Without a doubt, Bitcoins and Ethereum are the two major faces of cryptocurrencies, and what many own, know about or have heard of. It is probably so because it is hard for coin exchanges and marketplaces rarely offer some less-know coins for trading. Unbeknownst to them, other currencies worth investing in exist, including Litecoin, NEO, Dash, and Ripple, among others.
Starting next year though, Coinbase will add a swathe of new altcoins to its platform. Coinbase ranks among the planet’s largest cryptocurrency marketplaces and this news seemingly favor Australian cryptocurrency investors who, until now, have to pay a lot on local exchanges.
A Bitcoin right now costs as much as $25,000 Aussie dollars, what local investors in the region can’t dare invest on. Coinbase lists the principal three coins – Bitcoin, Litecoin and Ethereum, and this has not been great for those looking to look for other coins.
Thousands upon thousands of coins exist, though many only know of the main two. But according to Professor Jason Potts of RMIT University, Altcoins are characteristically more functional, they these coins tend to be a bit more specific too. This cryptocurrency can be likened to Power Ledger, Australia’s peer-to-peer, blockchain-based energy marketplace.
Power Ledger allows trading of renewable energy tokens without necessitating the assistance of a middleman.
Altcoins are available in Aussie marketplaces, although at a premium price. Many feel it is a rip-off and is normally forced to register with US-based platforms and trade them like shares.
With the new development courtesy of Coinbase, therefore, there’s an understandable aura of bliss and optimism, especially among those with a credit card and a phone. As Prof. Potts says, this will open a window of opportunities to those who’ve been forcefully confined to the three.
Meanwhile, Coinbase is yet to release an announcement detailing the type of cryptocurrencies set to be added to their marketplace. Whichever the case, Potts expects to see more Australian dollars enter the global space via coins.
Good News For An Ordinary Australian Cryptocurrency Investor
Ever since the explosion of these currencies, many people have had to quit their regular jobs and instead concentrate on trading cryptocurrencies as a full-time job. One excellent example is Alex Saunders whose smart investment acumen in these coins made quit is the previous calling as an investor.
He frequently engages prospective investors through his YouTube Channel called Nugget's News Australia and often answers cryptocurrency-based questions. Thanks to his decision to join the coins world, Mr. Saunders admits to receiving a ridiculous number of bitcoin-based questions every moment.
He said that on his Facebook, messages arrive in droves while his YouTube channel gets numerous questions and comments. Mr. Saunders, however, acknowledges the presence of excitement in the marketplace following Coinbase's announcement.
He says that those expected to benefit the most are average investors who know little about cryptocurrencies as they’ll just have to download the app. He adds that the convenience that comes with the app also includes the elimination of using various websites and the hassles of saving and managing passwords.