Bitcoin has reached a striking level of popularity that comparable versions of the peer-to-peer digital currency payment system have been surfacing in part of the world. Only within these past ten years, upwards of 5 thousand brand-new cryptocurrency systems have emerged. Unsurprisingly, a lot of them just vanished into thin air given that they were just scams to begin with. Regardless, a large number of them have rightfully become prominent players in the altcoin field.
Although most cryptocurrencies that have come after Bitcoin are a lot more unstable and prone to abrupt changes than Bitcoin and a handful of other big names in the market, some offer phenomenal, lucrative ventures even with the risks. Keeping this in mind, here are 4 top cryptocurrency alternatives you should think about investing in.
Litecoin
Released in 2011 and often dubbed as the digital silver, Bitcoin heavily inspired the development of Litecoin, and in a lot of ways, they are practically the same. But Litecoin’s processing is a lot faster due to its speedier block generation. Furthermore, Litecoin was one of the first cryptocurrency systems to employ SegWit protocol, making the processing of a larger number of payments at a time possible.
After having stayed in the shadow of Bitcoin and other rivals for a period, the price of Litecoin has belatedly been on an uptrend since the employment of the SegWit protocol. Litecoin is presently exchanging at around $50 and only expected to gain in value.
Ethereum
Ethereum is a decentralized exchange platform that allows for the development and operation of smart contracts and Distributed Applications (ĐApps) with the promise of no downtime, fraud, or third-party interference. Ethereum operates on its own blockchain token named Ether, which is used for all kinds of transactions. Just as Bitcoin is usually viewed as the gold of the digital world given its mining method and finite supply, Ethereum is considered as the fuel of the digital world. Introduced in 2015, Ethereum became a very popular and marketable type of cryptocurrency very quickly. Most cryptocurrency authorities even claim that Ethereum is a much more enticing investment venture than Bitcoin. With a market value of $28 billion already, Ethereum has also been endorsed by huge players such as Microsoft and IBM.
Ripple
Operates using its own token XRP, Ripple is a global payment channel and virtual asset exchange. Introduced in 2012, Ripple provides financial institutions and payment services with “a reliable, on-demand option to source liquidity for cross-border payments.”
Some cryptocurrency savants believe that Ripple has the means to be a feasible alternative to SWIFT transfers, which is made abundantly clear by so many reputable financial institutions and payment providers choosing the platform, including UniCredit, MoneyGram, Royal Bank of Canada, and more. Ripple also has the support of industry giants such as Google Ventures and Seagate.
Dash
Dash (known initially as Darkcoin or Xcoin) was introduced to the market at the beginning of 2014. The system is made up of a blend of various cryptographic algorithms and allows for all transactions to be made anonymously using their Darksend protocol.In comparison to Bitcoin, the Dash mining process is much less arduous. Dash runs on a decentralized management system where all members of the network make development decisions instead of having a small team of developers make them.
As opposed to many cryptocurrencies platforms where miners complete all duties on the system, Dash makes use of what is known as master nodes which execute administrative tasks while miners are primarily tasked with building new blocks. Given that master nodes enable crucial network capabilities, miners and master nodes all get their share of the block reward. Another unique feature that DASH has is that it utilizes the X11 hash algorithm.
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Posted on May 22, 2023