy and sell similar to Bitcoin. However, for some small coins that are rarely traded OTC, the best method is to buy and sell Altcoins on cryptocurrency exchanges: Binance, Huobi, Remitano, Kucoin, Bittrex, CoinEx, Coinexcahnge, Poloniex, … Most exchanges use Bitcoin, Eth, or Usdt as intermediaries (although some directly use fiat currency pairs). If it is a Token, it will be bought from ICO projects.
Method 3: Airdrop
Many altcoin communities also offer giveaways to increase their coin exposure and attract new users to join the community. This is a great way to buy coins if you don’t know how to mine Altcoins, have little money or don’t have trading skills.
2. Altcoin Storage Wallet
If you are new to Altcoin or Bitcoin, Financial Investment Academy will share this more: Altcoin is the general term for all coins other than Bitcoin. So there is no universal formula for storing Altcoins. Depending on different coins, we have corresponding coin storage wallets. However, Altcoin storage wallets can be divided as follows.
Each coin will have its own wallet. You can download your own wallet from the coin’s direct website to use.
For example, TRON coin (TRX) will have wallets like TronLink, Tron Wallet.
If it is a Token, consider which coin the Token is built on. Tokens can share a wallet with that platform coin.
For example, ERC20 tokens can be stored in Ethereum wallets such as MyEtherWallet (MEW), Metamask, etc.
Blockchain Wallet: Supports storing Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH)
CoinBase Wallet: Supports storing Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ethereum Classic.
There are companies that develop online and offline wallet services and support for storing coins and tokens.
For example, Trust Wallet, imToken wallet are popular multi-coin wallets in the community.
Ledger Nano S Wallet, Ledger Nano X Wallet: is a hardware wallet, also known as a cold wallet, which supports storing a lot of coins.
Altcoins that you use to trade can be stored directly on the exchange. This form helps you to trade coins quickly if there is a strong price fluctuation.
above article, Financial Investment Academy helped you with ways to own Altcoins, and store them in suitable wallets. Please share the article if you find it useful and don’t forget to comment your opinion below!