Others, like Ethereum for example, have already established themselves as being powerful currencies like Bitcoin.
Altcoin trading involves exchanging one coin for another, to obtain daily or weekly profits.
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In very simple terms, you must buy an altcoin when it is cheap and sell when its price is high. How do you determine whether an altcoin is going to fall or rise? Well, it involves speculation. An analysis of the cryptocurrency graph can reveal its future trend. This is where exchanges come in.
A cryptocurrency exchange is a website where you can buy or sell altcoins for Bitcoin. This may sound a bit confusing at first, but trust me, once you start trading, all of this will make sense. The Poloniex Interface to place orders.
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Once you register at Poloniex, you will be provided with a number of wallet addresses for each coin listed on the exchange. You can transfer Bitcoins from your personal wallet to the exchange address to start trading. Risks of Cryptocurrency Trading Most Bitcoin holders know that it is a volatile currency. Altcoins are more volatile than Bitcoin and can lose big parts of their value in a matter of seconds.
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Bitcoin is an established currency, so it can recover from a big price fall. The same cannot be said for all altcoins.