A new set of cryptocurrencies is on the rise. Consumers have options when selecting the best alternatives to bitcoin. For quite a few years now, bitcoin has dominated the cryptocurrency world. In fact, it still has the largest market capitalization insofar as price and reputation are concerned. Though bitcoin still leads the list of virtual currencies, there are other cryptocurrency alternatives you can invest in.
If you are looking for the best cryptocurrency to mine, Litecoin can be your alternative of choice. It has proven itself to be a considerably modern Bitcoin version aimed at a faster and easier transaction process for consumers. Litecoin has four times as many coins and is believed to be four times as fast, too. Litecoin’s easy and quick transaction processes have made it more popular of late.
Included in the list of best alternatives to bitcoin is Ethereum. Ethereum supposedly owns the second biggest market capitalization, which coincides with its abundance of ingenious features. This bitcoin alternative has a faster transaction speed that’s both stable and reliable. It operates on “smart contracts” that encrypt a code into the blockchain during processing. With these useful features, it is expected that Ethereum will soon have a high ceiling that could ensnare investors interested in Bitcoin alternatives.
Also showing quite a lot of potential this year is Ripple. This bitcoin alternative does not require mining. Hence, it decreases the need for processing power and lessens network dormancy. Many consider fund transfer under the banking system overly complicated, which results in longer waiting times. By simplifying international payments, Ripple has earned the support of the cryptocurrency industry and has placed itself in a unique position to get a larger market share amongst the best cryptocurrencies.
Digital Cash or Dash is on the rise as one of the chosen altcoins in terms of trading goods and services. Its founders created Dash to offer faster transaction speeds and cheaper maintenance costs than those of Bitcoin. It takes pride in its “PrivateSend” feature that is anchored on encrypted and anonymous transactions.
The founders of IOTA have placed great importance on the connectivity of devices as the modern Internet continues to grow. IOTA stands for Internet of Things Application, and it has a very strong visual dimension that many still find intimidating. Unlike other cryptocurrencies, IOTA does not operate on blocks, chains or mining. It utilizes the “Tangle” ledger that enables it to settle transactions at no cost at all. This characteristic, therefore, makes it one of the best alternatives to bitcoin.
The cryptocurrency list of altcoins will not be complete without Monero. Privacy is a very important element in terms of cryptocurrency trading. One of the features that Monero offers is the obscurity that consumers can rely on for privacy. The way it achieves this differs from the primary method Bitcoin uses. Monero uses “ring signatures” – a distinct technique to enable full privacy. If you are exceedingly anxious about maintaining said privacy when conducting transactions, then Monero is the best cryptocurrency to mine.
Considered as one of the youngest cryptocurrencies today, ZCash offers a notable feature when it comes to privacy and security for its consumers. It is actually the first cryptocurrency to apply the protocol zerocash. This particular element has given it the position of being a sound choice in the cryptocurrency market.
Individuality was one of the objectives important to the founders of NEM when it was created. To differentiate itself from other cryptocurrencies, NEM made its blockchain extremely adaptable to the needs of its consumers. It is targeted to improve the payment system and the logistics of various companies and industries by providing spam protection, which Bitcoin lacks.
Also, one of the best cryptocurrencies to invest in today is NEO. The development of NEO coincided with the popular concept of a smart and casual economy. It aims to provide consumers with easy positioning and safe transaction processes as far as the trading of goods and services is concerned. NEO uses digital certificates and facilitates transactions through a superconductive trade tool. It is also popular for customizing advanced smart contracts for developers.
Creativity and innovation are the main objectives of TRON’s founders. The target consumers of TRON include artists and musicians who want to share their works on the Internet freely through the use of a blockchain practice.
The best alternatives to bitcoin continuously aim to provide answers to numerous existing questions in the cryptocurrency world. While bitcoin is still apparently considered a leader in the world of cryptocurrency, there are altcoins which have garnered the attention of many crypto users out there. You cannot pinpoint the exact cryptocurrency that will give you the highest return on your investment, but it doesn’t hurt to know the different cryptocurrency alternatives and the features they offer to give you maximum return on your investment.