Altcoins are a type of cryptocurrency that can be used as a substitute for Bitcoin. The term ‘altcoin’ is short for ‘alternative coin’. Just as the name suggests, they have a similar commercial potential to Bitcoin but with slightly different properties and functions.
One of the factors people like about them is that they serve the same goal as Bitcoin while remaining less costly. Given that Bitcoin is now the most expensive cryptocurrency, investing in it is more difficult now than when it was first introduced. Nowadays, more people discover how crypto can make their lives easier since it is so practical.
One of the activities that accept the use of cryptocurrency is betting. Whether it may be on a Bitcoin casino or online bookie like Gamdom, punters will see how BTC isn’t the only coin accepted as a payment method. Here is a closer look at altcoins that can be used similarly to BTC.
Ether (ETH)
Ether, the Ethereum network’s native coin, is the most popular altcoin. Despite having a lower value than BTC, this altcoin ranks second on the crypto market. With its massive popularity, people will notice that most businesses and sites that accept BTC are also accepting ETH. One of these is Gamdom. This altcoin is also popular for being accepted in several casino cryptocurrency sites.
ETH is known for its adoption of a Proof of Stake (PoS) protocol. This enables ETH holders to use smart contracts, which ensure that specific requirements are met before transactions are validated. They also process transactions more quickly.
Pros
- It is accepted in several parts of the world
- It is easier to mine than BTC
- It is supported by many businesses
- It supports many applications
- It offers a lot of system updates
Cons
- It has a volatile price
- Transaction fees can be a little more expensive
- Longer transaction time if there are many users are using it at the same time
Litecoin (LTC)
Litecoin was released in 2011, making it one of the first altcoins to be released. Despite its lower value, which grows at a nearly same rate to BTC, this altcoin is known as a compelling alternative to BTC. It also uses a simpler algorithm that makes mining easier.
One of its differences from BTC is that it has a faster block approval time of roughly two and a half minutes against BTC’s 10 minutes. It also has a bigger supply cap of 84 million coins, compared to BTC’s 21 million. It’s also thought that the moniker LTC comes from the fact that it’s a lighter form of BTC.
Pros
- It is fast
- It has low transaction fees
- It continuously improves its features
- It has a straightforward mining process
- It is easy to trade
Cons
- It has some branding issues
- It is currently growing at a slower rate than before
- The impact of its halving day is not as significant as BTC’s
Cardano (ADA)
Charles Hoskinson, a Colorado-based mathematician, founded Cardano in 2015. This altcoin uses a proof-of-stake protocol, giving it an added layer of security and safety.
Cardano’s pillar is a group of researchers who have previously written papers on blockchain technology. Like many other crypto tokens, the blockchain’s native token, ADA, is used to process value exchange. It enables individuals to send and receive payments with minimal transaction fees while also allowing them to create smart contracts. With its potential, some people have dubbed this popular altcoin a nickname of ‘Ethereum killer’ since many believe that it is capable of doing more.
Pros
- It can host assets without smart contracts
- Predictions about its future are mostly positive
- It has a high supply cap of 45 billion
- It is highly scalable
- It is being adopted by several businesses
Cons
- It is not as popular as other coins
- It has slow progress
Tether (USDT)
Tether is one of the most valuable cryptocurrencies in terms of market capitalization. Aside from being a promising altcoin, It is also known as the most popular stablecoin. This means that its value is based on stable assets like the US Dollar (USD).
Despite various criticisms and issues, Tether has retained its position as a reliable stablecoin on the market. Now, USDT is used as a bridge between fiat and cryptocurrencies.
Pros
- Its transactions can be completed swiftly
- It charges minimal fees
- It doesn’t have limitations on transfers
- It is traded on almost all exchange platforms
- It is safe
Cons
- It doesn’t allow public mining
- It doesn’t support anonymity
- Its price isn’t always fixed with USD
Dogecoin (DOGE)
DOGE was created by developers Billy Markus and Jackson Palmer as a joke in 2013. Their main goal in creating it was to reach a large audience and not be a valuable asset. To achieve their goal, they used the iconic Shiba Inu as the face of their coin. Aside from using its own blockchain, it also uses a Scrypt algorithm to manage mining activities and validation processes.
This coin was already doing pretty well on the crypto market charts. However, everything got better for this coin when multi billionaire Elon Musk shared his thoughts about it online. With his massive influence, people are quick enough to hop on the trend and invest in the coin to see what it’s worth. This drove a bullish run on its value. Musk’s influence also helped in making the coin accepted in several businesses and sites like Gamdom.
Pros
- It engages social media users
- It is available on several crypto exchange platforms
- It benefits from mainstream partnerships
- It is highly scalable
- It has a high trading volume
Cons
- It is infinitely mineable
- It is not the number one transactional currency
These are just some altcoins that punters and casino cryptocurrency site users can enjoy when placing their bets. By visiting Gamdom and betting across sports matches and games that are also featured in other Bitcoin casino sites, players will know how to have fun even if it’s not with BTC!