Does altcoin get paid?

Paid non-client promotion: In some cases, we receive a commission from our partners. Our opinions are always our own. Altcoin is short for "alternative coin" and — as the name suggests — is an alternative cryptocurrency to Bitcoin.

Are altcoins a viable alternative payment method?

Generally, alternative payment methods outside of traditional currencies, including altcoins, are on the rise. Altcoins (and Bitcoin) combine properties of modern money and the likes of gold into a new type of asset which makes it both scarce (like gold) yet easily transferable (like fiat currencies).

What are altcoins used for?

Many altcoins are used within their respective blockchains to accomplish something, such as ether, which is used in Ethereum to pay transaction fees. Some developers have created forks of Bitcoin and re-emerged as an attempt to compete with Bitcoin as a payment method, such as Bitcoin Cash .

What was the first altcoin?

The first altcoin was Namecoin, which is based on Bitcoin's code and was released in April 2011. Namecoin is integral to the history of altcoins in that it showed that there's enough room in the crypto markets for more than one kind of coin.