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A Digital Asset for Everyone: Top 5 Cryptocurrencies Other Than Bitcoin
Ever since the initial release of Bitcoin to the public, not only has it been a trendsetter, but it also has become an effective standard for cryptocurrencies, inspiring developers to create alternatives and gaining more followers. From Bitcoin and Ethereum to Monero and Chainlink, there have been numerous other types of cryptocurrencies since the trend started. Thus, it can be a bit overwhelming when you are just starting to learn about cryptocurrency and how you can make money with it. To help you get familiar with them, here are the top 5 cryptocurrencies aside from Bitcoin.
On top of the list of Bitcoin alternatives is Ethereum. It is a digital currency that rose in popularity due to it being a decentralised platform that allows its user to utilise smart contracts. Moreover, with Ethereum’s technology, smart contracts and decentralised apps can be built and run without any control, interference from a third party, fraud, or downtime. As it was launched, the developers of this digital currency aim to create a set of decentralised financial products that everyone that has internet can access freely, regardless of beliefs, ethnicity, and nationality. Ethereum is one of the most popular digital assets that can be found on almost all crypto platforms. So, it is a no-brainer if you intend to hold it as a part of your portfolio. Even a strict platform like Immediate Connect that scrutinises assets before listing offers the cryptocurrency which is a true sign Ethereum might become the second best crypto following BTC.
Another known digital asset is the cryptocurrency called Monero, and it’s gaining the attention of numerous investors due to it being an untraceable currency. Since its launch back in 2014, it didn’t take long for Monero to earn the interest of the cryptography community, as well as enthusiasts. Moreover, aside from it being launched with a primary goal of scalability and decentralisation, the development of this cryptocurrency is completely driven by the general community and their donations.
As the developers of Monero emphasise that the primary aspects of Monero are privacy and anonymity, Monero is becoming the cryptocurrency of choice for ransomware criminals due to its technology not being able to leave a trace on whoever is involved in a particular transaction. However, there are a few limitations when adopting Monero to the system. One of them is that it’s not as liquid as the other cryptos because of regulatory concerns on how anonymous the digital currency is.
Launched back in 2017, Cardano is dubbed by experienced investors as the third-generation blockchain, following Bitcoin and Etherium as first and second generations, respectively. Cardano was initially launched with a goal to directly compete with Ethereum, along with other decentralised platforms, to be more secure, scalable, and most of all, efficient. The team of developers behind Cradano’s blockchain was created through extensive research and experimentation. Moreover, the people behind the technology have written roughly 90 papers across a range of topics about cryptocurrency.
Chainlink is closely similar to Ethereum, aside from being a decentralised network, it also bridges the gap between smart contracts and the data outside of it. Chainlink was developed by Sergey Nazarov and Steve Ellis, and as of January 2021, the market capitalisation of this digital asset is 8.6 billion dollars, as one LINK is valued at 21.53 dollars. Moreover, the developers of Chainlink have made a way to efficiently and reliably provide accurate data to smart contracts.
Litecoin was among the first batches of cryptocurrencies released to the public, and despite its launch back in 2011, people are still referring to Litecoin as the silver to Bitcoin’s gold. Litecoin, in general, is based on an open-source global payment network that is not controlled by any form of government or central authority. Moreover, Litecoin also uses scrypt as a proof of its work, in which it can only be decoded using consumer-grade CPUs. Despite Bitcoin and Litecoin’s similarities, the latter still has a significantly faster block generation rate than the other, thus resulting in a much shorter timeframe for confirmation times and transactions compared to others.
Investing in cryptocurrency, regardless of what platform, is a very risky task to commit to, and at the current time, there are already more than a thousand variations of cryptocurrency available.
Many of which have little to no market value and no noticeable value proposition, thus categorising those kinds of cryptocurrency as meme coins. Experienced investors and other experts highly recommend steering away from memecoins and only stick with cryptocurrency that has a reputation such as Bitcoin, Ethereum, and many more.Follow us on social media