Bitcoin is no doubt the leading crypto-currency and has been for years in terms of its market capitalization, popularity, and user base. It holds a special place in the history of cryptocurrencies by virtue of being the first one itself.
Bitcoin is no doubt the leading crypto-currency and has been for years in terms of its market capitalization, popularity, and user base. It holds a special place in the history of cryptocurrencies by virtue of being the first one itself. Cryptocurrency might become the new norm of the currency world in the future. The reason behind it will be the public ledger “BLOCKCHAIN.” The non-hackable system takes all the trophies home, leaving behind the idea of a bank-account. Thanks to BLockchain, we won’t even need to spend on a boring wallet anymore. i mean what could be next? A Bitcoin ATM?
Created by Satoshi Nakamoto, a pseudonym for someone who wrote the original Bitcoin whitepaper and is the identity credited with inventing Bitcoin itself. While many people have claimed to be the real Satoshi, the actual identity of Satoshi Nakamoto has never been verified nor revealed. Despite that, Bitcoin has launched a decade ago, and ever since then, the field has observed great expansion, and cryptocurrencies other than Bitcoin deserve their fair share of acknowledgment. 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 in the crypto market other than Bitcoin (and Dogecoin for that matter) that a bitcoin miner or trader can benefit from.
Ethereum is the second most popular digital currency 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 decentralized 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. Hence, it further ensures security by mitigating the potential of fraudulent intentions. As a result, it is not surprising that Ethereum has gained the support of a few significant names in the financial sector like Amazon Web Services and Microsoft Azure. While currently, in terms of purely the market capitalization, 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 is the third-largest digital money in the cryptocurrency market according to the overall market cap, but that’s not what is the most unique about the digital currency. While Ripple is also a cryptocurrency, it is also a network at the same time. In fact, unlike most other digital currencies 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. It also supports a Public ledger to safely keep all your digital assets. 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 centralized 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, created in 2011 by MIT graduate and former Google employee Charlie Lee, is a very well-established virtual currency. Litecoin’s value is inherently very similar to Bitcoin’s value, as it is an open-source, decentralized 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 a list. Not only does Litecoin have a faster processing speed than Bitcoin (four times the speed of Bitcoin, to be precise), its algorithm Scrypt is more attractive to virtual currency miners than 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. All while protecting your anonymity.
In the number four spot in our list of cryptocurrencies other than Bitcoin that deserves your attention is Tether (USDT), the first and most famous of a group of cryptocurrencies that proclaimed themselves as “stable coins.” 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.
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 for some profitable trades!
If you want to learn more about bitcoin news, Cryptocurrency trading, or blockchain, check our introductory article about Cryptocurrency and Blockchain!
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