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In Roblox, alt is a shortened form of the word "alternate account". An alternate account is another Roblox account that a player uses that isn't a their main account. For example, if a player had two Roblox accounts, the second would be their "alt" account.
"Dude, is that your alt account or just some random guy?"
"I'll be back in a moment, I want to use my alt account!"