Bitcoin has a tendency to monopolize the conversation around cryptocurrency, which makes sense given its status as the most well-known and valuable crypto in the market. But there’s a world of opportunity out there in tokens and coins besides Bitcoin, collectively known as altcoins. From portfolio diversification to exploring new communities, altcoins have a place among every crypto user’s assets. Read on for our primer on buying altcoins with BitPay.
What are altcoins?
Technically speaking, altcoins are any cryptocurrencies other than Bitcoin, which means virtually all of the crypto market is made up of altcoins. Among the many thousands of altcoins out there, most can be categorized in one of four ways:
Stablecoins
Stablecoins are cryptocurrencies with a value that remains “pegged” to another asset, most often U.S. dollars or another major world currency. The peg is usually maintained by the issuer holding a reserve of dollars and other assets equal to the amount of the stablecoin in circulation. Examples of stablecoins include USD Coin (USDC) and Binance Dollar (BUSD). Stablecoins are popular in part because they hold their value, and aren’t subject to the volatility of some other cryptocurrencies.
Utility tokens
Utility tokens are used to enable a specific feature or access core services within a blockchain network. For instance, paying network fees, earning rewards or purchasing services. Some examples of utility tokens are Basic Attention Token (BAT), Funfair (FUN), and of course Ether (ETH).
Governance tokens
Governance tokens give crypto holders the right to participate in community proposals that determine the future of the project. Holders vote with their stake, with the biggest holders’ votes carrying the most weight in governance proposals. Examples of governance tokens include Maker (MKR) and Uniswap protocol token (UNI).
Meme coins
Meme coins are altcoins that have gotten viral popularity due to internet hype and social media buzz. Meme coins tend to be highly volatile, and prices can move dramatically from nothing more than a tweet from Elon Musk or another industry influencer. Some well-known examples of meme coins include Dogecoin (DOGE) and Shiba Inu (SHIB).
How to buy altcoins with BitPay
BitPay makes it easy to buy altcoins both safely and with minimal fees, whether using the BitPay Wallet app or our website. If you import your keys from existing wallets you can manage all of your assets right from your self-custody BitPay wallet.
Get started buying altcoins with BitPay by following the steps ahead.
Buy altcoins in the BitPay Wallet
Step 1: Get the app
Download the BitPay app on your mobile device from your preferred app store or scan the QR code blow. If you already have the app, you can skip to the next step.
Step 2: Tap “Buy Crypto”
Purchase top altcoins like Ether, Dogecoin, Polygon, and USD Coin.
Step 3: Choose your amount and the altcoin you want to buy
Next you’ll enter the amount of fiat you want to convert, and choose which altcoin you’ll be converting it to. BitPay offers support for dozens of global currencies including USD, EUR, GBP, AUD and many more.
Step 4: Select your payment method
One of the ways BitPay makes it easy to buy crypto is with our numerous payment options. Using BitPay, you can buy altcoins with a credit or debit card, Apple Pay, Google Pay and even by local bank transfer (restrictions may apply, check with your branch).
Step 5: View your offers
BitPay ensures users always get the best possible price when purchasing crypto. Our many global partnerships enable us to present users with multiple offers at different rates, which we provide without any hidden fees or excessive markups. Simply scroll through your offers, find the one you like best and make your selection. You’ll be brought to one of our partner sites to securely complete the transaction.
The best self-custody wallet for buying, storing, swapping and spending crypto
Get the BitPay Wallet App
Buy altcoins from the BitPay website
You can also seamlessly purchase altcoins directly from the BitPay website and have it sent to any self-custody address. Follow these steps and you’ll be good to go!
Step 1: Enter the amount of altcoins you want to buy
Input the amount of an altcoin (or several coins) you’re looking to purchase, or by entering the amount of your local currency you want to convert.
Step 2: Enter your wallet address
If you already have a wallet, you’ll enter the address where you’d like your newly acquired crypto to be sent. If you need a wallet, we recommend the BitPay Wallet for security and convenience.
Step 3: Choose your preferred offer and complete the transaction
BitPay’s partnerships enable us to present users with multiple offers, ensuring you always get the best rate when purchasing crypto. Choose the best offer, and you’ll be automatically taken to a partner website to finish the transaction.
Which altcoins can I buy with BitPay?
Whether purchasing through the app or the website, with BitPay you’ll be able to choose from a wide selection of the most popular altcoins. You can count on always getting great rates and no sneaky hidden fees or tacked-on excessive markups. More than 150 cryptocurrencies are available for purchase. Some of the most popular altcoins you can buy with BitPay include:
Benefits of buying altcoins with BitPay
The many upsides of using BitPay to purchase altcoins will become crystal clear after your first transaction, but consider these benefits if you’re still on the fence.
Fast delivery
Transactions are completed in minutes (or less) instead of hours, meaning less waiting to get your hands on your altcoins.
Self-custody
Security is paramount for any crypto user. Buy your altcoins and have it delivered to any self-custody wallet address.
Multiple ways to pay
Your preferred payment method won’t stop you from buying altcoins with BitPay. Use a credit or debit card, Apple Pay, Google Pay or even a local bank transfer.
High limits
Want to buy a lot of crypto? No problem. BitPay allows you to buy your favorite altcoins with high limits.
What to do with altcoins after buying
Store and hold securely
Keep your crypto locked up tight with a self-custody crypto wallet like the BitPay Wallet. You can import all of your other wallets to manage all of your digital assets from a single interface.
Swap your crypto
Now that you’ve gotten a taste of altcoins you may have discovered some more you want to try out. With the BitPay app it’s easy to swap nearly any cryptocurrency for any other. Learn more about crypto swaps here.
Spend across BitPay’s platform
Now comes the fun part. BitPay makes it easy and secure to spend altcoins, and the flexible platform gives you multiple ways to pay with crypto. Turn crypto into fiat instantly with the BitPay Card and carry your crypto spending power almost anywhere in the world. If you’d rather spend crypto directly, browse our Merchant Directory for a growing list of top retailers that already accept crypto payments. Want to knock out your monthly bills with crypto? Use BitPay Bill Pay to pay everything from credit cards and car payments to mortgages and student loans. Practically any bill can be seamlessly paid using crypto through BitPay Bill Pay. Finally, you can even buy gift cards from your favorite brands using the crypto of your choice through the BitPay app.
