What Are the Factors to Consider Buying Altcoins in 2023?

The rise of new cryptocurrencies known as altcoins coincided with the popularity of Bitcoin. Typically, they present themselves as better options than Bitcoin. Bitcoin opened the way for many other peer-to-peer digital currencies to follow as it was the first. Most alternative currencies aim to correct any perceived Bitcoin flaws and provide competitive advantages to later iterations.

Previously, the easiest approach to finding cryptocurrencies to invest in was to seek the top 10 cryptocurrency market capitalizations and make an investment in any of them.

But more than a thousand cryptocurrencies have entered the market since the ICO boom. Most of them are useless or hardly useful. A lot of them are hidden beneath flowery marketing phrases.

Due to this, a few factors to consider before investing in a currency:

Find out the following first about the currency:

Date of launch Present Price Market Volume

Exchanges that have this token listed

By using this information alone, you ought to be able to reject the majority of the coins. Most coins will be extremely cheap and have a little market valuation. Some would only be traded on Chinese markets. Try to invest solely in cryptocurrencies that are traded on Kraken, Bittrex, or Poloniex. The majority of the legible coins should be covered.

Look investigate the following matters after that:

Problem: What does the technology that underpins it serve? Identity management (CIVIC), decentralized computing for graphic rendering (GOLEM), decentralized storage (SIA), marketplace (PARTICLE), and browser are a few examples of use cases (BRAVE). These are but a few illustrations. Make sure you comprehend the project’s goals for a business solution.

Team: Learn more about the project’s team by reading this. Do they now work on Blockchain projects, or have they in the past? Has the crew had prior experience with any tech products? You would typically see a few random names on the team who contributed. Your realization that this project’s launch was their only significant contribution up to this point will be aided by a quick Google and Linkedin search. A nice example of a team is Filecoin and Steemit.

Use of the token: The market is filled with a variety of cryptocurrencies and tokens. Some of them, like Bitcoin, Monero, or Dash, are currencies. They are several scales of currency with various privacy features. Services on their platform will be paid for with Ether, StorJ, and GAS. Other currencies, such as steam power, Komodo, or DGD, represent voting or equity rights in the organization.

Competition: What products are currently on the market? What other coin is attempting to address this issue? There is a decentralized service for booking taxis. Do you believe it can compete with Didi Chuxing, Uber, Lyft, or Ola? Open Bazaar, on the other hand, caters to a diverse group of customers. Google Zync will face competition from Golem. Storj, Sia, and Filecoin compete with one another.

Social Proof: Read up on the technology on Reddit, Twitter, and the Bitcoin Forum – Index. There are numerous websites where you can read about different cryptocurrency viewpoints. Do some reading before making a purchase. Avoid them if no one is mentioning them. Avoid the project if only 3–4 individuals approve of it. Discussions about good projects are often active in the forums. Stay away from news sites because you can bribe them to post a story about your coin.

Avoid these coins:

  • which do not discuss the coin itself on their website but instead talk about Bitcoin and blockchain
  • Coins having the message with them “Price to rise by X in another n months”
  • There is no website where users may monitor coin transactions. A public ledger is one of the main characteristics of blockchain. It is not blockchain if you can’t observe the transactions.

What is the best exchange to buy Altcoins in India?

Cryptocurrencies are virtual money supported by Blockchain Technology. Blockchain is a decentralized database that keeps track of all of its users in real time. It is unchangeable and transparent. In India, you may purchase bitcoin on some of the best exchanges.

  • Peer-to-peer cryptocurrency marketplace Paxful. Payment options vary depending on the vendor, but there is a lot of freedom in how we might use them.
  • Exclusive to India, CoinSwitch is a mobile-only cryptocurrency trading platform. It offers a variety of payment options for the Indian financial system, including UPI, debit and credit cards, bank transfers, and more.
  • The market leader in P2P cryptocurrency trading is Binance. It supports a large number of cryptocurrencies. You won’t be charged for deposits with Binance. Check out Binance coin latest news.
  • The largest cryptocurrency exchange in India is called WazirX. It combines a P2P cryptocurrency network with an NFT market.
  • One of the reliable platforms in India to purchase cryptocurrency is Zebpay. Numerous cryptocurrencies, including bitcoin, bitcoin cash, ripple, litecoin, etc., are available for purchase.


Before investing in any cryptocurrency, do your research. 90 percent of the present coins will shortly expire. The majority of them made unfulfillable promises. Many of them even lack a use case. In the cryptocurrency world, it is simpler to lose money than gain it.

Richard Maxwell

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