With the rising value of bitcoins, cryptocurrency is becoming highly popular in recent years. But apart from bitcoins, there are numerous cryptocurrencies in the world that can serve as a good alternative to bitcoins. More than 9000 cryptocurrency projects are currently live, which offers more opportunities for investors to think beyond bitcoins. Here are the popular bitcoin alternatives for you if you are planning to try something apart from the usual trading crypto token.
Considering the market cap, Ethereum can be considered the second-largest crypto asset in the world. Both Ethereum and Bitcoin combine to form 70% of the total crypto market. The myriad applications of Ethereum’s blockchain technology are an impressive factor for investors. This cryptocurrency allows new financial apps with the backing of smart contracts. Visa, the giant payment organization, is making use of Ethereum to document crypto transactions. Thus Ethereum is being used to fill the gap between traditional finance and digital finance. The major drawback of Ethereum is that its transaction fees are very high.
Litecoin is considered as a digital payment method that does not need a third party in between like an authorized bank. Litecoin has the ability to confirm crypto transactions at a speed 4x than Bitcoins. The security and longevity Litecoin offers are the attractive features of this cryptocurrency.
Dogecoin was initially created to make fun of the sudden rise in cryptocurrencies like Bitcoins. But Dogecoin rose to be one among the top five most valuable cryptocurrencies across the world in a very short span of time. The popular influencer of the cryptocurrency market, Elon Musk is a great fan of Dogecoin.
Ripple is the company behind the cryptocurrency XRP and focuses more on safety. While Bitcoin and Ethereum use public blockchains, Ripple uses a network of nodes that takes part in the transactions of banks and other financial institutions. Ripple’s currency XRP cannot be mined. It is issued by Ripple’s founders, which is considered to be a drawback too as it has creators to control it. Ripple’s value is also less than the other major cryptocurrencies.
Cardano was created from a scientific philosophy and is designed and developed by a leading global team that includes engineers and academics. The developers have tried to use the best factors of different cryptocurrencies into a single token. A good team of academics and scientists are working behind the process of improving this cryptocurrency. Cardano aims at becoming a cryptocurrency that can be used by everyone for daily transactions.
Monero is a completely untraceable cryptocurrency and that is its biggest advantage. The functioning of Monero is similar to Bitcoin and uses blockchain for transactions. But the difference is that Monero does not reveal your online address to the public ledger. Thus it can be considered as a black market currency. It has also increased in value over the past years, but Monero is still not considered to be a stable cryptocurrency like the other popular ones. A few years back, some Chinese researchers found that hackers were mining Monero using devices connected via the internet.