Cryptocurrencies are taking over the world. At the moment, Bitcoin is getting ever more mainstream exposure and acceptance as a legitimate asset and storage of wealth.
Whether using Bitcoin or not, it’s always a good idea to consider investing in this type of asset. However, always make sure you do your homework and thoroughly research any digital asset before making your first move.
Bitcoin is definitely not the only crypto out there that’s worth considering, although it is still considered to be the most popular digital currency. On the other hand, there are many other cryptos, often named ‘altcoins’, that are doing a pretty good job and are attracting investors from all over the world. Here are some of the best alternatives.
Ethereum is perhaps one of the most important coins out there after bitcoin, as it is also a company that provides a platform for developing decentralised apps. In other words, Vitalik Buterin, the creator of Ethereum, saw a much bigger potential in blockchain technology than just using it for cryptocurrencies.
A single unit of ethereum is approximately $240 at the moment, but make sure to check out its price at the time you plan to invest as it is highly volatile — just like BTC. The total market cap is somewhere around $26 billion and the circulating supply is 111.6 million ETH at the moment.
Thanks to Ethereum, many can now access many dapps and enjoy using them on the blockchain. Platforms such as Ethereum also paved the way for the creation of numerous crypto online games. Check out this bitcoin gambling blog to get some idea of the kinds of innovations using dapps can bring to the gaming space.
Bitcoin Cash (BCH) was separated from Bitcoin in a hard fork and became a cryptocurrency of its own. BCH has the same features as BTC, but it’s faster due to some core differences in the underlying technology.
Some believe that BCH is closer to how Satoshi intended bitcoin to be, to act as a form of easy to use electronic payment, similar to how we use bank cards for payments over the internet today. If you’re looking to invest in a true BTC alternative, this is perhaps one of the options to consider. A single unit of Bitcoin Cash costs approximately $240 at the moment.
When litecoin was created, its primary purpose was to be a fix that would make bitcoin transactions lighter (hence the name). However, its creator decided to make a cryptocurrency of its own instead. Eventually, litecoin became the first real competitor to bitcoin, although it never reached its popularity.
At the moment, you can buy one litecoin for $44, but the price of this cryptocurrency also changes every moment. The current market cap is about $2.88 billion and the circulating supply is 64.98 million LTC. Just like bitcoin, LTC has a max supply that can be issued and is set to 84 million LTC.
Tether is a different type of cryptocurrency that’s often referred to as stablecoin. The reason why it bears such a name is that its value is much more stable compared to other cryptocurrencies.
This stability is achieved by pegging its value to a more stable asset such as the US dollar or gold. Tether (USDT) is pegged to the US dollar in a 1:1 ratio, meaning that one unit of USDT = $1 — at least most of the time.
Although tether was proclaimed controversial due to some unapproved practices by its creators, the cryptocurrency managed to retain its popularity and is currently the fourth most popular crypto in the world, with a total market cap of $4.13 billion.