5 Cryptocurrencies other than Bitcoin that you should know of!
Bitcoin is no doubt the leading cryptocurrency and has been for years in terms of its market capitalisation, popularity, and user base. It holds a special place in the history of cryptocurrencies by virtue of being the first one itself. Despite that Bitcoin was launched a decade ago and ever since then the field has observed great expansion and cryptocurrencies other than Bitcoin deserve their fair share of acknowledgement. In fact, the digital realm could be said to be teeming with anticipation for the next groundbreaking innovation in FinTech. This article however is going to be discussing promising cryptocurrencies other than Bitcoin.
Ethereum is at #1
Ethereum is the second most popular cryptocurrency after Bitcoin with a market cap of more than $69 billion. It was launched in 2015 primarily as a digital platform that could allow Smart Contracts and support decentralised apps in addition to serving as digital money. This allows projects and applications to be run on the platform without any concern for third party interference and hence, it further ensures security by mitigating the potential of fraudulent intentions. As a result, it is not surprising that Ethereum has gained support of few significant names in the financial sector like Amazon Web Services and Microsoft Azure. While currently, in terms of purely the market capitalisation, Ethereum is 1/10th the size of Bitcoin which is why it makes sense that one ether costs only $352 per unit. However, Ethereum is a great option right now to get behind if you’re a new investor and looking for alternatives to Bitcoin. According to some price predictions Ethereum is set to enjoy steady growth over the next few years.
Ripple doesn’t go lower than #2
Ripple is the third largest cryptocurrency in the world by overall market cap but that’s not what is the uniquest about the cryptocurrency. While Ripple is also a cryptocurrency it is also a network at the same time. In fact, unlike most other cryptocurrencies that are made by largely using the same code that comprises Bitcoin, Ripple was made from scratch funded by venture funds to become the fastest cryptocurrency that financial institutions could use to better facilitate cross border payments. The real unique aspect is that Ripple doesn’t need to be mined, there’s no creation of XRP over time, the only changes occur in the market supply which is in a way controlled by Ripple Lab. The centralised system was pre-mined at a finite number of $100 billion and is trading at less than a dollar currently. Just like Ethereum, Ripple is also set to see continuous growth in the upcoming years and now would be a good time to buy low in order to sell high in the future.
Litecoin is a close #3
Litecoin, created in 2011, by MIT graduate and former Google employee Charlie Lee, is a very well established cryptocurrency. Litecoin is inherently very similar to Bitcoin, as it is an open-source decentralised cryptocurrency that facilitates cross border payments in addition to being an alternative to money. However, it has a few key differences which is why it makes the list. Not only does Litecoin have a faster processing speed than Bitcoin (four times the speed of Bitcoin to be precise) it’s algorithm Scrypt is more attractive to miners than is Bitcoin’s algorithm SHA-256. With a market cap of almost $6 billion and a per unit value of around $90, the fact of the matter is that Litecoin is very well established and will go a long way into the future before becoming irrelevant.
Tether parks at #4
In the number four spot in our list of cryptocurrencies other than Bitcoin that deserve your attention is Tether (USDT) the first and most popular of a group of cryptocurrencies that proclaimed themselves as “stablecoins.” Tether promises stability by aiming to set their market value in accordance with an external reference point which allows the smoothing out of price fluctuations and that attracts new investors because other cryptocurrencies, even Bitcoin have had extended rough periods where volatility goes through the roof. Tether is able to accomplish this by pegging its market value to the USD which is done by way of holding the equivalent amounts of dollars in reserves. If you like to play on the safer side of the spectrum, Tether is made to cater to people exactly like you.
Libra has to be #5
This list of cryptocurrencies other than Bitcoin would be incomplete if I didn’t talk about Libra which has yet to be launched. In 2019, Facebook released a white paper announcing the existence of Libra which will aim to provide financial services to people who essentially have no access to traditional banking and financial services. What makes this a hot prospect is not only the fact that Facebook indeed has the potential in terms of its global reach both within and without the cryptocurrency sphere but the fact that Facebook has been under the spotlight of controversy for privacy and security issues. While it isn’t exactly the option for you as a new investor, it is definitely something to keep an eye out for in the future!