Thursday January 14, 2021 - 19:02:43 GMT
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Why altcoins are better than bitcoin for making payments
The bitcoin price touched $40,000 again only three days after its latest crash. There's no denying that the cryptocurrency is volatile, so it may not be wise to use it to make payments. At this point, bitcoin's use case may be limited to investment because the price changes so often and so widely that you risk losing a lot of money by using it to make payments.
The one place altcoins are better than bitcoin
Thus, altcoins may be a better bet if you are set on using cryptocurrency to make payments, although some altcoins' prices have also been moving, driven by bitcoin's price. However, if you're careful, you can use altcoins for transactions like depositing money into an online casino account.
One issue with using altcoins to make purchases is that retailers are more likely to take bitcoin than other cryptocurrencies. The good news for those who want to gamble in online casinos is that many take a variety of different cryptocurrencies. It simply makes more sense to use altcoins instead of bitcoin for online gambling and other transactions where accepted.
If you're new to cryptocurrency, you may not be familiar with many altcoins. Bitcoin gets the most attention, although some others like XRP and Ethereum do also get media coverage. You'll have to dig deeper if you want to learn about other cryptocurrencies, but there is information out there. Some of the most common types of altcoins are Bitcoin Cash, Litecoin and Dash.
Types of altcoins
Bitcoin Cash was created from a bitcoin fork, meaning that bitcoin's software changed to create two different versions of the blockchain, although they share a history. Because of its relation to bitcoin, Bitcoin Cash has been increasing in value as well. Bitcoin Cash has increased from less than $300 in December to more than $500 in January, so it is nearly as volatile as its parent cryptocurrency. As a result, Bitcoin Cash might not be one of the best options for altcoins to use for transactions, although it is more widely accepted than some other cryptocurrencies.
Litecoin is less volatile than Bitcoin and Bitcoin Cash, although its value has increased over the last month too. The Litecoin price increased from less than $100 last month to more than $150 this month. However, if you're looking for a cryptocurrency that doesn't increase in value as much as bitcoin, Litecoin might fit the bill, at least for now.
Dash was also forked from the bitcoin protocol, and like the other altcoins, its value has also been increasing. Dash's price has ranged from about $35 to more than $150 over the last year. However, it isn't quite as volatile as bitcoin and some other cryptocurrencies, so you don't have to worry as much about losing a lot of money if you use it to make a payment.
If you're looking for other options with lower prices, you might even consider Tether, although it can be challenging to find a retailer or casino that accepts it. If you are set on using cryptocurrencies for transactions rather than investment, you should first check to see which ones are accepted by the merchant or casino you wish to transact with.
How to buy and trade altcoins
Before you can use any cryptocurrencies for transactions, you first must acquire them. To do that, you'll need an account with an exchange that supports the altcoins you are targeting and a digital wallet to hold them. Some examples of cryptocurrency exchanges are Coinbase, Kraken and eToro. Cryptocurrency wallets can include digital wallets like eToro or Coinbase or hardware wallets like the Ledger Nano X or Trezor One.
If you want to buy or trade altcoins, the best place to start is with a reputable cryptocurrency exchange like Coinbase. One great thing about Coinbase is that it offers a digital wallet attached to your account. However, if you're storing your cryptocurrency in an online account, there is always a chance that hackers could break in and steal it. Coinbase does have insurance to protect against such losses, but it's still a headache.
For this reason, many people choose a hardware wallet instead. However, the downside to hardware wallets is that they could be lost or stolen, and they usually require a password to access the cryptocurrency stored on them. A former Ripple Labs CTO revealed that he couldn't remember his password for his IronKey hard drive, which means his $240 million in bitcoin could be lost forever.
Cryptocurrencies have changed the world forever, and they're here to stay. No matter which altcoin you decide to use, you'll discover how easy it is to use it for transactions or gamble online. Cryptocurrencies offer a different way to think about payments. If anonymity is your concern, then they offer an excellent way to complete transactions. If you aren't worried about remaining anonymous, then cryptocurrencies could also provide an alternative to fiat money and a new way to conduct business.
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