Thinking of betting and playing in altcoins but not sure if this is a smart move? At EmuCasino, you can now bet and play with a wide range of cryptocurrencies and tokens. If you’re new to crypto and find it a bit dizzying, it’s probably because of the ongoing evolution of crypto technology. To help you get started, we’ll break down everything about altcoins so you can dive right in!
What Are Altcoins?
Altcoin is a term that combines the words “alternative” and “coin” to signify every coin that is an alternative to Bitcoin, the first cryptocurrency. In other words, altcoins are practically all cryptocurrencies other than Bitcoin (BTC). However, some disagree with the definition and consider altcoins to be all cryptocurrencies other than Bitcoin and Ethereum (ETH). This is because Ethereum didn’t just join the blockchain party; it opened up a whole new universe within it! Picture a space where brilliant concepts like smart contracts and supercharged apps (dapps) could spread their wings and soar!
As of today, there are over 20,000 of these “alternative” coins with a total market capitalisation of $1.1 trillion. Most of them are based on Bitcoin so they share code and the same basic functions. However, some of these coins do things a bit differently than Bitcoin. They use different mechanisms to validate transactions, open new blocks or offer new or additional capabilities or purposes. These altcoins keep shaking things up, thereby adding variety and innovation to the crypto world, but why use altcoins?
Unlocking the Potential or Why Choose to Invest in Altcoins
Altcoins are different versions of cryptocurrency that aim to improve existing shortcomings while offering additional functions in the crypto economy. They provide diverse benefits such as the potential for higher returns, innovative features and broader use cases beyond Bitcoin. These coins are the playground for innovation; they’re not just about transactions as they speed them up, make smart contracts smarter and tidy up how we store information. Plus, you can use them on regular crypto exchanges just like you would with Bitcoin.
How Can You Spend Altcoins?
Buying cryptocurrency is like unlocking a door to a whole new world of possibilities! You start by exchanging regular money (fiat) for crypto on the cryptocurrency exchanges. You can use your crypto in ways that go beyond just holding onto it; it’s not just about watching numbers grow in your digital wallet.
Ever thought of buying stuff online or at a store using crypto? You can use a payment gateway like you would for debit and credit card transactions. Want to send money directly? You can do that too with peer-to-peer (P2P) payments straight from your wallet to theirs.
But crypto isn’t just for online shopping or sending money; you can turn it into physical cash with a crypto debit card. Yep, you heard that right! And for all you gamers out there, you can bet and play with cryptocurrencies. This is just the beginning! As the crypto world keeps growing, altcoins will be the centre of decentralised finance as smart contract platforms and interoperability solutions are shaping the technological and financial landscapes.
What Are the Different Types of Altcoins in the Crypto Universe?
Altcoins come in several types based on what they were designed for. These digital gems aren’t just alternatives to Bitcoin; they’re designed for specific purposes in mind. Let’s take a peek at some types:
Payment Tokens: Payment tokens, as the name suggests, are designed specifically to be your digital cash, thus making it super easy to trade value with them.
Stablecoins: Stablecoins aim to reduce this overall volatility by linking their worth to a collection of items like fiat currencies, precious metals or alternative cryptocurrencies. This serves as a safety net as they are designed to keep their prices relatively steady within a limited scope of fluctuation – picture a digital dollar. On that note, Tether’s USDT is a big player in the stablecoin game.
Security Tokens: Security tokens are assets such as real estate or stocks turned into digital tokens. They’re under the watchful eye of the Securities and Exchange Commission (SEC) because they’re designed to act like securities. They have strict rules to follow to ensure everything stays legit and regulated.
Utility Tokens: Utility tokens provide services within a network and can be used to purchase services, pay network fees or redeem rewards. Ether (ETH) is considered a utility token.
Meme Coins: Meme coins are what their name suggests: coins originating from some kind of internet joke. Often hyped online by investors seeking short-term gains, they become popular in a short period of time. An initial coin offering (ICO) is the equivalent of an initial public offering (IPO) and typically used by a company looking to raise money.
Governance Tokens: Have a say in the game! Governance tokens grant holders specific privileges within a blockchain network. These privileges can include voting on protocol modifications or participating in decisions concerning decentralised autonomous organisations (DAOs).
Top Altcoins to Invest in Today
USD Coin (USDC)
USD Coin (USDC) is a cryptocurrency fully backed by U.S. dollar assets that is released by Centre Consortium. This crypto gem is like having a digital dollar in your wallet as it is a tokenised U.S. dollar with the value of one USDC coin tied to the value of one U.S. dollar.
Tether has made headway by enabling investors to transact with traditional currencies across the blockchain without the inherent volatility and complexity. Tether tokens exist on several leading blockchains such as Bitcoin Cash’s Simple Ledger Protocol (SLP) and Ethereum. All Tether tokens are tied 1-to-1 with a matching fiat currency (e.g., 1 USD₮ = 1 USD) and are backed 100% by Tether’s reserves.
DAI is a decentralised stablecoin running on Ethereum (ETH) that attempts to maintain a value of $1.00 USD. Unlike centralised stablecoins, DAI isn’t backed by US dollars in a bank account; instead, it’s backed by collateral on the Maker platform and attempts to maintain a stable 1:1 value with the US dollar by locking other crypto assets in contracts.
What to Consider Before Buying Altcoins
Cryptocurrencies aren’t just numbers on a screen; they’re becoming the go-to choice for transactions. When choosing between Bitcoin, Ethereum and altcoins, it’s not just a coin toss; it’s about finding that perfect fit – that one currency that aligns with your vision of the future. Do your research, understand the strengths and weaknesses of each coin and make an informed decision. Ultimately, it’s up to you to decide which coin is right for you.
Let’s now turn our attention to the fusion of excitement and innovation: altcoin casino betting! It’s the ultimate amalgamation of classic casino charm and the cutting-edge world of cryptocurrencies. As the altcoin ecosystem expands, so do the horizons of thrilling gaming experiences. Whether you’re a seasoned casino aficionado venturing into the crypto realm or not, remember to explore the intricacies of each altcoin and the benefits they offer.