Why do one need to go through BTC or ETH to reach altcoins

Yuhee

sr. member

Activity: 546

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Quote from: player514 on September 08, 2017, 03:20:06 AM

Quote from: TheCoinFinder on September 08, 2017, 12:43:37 AM

Bitcoin has influence over alternate cryptocurrencies.It is like a digital gold in the whole cryptocurrency market.
All altcoins even eth are still depending on bitcoin because bitcoin is overvalued so far.
In order to obtain altcoins,you must go first for the primary digital currency.

Yup, I agree with this answer over the others. Bitcoin is what you can consider the mother hub of the altcoins. A lot of altcoins is contingent on you having some Bitcoin or Eth on you. Furthermore, I think when trading altcoins, people want to stick with cryptocurrency so when they give up some of their altcoins, they can get a different, more prominent coin back as payment in bitcoin.

Also btc and etheruem have there own blockchains so you can trade and coins through there. And most sites would make btc or eth as the main currency so buying btc or ethereum can make you acquire any altcoin you want as much as possible. There are crowdsales who sell there own coin but off course it is risky as they say.

HeRetiK

legendary

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Quote from: highperspective on September 07, 2017, 10:14:09 PM

As I have understood, in order for one to be able to buy Altcoins, one must first own BTC or ETH. What is the reason for this?

Many of the larger and more established alt coins can get bought directly via USD / EUR as well. Kraken for example has fiat trading pairs for LTC, XMR, XRP and a few other alts. Bitstamp offers fiat trading pairs for XRP and LTC. I guess a lot of alts don't have enough volume to warrant dedicated fiat trading pairs however, so naturally BTC or ETH are the better fit.

Also note that the exchanges with the largest selection of alt coins usually don't have a direct connection to the traditional banking system.

player514

legendary

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Quote from: TheCoinFinder on September 08, 2017, 12:43:37 AM

Bitcoin has influence over alternate cryptocurrencies.It is like a digital gold in the whole cryptocurrency market.
All altcoins even eth are still depending on bitcoin because bitcoin is overvalued so far.
In order to obtain altcoins,you must go first for the primary digital currency.

Yup, I agree with this answer over the others. Bitcoin is what you can consider the mother hub of the altcoins. A lot of altcoins is contingent on you having some Bitcoin or Eth on you. Furthermore, I think when trading altcoins, people want to stick with cryptocurrency so when they give up some of their altcoins, they can get a different, more prominent coin back as payment in bitcoin.

btc_angela

hero member

Activity: 2632

Merit: 546

Quote from: highperspective on September 07, 2017, 10:14:09 PM

As I have understood, in order for one to be able to buy Altcoins, one must first own BTC or ETH. What is the reason for this?

Because BTC and ETH are the strongest coins in the market. So you got to own this coins because it yields high profit instead of you getting in the Altcoins, buying them in bulk but what you gonna do with them? If you are really looking for at least a good start and profit BTC and ETH are good to get in the beginning. So if you have enough profit, you can go to altcoin market and buy some coins from your BTC and ET profit. Again, you have to be careful what altcoins are you going to buy because some of them are really for Pump and Dump, you can easily get trap and the only choice you have is to hold on it for a little longer, or just sell and exit and get some losses.

TheCoinFinder

legendary

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Bitcoin has influence over alternate cryptocurrencies.It is like a digital gold in the whole cryptocurrency market.
All altcoins even eth are still depending on bitcoin because bitcoin is overvalued so far.
In order to obtain altcoins,you must go first for the primary digital currency.

maydna

hero member

Activity: 2912

Merit: 556

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Quote from: highperspective on September 07, 2017, 10:14:09 PM

As I have understood, in order for one to be able to buy Altcoins, one must first own BTC or ETH. What is the reason for this?

because i think btc is the main of cryptocurrency that being use to buy altcoin, its like center of crypto currency and people know bitcoin more than altcoin. maybe btc is like one crypto currency that being used as adjustment price among the other coins. i am not too understand with this as i don't to thinking too serious Grin

highperspective

member

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Thanks for the reply! Yes, that is how I understand the rise of them as well. But what is the reason for this? Why do one need to go through these first?

coinspam

newbie

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Otherwise BTC & ETH won't keep rising. That's why it keeps rising, because for people to buy alts they need to buy the big 2.

highperspective

member

Activity: 87

Merit: 10

As I have understood, in order for one to be able to buy Altcoins, one must first own BTC or ETH. What is the reason for this?

Topic: Why do one need to go through BTC or ETH to reach altcoins (Read 289 times)