What is an altcoin
An altcoin is any coin that is not Bitcoin. An alternative coin.
Bitcoin was the first cryptocurrency, and all the other crypto tokens or “coins” that have come into the crypto space since are altcoin.
The market is always expanding, and the next big digital token or coin could be released next week. While bitcoin is the pioneer, here are a few important cryptocurrencies to acknowledge in 2020.
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Tether (USDT)
- Bitcoin Cash (BCH)
- Libra (LIBRA)
- Monero (XMR)
- EOS (EOS)
- Bitcoin SV (BSV)
- Binance Coin (BNB)
- Ravencoin (RVN)
If I invest in bitcoin or altcoin, can and where can I spend my cryptocurrency?
The market has really developed over the years, there are now many places to invest in Bitcoin in the UK. A lot of people realise it is easy to get your money in, as well as get your money out. That said, mining experts have warned this is not a get rich quick scheme and the same logic and due diligence process should apply to this as any other investment.
Spending bitcoin and other cryptocurrencies with major companies is becoming easier:
- Whole foods
- Gift Off (who offer gift cards, at face value for most major retailers: Amazon, Tesco, ASOS, Uber)
There are also third parties where you can get a bitcoin debit card, so you can spend it anywhere there is a visa application – arguably a bit of dichotomy here, have we not just put a middle-man back in? I hear you ask – but at least this solution allows you to spend in most shops and buy your mates a round at the pub.