While bitcoin is still the largest cryptocurrency globally, there are few other cryptocurrencies that are rising and are gaining the attention of small-scale investors. There are tons of cryptocurrencies that exist, but till today, people have only invested in bitcoin. The reason behind this is because bitcoin is best among all other cryptocurrencies, but in terms of security, it lags. Today, in this article, we will bring few cryptocurrencies into the limelight you must consider if you want to invest your money in cryptocurrencies. Trading Bitcoin is a great way to earn money and you can trade it from the best official App
Before we dive into the world of cryptocurrencies, note that cryptocurrencies are extremely unpredictable, and these involve many risks and challenges compared to other investments. You must be patient enough to invest your money in such a high-risk investment. Every crypto investor must control their emotions and be as informed as possible before entering the crypto market.
Alternatives to Bitcoin
Alternatives to bitcoin are also referred to as altcoins. These are crypto coins that were developed after bitcoin and are specially designed to overcome the flaws of previous cryptocurrencies. Let’s have a look at some great alternatives to bitcoin that are good to invest in.
After Bitcoin, Ethereum is the second famous cryptocurrency with great market capitalization. Ethereum has multiple properties that are similar to bitcoin but also has some significant differences. First, the Ethereum network operates via “smart contracts”, which is a feature of Ethereum. Smart Contracts are written in the form of code that is uploaded on the blockchain network. Second, Ethereum is an open-source network that is controlled and managed by its users like bitcoin. This cryptocurrency does make a safe option to invest your hard-earned money. Ethereum comes under the top ten cryptocurrencies that are good in terms of stability and value.
The price-performance of Ethereum has been impressive in the past few months, but still, investors must invest with caution.
Most people only hesitate to invest in cryptocurrencies because any central authority doesn’t regulate these currencies. Therefore, it seems unsafe to them to invest in the crypto world. However, we are talking about a cryptocurrency, Ripple, dedicated to offering high security to all its investors. In reality, Ripple is a company that manages payments and interactions of XRP currency. Instead of using the blockchain that Bitcoin and Ethereum use, Ripple works with a network of computers that are more like participating financial institutions and banks.
Unlike other cryptocurrencies, Ripple doesn’t require to be mined, which makes it one of the best and worst characteristics at the same time. In addition, ripple collaborates with American Express, and investors believe it makes a solid investment because a centralized company backs it. But there are discussions in the market at the same time that states that Ripple will fall and people will have to face losses.
Cardano is a digital currency developed from scientific philosophy and is wholly built and designed by a team of engineers and academics. The team of Cardano focused on combining the best features and advantages of multiple cryptocurrencies. Charles Hoskinson, the founder of Cardano, states that it is a technology platform designed to run financial applications that organizations, governments and individuals can use daily across the world. A year earlier, the value of Cardano was $0.03, which has been raised to $1.19 as of April 2021, which makes it the best performer in terms of price performance.
The main reason behind investing in Cardano is that it is the most transparent cryptocurrency and performs stunningly at a price.
The creator of Litecoin is Charlie Lee, who seems to be a sibling of Bitcoin. Charlie Lee followed the footsteps of bitcoin and created Litecoin, but few features distinguish between Bitcoin and Litecoin: transactions speed and supply of crypto coins. First, the founder of Litecoin is known and isn’t like the anonymous creator of Bitcoin. Second, the Litecoin network confirms transactions four times faster as compared to bitcoin. Also, the supply of bitcoin is 21 million coins, whereas the supply of Litecoin is 84 million coins.
Litecoin has all features of Bitcoin and few other features as well. So if you prefer to invest in cryptocurrency like bitcoin, you can try Litecoin.