Everyone and anyone who has a computer and access to the internet must have come across the word ‘Crypto-currency’, to an average and not too frequent internet user, the meaning of the word is wrapped around the popular cryptocurrency ‘BITCOIN’.
This article aims to give a clearer introduction and give a simplified yet understanding meaning/definition to cryptocurrencies, how they work and where to find out about genuine cryptocurrencies worth investing in.
First off, what is crypto-currency?.
Crypto-currency is a controversial digital asset designed to work as a medium of exchange that uses cryptography…really?. How do I even get to understand that to explain to another person??
Don’t let the internet confuse you. A crypto-currency is a form of money, only in this case, it is a digital money meant to be spent securely online without any trace. The ‘crypto’ part means cryptographic which is a process whereby legible information (data) are converted to uncrackable codes, these codes are used to track/monitor the purchase and transfer of our digital money.
To most random internet users, when the word cryptocurrency is mentioned, first thing that comes to mind is BITCOIN. Well, quick reminder, there are more than a thousand cryptocurrencies available as at the time of writing this article. Though BITCOIN was the first crypto-currency ever made in 2009 (also the one with the highest value as of now), the huge success and general acceptance of BITCOIN made way for other altcoins to be created. Wait a minute, did I just say altcoins?. Don’t make a face just yet, Altcoin is just a combination of two words, alternative and coins. It is used to refer to any cryptocurrency other than BITCOIN.
This means that any cryptocurrency (coin) that is not bitcoin is an alternative coin (Altcoin). That was simple enough. (-:
Like mentioned earlier, due to the huge success and general acceptance of BITCOIN, many other COINS were born. Many of these coins make it to the general crypto world and becomes accepted as a medium of exchange for some or a particular service rendered, some others do not do too well.
As an investor in cryptocurrencies, it is vital you gather information, basically coin market capitalization before exchanging/trading a cryptocurrency. Though this does not guarantee success of such coins, It tells you how much money you will make from a crypto-currency and better investment decisions can be made. If you are looking to get such information, gather useful analysis and learn about altcoin market capitalization, then AltCoinsArmy is where you should head. AltCoinsArmy provides important cryptocurrency market cap resources such as (total coins in circulation compared to the current price of the coin), price (in a fiat currency like USD and a major crypto like BTC/ETH), volume (fiat value of currency traded in a day), supply (circulating supply of a coin), the coin trend/buzz on social media, and the exchanges it trades on.
Altcoinsarmy.com does not provide exchange/trade services, its primary aim is to provide you with whatever useful resources that helps you find coin prices and also where to exchange/trade crypto pair e.g ETHERUEM/LITECOIN.
How to Use Altcoinsarmy.com
On visiting altcoinsarmy.com, the homepage provides you with a listing of all cryptocurrencies market capitalization. This page lists the market cap, price, volume, supply, 24 hour price changes, and a tiny not-hard-to-read graph of that price over 24 hours. Every of these details are updated as changes occur in the cryptocurrencies.
This ensures that you are provided with the most accurate and up-to-date details to aid your trading/investments.
Market cap or Market Capitalization: This is the total coins in circulation in addition to the current market price of the coin.
Price: This is the current average coin price (market price) across all exchanges.
Volume: This actually indicates or shows how much of a coin has been traded in the past 24 hours.
Supply: The number of coins in existence (the supply multiplied by the price gives you the market capitalization of the coin i.e supply x price = market cap). Practically, if we have a coin supply of lets say 1,000 and price of $1 per coin, market cap = 1,000 coins.
Looking at a coin, you would ideally want to consider the market cap as this gives an overview of its value. The market cap not only gives you the value of a coin, it also compares the value of the coin to its total number in circulation.
The price works understandably, you sell when it goes up, you buy when it comes down. Supply gives you an idea of how limited the current supply is (but not how many can be created in total, you need to research that per coin).
The 24 hour volume on its part, tells you about the coin present performance whether the coin is going up or nose diving (this can help determine your buying and selling).
Tip: High volume and an average growth in market cap tend to mean that the coin is generally doing well. Do not go looking for a coin to compare to BITCOIN now, they are all beneath it for the time being.
If you are looking for the best up-to-date resource online to get information about cryptocurrencies, or tools need to peep into the blockchain network head to https://tools.altcoinsarmy.com.
We have them all recruited, we have all the information you need about them.
Visit us today before investing/trading/exchanging on that crypto!!
Written By: Cryptorian Dubem