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The Leading Cryptocurrencies: Bitcoin Alternatives

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Bitcoin was the cryptocurrency that started it all, and it is also by far the most popular digital currency to date, holding its title for a couple of decades already.

This digital currency emerged back in 2009. An anonymous individual, or an unknown group of individuals known as Satoshi Nakamoto, started the software that was soon a global sensation. However, many were pretty skeptical of the new modern currency, and it seemed only to catch the attention of the tech community, who saw the exceptional value that lay within the blockchain technology.

While Bitcoin is undeniably phenomenal, blockchain technology is the backbone of Bitcoin and just about every other digital currency around. And it wasn’t long after until the skepticism died out, and many found themselves somewhat resentful that they hadn’t bought in sooner, as the value of the first cryptocurrency rose to impressive heights in a few short years. And even governments are waking up to blockchain and crypto these days.

It’s no secret that cryptocurrencies are rapidly increasing in popularity ever since the release of Bitcoin. More and more websites are available that function with Bitcoin, which includes a lengthy list of online retailers and other businesses.

There are also many alluring cryptocurrency apps and Canadian crypto wallets readily available that make it effortless for new users to join the digital currency revolution. If you are considering using or investing in cryptocurrency, and you aren’t too sure which other digital currencies are right behind Bitcoin in terms of popularity and value, here are the top five bitcoin alternatives of the year.

Ethereum

Runner up to Bitcoin, the most valuable cryptocurrency is Ethereum, which emerged onto the markets back in 2015 and has held its worth in weight ever since. The blockchain technology used for this digital currency allows currency and non-currency use, offering versatility that makes waves.

Ethereum also has another great function, incorporating smart contracts built into the blockchain network, acting as guidelines for the streamlined execution of transactions. There is some evidence out there that suggests that the powerful features and technology of this digital currency could overtake Bitcoin soon.

Litecoin

While most other digital currencies boast their blockchain-based technology, Litecoin was created to encourage effortless exchange. Litecoin seems to have the primary goal of partnering with merchants, and it is not so far off from Bitcoin in terms of daily transactions.

While Bitcoin has plateaued since 2016 with a total number of daily transactions of 150,000 and 300,000, Litecoin has continued to grow its daily transactions. Even though Litecoin has far fewer daily transactions, it continues to expand its numbers rapidly. The founder of Litecoin, Charlie Lee, is also working full-time at developing digital currency.

Litecoin seems capable of processing transactions much faster than any other digital currency, which is understandably the currency’s most alluring selling point.

Monero

Another great Bitcoin alternative is the Monero privacy coin. A privacy coin is a digital token, and the main feature of this digital currency is that it boasts a level of privacy. While most blockchain-based currencies are not as private as you might believe, considering that blockchain analyses can reveal both the sender and the receiver of the funds.

The privacy coin Monero enforces privacy so that the sender, receiver, and the amount of money are all pleasingly discreet. However, this great selling point could very well be the digital currencies’ downfall when considering that the sensitive nature of this cryptocurrency could promote criminal activity.

Stellar

This digital currency boasts super fast transaction speeds, outstanding blockchain technology, and the Lumens coin. Stellar’s transaction validation speeds are remarkably fast as they can take between 2 to 5 seconds, which is not as impressive as real-time transaction speeds, although still far more impressive than having to wait for a lengthy, standard 3 to 5 business days. Stellar also incorporates smart contracts, like Ethereum.

VeChain Thor

VeChain Thor was recently noticed as a top digital currency after it made some impressive partnerships with the global assurance service DNV GL, enabling retailers to track their products in real-time and also partnering with BMW. The digital currency is set to assist BMW in tracking the auto parts supply chain in the promising hopes of eliminating child labor.

There are also several other cryptocurrencies out there that are worth keeping an eye on this year. And just a few of these include Binance coins, Tether, Dogecoin, and several others.

Investing In The Best Coins

Even though some impressive cryptocurrencies are taking the world by storm in attempts to upstage the original cryptocurrency, Bitcoin is still the best choice for investing in cryptocurrency. Not only does Bitcoin make it daily to market news, but it is also still the most popular option of cryptocurrency yet.

It is also improbable that Bitcoin will lose its legendary status as the most popular cryptocurrency, and for this reason, it would be a wise investment. Most Bitcoin forecasts for the year predict that the digital currencies price will remain elevated, implying that it would also be a relatively safe investment option.

That said, the best reason to consider investing in other cryptocurrencies is that there are constantly new digital currencies emerging onto the market. And while some crash and burn in a short space of time, others make waves similar to those of Bitcoin. For this reason, you might stumble upon a coin that soon becomes incredibly valuable.

However, you will have to watch the digital currency markets constantly and do enough homework to obtain the skill set required to understand which currencies have the best chance of making waves in the market. Alternatively, you can also buy to trade crypto and potentially make substantial profits.

Although, when choosing to trade crypto, you will have to delve into trading tutorials and grasp a thorough understanding of how to profit from the volatility of digital coins. Many have found exceptional success and profits from trading coins, although this is generally based on relevant skills. And because there are genuinely so many valuable resources out there, doing enough research and developing the required skills is exceptionally accessible.

Source: Plato Data Intelligence: PlatoData.io

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