Best Bitcoin Alternative 2021: Altcoin Guide

Bitcoin SV is a ‘fork’ derived from bitcoin created by BTC miners worried about the future of the cryptocurrency and its scalability. The crypto has a much larger block size in its blockchain to speed up verification while allowing transactions to be processed faster. It’s generally regarded as a potentially better coin for business and enterprise. It can also be mined in a variety of different ways.

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.

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.

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.

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.