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Alternative to Bitcoin

Contents

  1. Why Bitcoin is not the most convenient cryptocurrency
  2. What cryptocurrencies can be used instead of Bitcoin
  3. Best Bitcoin alternative
  4. What is the correct name of TRC20
  5. Why USDT (TRC20) is better than Bitcoin
  6. Which wallet for computers supports TRC20. Wallet for TRC20 on Linux
  7. How to find TRC20 on Binance
  8. How to find TRC20 in LocalCoinSwap
  9. How to find TRC20 in EXODUS
  10. Conclusion

Why Bitcoin is not the most convenient cryptocurrency

I occasionally use cryptocurrencies – mainly to send money from one country to another (and also to receive donations).

This is a screenshot of one of my wallets – as you can see, I use Bitcoin, although not very actively.

In fact, the experience of using Bitcoin has always left much to be desired:

  1. Slow transactions – even if you do not save on the commission, you will have to wait. If you save on the transaction fee, you may have to wait several hours.
  2. Quite expensive transaction fees – especially if you need to send money quickly (“quickly” from the Bitcoin point of view, not from the user's point of view).
  3. Occasional surges in network load, during which the cost of the commission for a fast transaction sharply increased.

I did not like all this, but I put up with it – after all, I do not use Bitcoin every day.

But recently, massive AML checks began, which finished me off. Moreover, with these AMLs, there is real absurdity – crypto exchangers demanded that I confirm my identity even when the transaction was marked as “safe” (in the green zone) – they referred to the fact that the risk level was not zero (there were some percentages).

Moreover, different cryptocurrency exchangers perform AML checks with different tools – sometimes, it is just unclear which ones.

In general, I tried to fight this with my own methods, for example, I made a white list of crypto exchangers with which I did not have problems with AML checks.

But in the end, I got tired of it. Is it really true that with all the variety of cryptocurrencies there is no worthy alternative to Bitcoin?

Of course there is – and much better than Bitcoin in many respects.

What cryptocurrencies can be used instead of Bitcoin

The number of cryptocurrencies and different tokens is now huge – and the problem is not so much in finding something better than Bitcoin, but in choosing one alternative cryptocurrency.

I evaluated cryptocurrencies based on the following criteria:

  • Wide prevalence among users, cryptocurrency exchanges, and cryptocurrency traders
  • Fast transactions
  • Low transaction fees
  • Moderate currency rate fluctuations
  • No AML checks
  • Support for this cryptocurrency in desktop wallets, including Linux OS (Linux has been my main OS for 8 years now)

My shortlist included the following cryptocurrencies:

  • USDT (TRX Tron / TRC20)
  • USDT (ETH Ethereum / ERC20)
  • ETH (Ethereum)
  • SOL (Solana)
  • TRX (Tron)
  • BNB (BSC BNB Smart Chain (BEP20))

Best Bitcoin alternative

Of the Bitcoin alternatives I selected, I identified the best cryptocurrency for myself, namely: USDT, or more precisely USDT on TRX Tron, or as it is also called TRC20.

What is the correct name of TRC20

You may already be confused by the names – why are there 3 of them? In fact, you can also come across such options as Tether USD and TetherUS.

The USDT coin (which is also called Tether USD and TetherUS) works on different blockchains. And this is an important fact – for different blockchains there are different wallet addresses and different terms of use (for example, fees can differ significantly), and if you choose the wrong blockchain network during the transfer, you can lose your money forever.

So, USDT can work on different blockchains. The best conditions are offered by USDT on the Tron blockchain (TRX Network).

In general, on crypto exchanges this coin can be called USDT, but you will need to choose a blockchain network. And the names TRX Tron (as well as TRC20) mean exactly, “Tether USD on the TRX network”.

Note: there is also a TRX Tron coin – it is obvious that its blockchain is used for TRC20, but nevertheless, you should not confuse these two coins.

So, the coin I am talking about is called:

  • TRC20
  • USDT on TRX Tron
  • Tether USD (or TetherUS) on the TRX network

Why can't you use the short and unambiguous name TRC20? The thing is that, for example, on Binance, in the EXODUS wallet and elsewhere, you will not be able to find a coin with this name – you might think that TRC20 is missing.

But usually this is not the case – you need to search by the name “USDT” and then select the desired blockchain.

Yes, it is all a bit confusing, but moving away from Bitcoin is definitely worth it.

As you can see, I have already made transfers in TRC20 for a couple of thousand US dollars:

Why USDT (TRC20) is better than Bitcoin

Features of the USDT coin on the Tron blockchain (TRC20):

  • The cost of the commission for each transaction is fixed – 1 US dollar
  • Transactions are fast
  • I have never encountered AML checks for TRC20 – perhaps there are no tools for this at all
  • TRC20 is present on all popular crypto exchanges
  • TRC20 is a very popular coin in P2P trading, that is, you can easily find a seller or buyer for TRC20 at a favorable rate.

Which wallet for computers supports TRC20. Wallet for TRC20 on Linux

The free EXODUS wallet (https://www.exodus.com/download/) supports a variety of cryptocurrencies and works on desktops, mobile phones, and web browsers.

EXODUS supports USDT on various blockchains, including TRC20.

How to find TRC20 on Binance

On the Binance crypto exchange, you can buy and sell TRC20, as well as other cryptocurrencies, at a favorable rate.

In the Trade → P2P section (that is, buying and selling cryptocurrencies from other users), you can select USDT – no need to specify the blockchain network.

In the Deposit Crypto (https://www.binance.com/en/my/wallet/account/main/deposit/crypto) and Withdraw Crypto (https://www.binance.com/en/my/wallet/account/main/withdrawal/crypto) sections, to find TRC20, you need to do the following:

  1. Enter “USDT” in the search.
  2. Select the TRX network:

How to find TRC20 in LocalCoinSwap

LocalCoinSwap is a crypto exchanger where you can buy and sell cryptocurrencies – this site is an analogue of LocalBitcoins and is great for international money transfers or if you just need to buy or sell cryptocurrency for fiat money.

See also: Alternative to LocalBitcoins: instructions for using LocalCoinSwap.com

To find TRC20 on LocalCoinSwap:

  1. Go to the “Buy Crypto” or “Sell Crypto” section (depending on whether you want to buy or sell TRC20).
  2. In the Cryptocurrency field, select “Tether – USDT TRC20”:

How to find TRC20 in EXODUS

  1. Go to the Wallet tab.
  2. In the search, enter “USDT”.
  3. Select “Tether USDT”.
  4. Select Tron network.

Conclusion

The existing variety of cryptocurrencies opens the door to achieving the same goals for which Bitcoin is usually used, but with less financial costs, in a shorter time and without worries.

Getting to know new cryptocurrencies may take time to learn their features, but this time will be repaid a hundredfold.

I chose USDT (TRC20) as an alternative to Bitcoin for myself – if you prefer another coin instead of Bitcoin and TRC20, then write your opinion in the comments – it will be interesting to expand our knowledge.


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