With about 23,000 cryptocurrencies to choose from as of March 2023, getting into the crypto market offers a vast range of opportunities for both individuals and businesses alike. It all started with Bitcoin (BTC) in 2009; then one altcoin came after another, and now we’re here, using crypto not just for earning potential, but also peer-to-peer (P2P) payments and day-to-day transactions.
On that note, if you’re holding altcoins and are interested in using them for payments, this article will give you info on how to send and accept altcoin payments conveniently. Meanwhile, to sign up on Ka.app, click here.
What Are Altcoins?
The term altcoin itself originated in 2011, when the first crypto other than BTC , called Namecoin, was introduced. So basically, it’s a portmanteau of “alternative” and “coin,” referring to all cryptocurrencies besides BTC.
Some of the most popular altcoins in the market include Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), and Polkadot (DOT), among others.
Why Do Some Users Prefer Altcoins?
There are a lot of possible reasons why users are getting altcoins, whether they use BTC or not. One main one is that some altcoins offer specific use cases that aren’t available with BTC. For instance, ETH and many other tokens allow staking, which makes a good passive income opportunity, while BTC doesn’t.
Conversely, some users believe that there’s so much more room for altcoins to grow in terms of value, considering the price per BTC nowadays. Because of this, they buy altcoins during pre-sale events or dips with the hopes of the highest possible returns in a shorter amount of time.
Another possible reason could be that they want to send Bitcoin payments, but the receiving end prefers another token, and the platform they’re using doesn’t have swap crypto features.
How to Send Altcoin Payments
Now down to the intricacies. First, it’s good to know that the specific process of sending payments would depend on the easy and secure crypto wallet you would use. But to give you an overview, let’s discuss how it works on Ka.app where you can send altcoin payments in two different ways:
1. To another Ka.app user
- Log in to Ka.app (or sign up if you haven’t already).
- Go to the home screen, and tap the send icon.
- Enter the mobile number or upload/scan the QR code of the recipient.
- Choose the altcoin you want to send. For instance, the KASTA token.
- Enter how much KASTA you’d like to send.
- Confirm the transfer with your passcode.
And you’re done! The recipient should receive your altcoin payment within seconds. The good thing is, Ka.app doesn’t charge transaction fees for payments that are sent using the same token (e.g., sent in KASTA and received in KASTA). Recipients have the option to accept payments in a different currency using the Easy Swap Engine.
2. To an external wallet
- Log in to Ka.app (or sign up if you haven’t already).
- Go to the home screen, and tap the altcoin you want to send (e.g., KASTA).
- Tap the withdraw icon.
- Paste the recipient’s wallet address or scan/upload their wallet QR code.
- Enter how much KASTA you’d like to send.
- Enter your passcode to confirm the transaction.
How to Receive Altcoin Payments
Meanwhile, here’s a step-by-step guide on receiving altcoin payments, still using the process of Ka.app as an example.
1. From another Ka.app user
- Sign up on Ka.app and log in.
- Go to the home screen, and tap the receive icon.
- Tap copy to share your wallet address with them. You may also screenshot your QR code.
- Wait for the other user to send the payment.
As mentioned, even if the sender wants to send a different currency, you can still receive it in your preferred crypto by setting up the Easy Swap Engine.
2. From an external wallet
- Log in to Ka.app (or sign up if you haven’t already).
- Go to the home screen, and tap the altcoin you’d like to receive (e.g., KASTA).
- Tap the deposit icon.
- Tap the copy button to share your wallet address with the sender.
- Wait for them to make the altcoin payment.
Final Thoughts
While BTC may remain the flagship digital currency, altcoins have diversified the crypto ecosystem, demonstrating their potential for substantial returns, and paving the way for innovative blockchain technologies and use cases. And with the rise of easy-to-use crypto transfer apps like Cash App, more and more people are also using altcoins for crypto remittances, receiving salaries in crypto, shopping, and more.
We hope this was a helpful how to send and receive altcoin payments guide for you. Remember to double-check payment details before confirming any transaction and don’t hesitate to reach out to the platform’s customer support for any concerns.
FAQ
What are the benefits of altcoin payments?
Cryptocurrencies in general offer faster transaction speeds, lower fees, and increased privacy compared to traditional payment systems, among many other benefits.
How long does it take to receive an altcoin payment?
The confirmation time for altcoin payments varies depending on the blockchain network's congestion as well as the specific altcoin you would use. With Ka.app, for instance, you can send and receive crypto payments in just a few seconds.
Are altcoin payments secure?
Altcoin payments are secured by blockchain technology, which makes them resistant to fraud and tampering. However, it's crucial to practice good security measures, such as safeguarding your passcodes or private keys and using reputable crypto platforms.
