Learn how to spend your cryptocurrency
What are Altcoins?
An altcoin is a digital currency similar to Bitcoin, which serves as an alternative cryptocurrency. Altcoins exist to offer different types of benefits to bitcoin, and the crypto market. For example, some altcoins emphasize security, faster speeds or lighter versions then bitcoin using blockchain technology. These altcoins can be created in a variety of ways, such as from scratch via ether mining by virtual machines, or by ‘forking’ from the protocol. Essentially, altcoins are exactly what they sound like: alternative methods to Bitcoin with different features. Trusted gambling sites as well as popular cryptocurrency exchanges accept a number of bitcoin alternative coins, so lets take a look at the pros and cons of each.
Ethereum is described as a decentralized “supercomputer.” Ethereum runs smart contracts – a computer protocol designed to facilitate, verify and enforce what is “the negotiation or performance of a contract,” without needing to go through a third-party. The cryptocurrency used within Ethereum is known as ‘Ether.’ Similarly to Bitcoin, Ether is a mode of payment that can be mined and spent. Similar to Bitcoin, it has also endured a hard fork, which resulted in Ethereum Classic.Ethereum Guide
Bitcoin Cash is a ‘fork’ derived from bitcoin created by BTC miners worried about the future of the cryptocurrency and its scalability. The crypto has a larger block size in its blockchain to speed up verification while allowing transactions to be processed faster. Bitcoin Cash can be traded on digital currency exchanges. It can also be mined in a variety of different ways.Learn more about Bitcoin Cash
Ripple is a payment protocol created by Ripple Labs made to serve as a global network for secure, instant and low-cost global financial transactions without any chargebacks to users. Payments with Ripple are irreversible. Ripple uses the digital currency known as XRP (also referred to as Ripple). The main goal of Ripple is to fix the international payment market which is hampered by fees, exchange rates and time. However, Ripple can not be mined. Ripple has formed partnerships with some banks worldwide and is considered the best bitcoin alternative to those looking for global adoption.Learn more about Ripple
Litecoin is another fork of bitcoin. Created by Charlie Lee, it is a cryptocurrency that is virtually the same as bitcoin with some key differences. The crypto is described as being a faster alternative to processing blocks to bitcoin while being more cost-effective. That’s because it uses scrypt for its proof of work algorithm instead of SHA-256. Although, Litecoin doesn’t hold anywhere close to the same value as bitcoin and is considered the silver to bitcoin’s gold. For many, this is the best bitcoin alternative. Litecoin is minable and can also be gambled with at select online casinos.Learn more about Litecoin
EOS is a decentralized blockchain developed by Block.one. Block.one has claimed EOS can process millions of transactions per second without fees associated to them. EOS’ main goal (like many other cryptocurrencies) is to do what bitcoin can but in a more scalable way. EOS tokens are linked to the Ethereum network, which allows the ability to execute smart contracts. Gamblers can play with EOS tokens at some online casinos.Learn more about EOS
Dogecoin is a prime example of an altcoin that was never expected to succeed but did. This bitcoin alternative was initially created as a “jokecoin,” crypto users flocked to the coin and gave it a bit of legitimacy. However, the coin has an infinite production, which keeps the price extremely low. The low price does tend to hold relatively steady with fewer fluctuations than you’ll see with other altcoins or Bitcoin.
The low price is one reason many people flock to the coin. Dogecoin is also considered a utilitarian coin and has been used for everything from purchases to gambling online. A number of online casinos accept Dogecoin for deposits despite its low value.Learn more about Dogecoin
How to Buy Altcoin With Fiat
If you’re looking for how to buy altcoins with USD or other fiat currencies, the first place to start is cryptocurrency exchanges. Exchanges like Binance and eToro offer a wide variety of options for buying digital currencies. You can do a bank transfer of USD or fiat onto the site and then use that money to buy Bitcoin or altcoin.
You will need to do your research as altcoin exchanges vary. For example, not all exchanges allow you to trade Ripple, EOS, or Dogecoin. Be wary of newer exchanges and stick with those with a proven track record. Finally, never leave your altcoin on an exchange. After purchasing, transfer it to your preferred altcoin wallet.Learn More About Buying Crypto With Fiat
Other Ways to Acquire Altcoin
If you do not wish to go through an altcoin exchange to buy your crypto, you have options. The first is to use an altcoin ATM. You can find physical ATM machines around the world that will allow you to buy altcoin using your bank account or fiat. You then get a printed voucher that you can then either hold or deposit into your wallet. The best altcoins to buy at an ATM is Litecoin and Ethereum. The catch with this option is that you will pay transaction fees and a premium on your purchase.
Next, you can always try and acquire altcoin through various faucets online. Altcoin faucets give you small amounts of altcoin, which you can then send to your wallet. The trouble with faucets is that the amount given is hardly worth the trouble, and sometimes it takes a long time to get enough to send to your wallet.
Another option for getting altcoin is to exchange Bitcoin for it. Many exchanges will allow you to deposit Bitcoin and then use it to buy altcoin. You can then withdraw the cryptocurrency invested funds to your altcoin wallet. Also, if you play at online casinos, some will let you deposit in Bitcoin and later allow you to cash out using altcoin.Online Gambling is Another Way You Can Earn Altcoin
Understanding the Price of Altcoins
Before you decide on the best altcoin to buy, you need to be paying attention to various factors that affect the price of altcoin. The first being the price of Bitcoin. The price of BTC will directly impact altcoin pricing, both good and bad. During the boom of 2018, altcoin prices soared across the board. As Bitcoin drops, the price of altcoins plummeted.
Next, altcoins can be impacted by a variety of external factors. Speculative news and rumors can force changes in altcoin prices. Users can attempt a pump and dump scandal, which can cause fluctuations in pricing. Governmental policy changes will also impact altcoin pricing. Altcoin pricing will also usually jump when a new exchange starts offering the coin, especially if the exchange is high profile. As such, you should always pay attention to the latest news surrounding altcoins.Learn More About Bitcoin's History
Keep Informed on New Altcoins
Smart investors are always looking for new investment opportunities, and the same holds true for purchasing altcoins. There are new bitcoin alternative options regularly hitting the market. You will often hear of an initial coin offering (ICO) that will allow you to be one of the first adopters of the coin. Otherwise, you will find out about these currencies through news articles or when they hit an exchange.
Pay careful attention to the purpose of the altcoin and the purpose of the technology. If it does not offer something new and different than other altcoins, it likely is not worth investing in. Don’t let buzz words like “open source coin” cloud your judgment. Many new altcoins fail or retain very little value. You’d be better off to invest in a stable coin such as Basic Attention Token than taking a risk on an overpriced new altcoin.Keep Informed on the Latest Altcoin News