Bitcoin and Altcoins can be used for a broad range of transaction-based activities. Altcoin is derived from the fact that these coins want to be an alternative to the to the dominant Bitcoin. An Altcoin is therefore an "alternative" to Bitcoin. The impact of cryptocurrency has been most profound on the payments industry, as these tokens enable users to bypass conventional service providers, who may impose significant transaction charges.
We’ve identified a variety of use-cases for Bitcoin and Altcoins, shown below:
- Online payments: Whether it’s paying for a monthly service subscription, buying new clothes or transferring money overseas, cryptocurrency enables a faster, more affordable way to execute online payments.
- Investment instrument: You can hold your cryptocurrency as a short or long-term investment. In any case, historically, an investment strategy with holdings in such assets have generated significant returns.
- Foundation for Decentralised Applications: The emergence of Altcoins has been quickly followed with a number web/mobile applications, which significantly aim to offer consumers more certainty and security.
- Ticket to a World of ICOs: New coins continue to emerge regularly and to invest in a project or token, users will be required to transfer either Bitcoin, Ethereum or, other Altcoins depending on the project team’s preference.