What is an altcoin? Every crypto that isn't Bitcoin
By SendPay Business · · 2 min read
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An altcoin is any cryptocurrency other than Bitcoin. The name comes from "alternative coin". There are thousands of them, from large networks like Ethereum to tiny tokens that trade for fractions of a penny.
The main types
- Platform coins, such as ether, which pay for activity on a blockchain that runs apps.
- Stablecoins, which aim to hold a steady value against a currency like the US dollar.
- Utility and governance tokens, used inside a particular app or to vote on its changes.
- Meme coins, which are driven mainly by online hype rather than any use.
What to check before buying
Look at what the coin is actually for, who is behind it, how many coins exist and who holds them, and whether it trades on well-known exchanges. Smaller coins can be very hard to sell and are common targets for pump-and-dump schemes.
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The risks
Most altcoins are more volatile than Bitcoin, and many have lost almost all their value. In the UK, crypto isn't covered by the Financial Services Compensation Scheme, so only use money you can afford to lose.
Where SendPay fits
SendPay crypto exchange platforms let your customers buy, sell and hold crypto next to their cash under your own brand, and you set your own trading fee. Assets are held with regulated partners.
How it works
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- 3Launch when you are ready
Why sign up
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Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.