7 Alternative Cryptos Other Than Bitcoin that are Worth the Investment
By: Vishal Muktewar
Tags: Blockchain Technology, Cryptocurrency, Cryptocurrency Investment, Ethereum, Altcoins

7 Alternative Cryptos Other Than Bitcoin that are Worth the Investment Vishal Muktewar Follow Dec 3 · 4 min read

Image by WorldSpectrum from Pixabay

The introduction of cryptocurrency has fundamentally changed the way our perception of the financial institution. It is helping us understand how volatile and unsecure the current financial transaction methods and why investing in cryptocurrency can be a great way to remain financially secure.

Among all the cryptocurrency, bitcoin has held a great deal of trust among its user base due to being the first cryptocurrency in the market. Its immense success has led many people to consider it as the sole cryptocurrency.

After losing a little traction in 2017, the currency seems to make a solid comeback in 2020 breaching the $20k. Though bitcoin is still an attractive currency in the market, it is also one of the expensive and can be risky ventures for newbie investors such as you, who are just starting their journey in the cryptocurrency market.

To get what a cryptocurrency taste like without breaking their banks, here are a few crypto options you should consider investing:

Ethereum (ETC)

Breathing since its inception in 2015, Ethereum has witnessed an exponential growth and took the 2nd spot after bitcoin as the most valuable cryptocurrency. Being a decentralized network at its core, it provides a platform for developers to develop Decentralized applications (DApps) and smart contracts. The crypto utilizes its token, Ether, as a medium for exchange within the platform.

Currently, it holds a market capitalization of $69 bn, it is a great choice besides Bitcoin for a long-term investment.

2. Litecoin (LTC)

It is one of the initial coins launched after Bitcoin popularly referred to as Silver to Bitoin’s Gold. The platform utilizes an open-source payment without having a central authority to keep track, thus removing the chances of authorities meddling in your private transaction matters.

Launched in 2011, LItcoin is a decentralized peer-to-peer cryptocurrency as well as open-source software. Though it shares much of its technicalities with Bitcoin it is four times as fast as Bitcoin and less-resource intensive.

Its current market capitalization stands at $5.9 bn.

3. Ripple (XRP)

A cryptocurrency and a network at the same time, Ripple enables traders to move their money across the world without the involvement of the existing third parties. Having one of the fastest processing time and lower transaction fees, Ripple gives a tough competition to the SWIFT system utilized by central authorities across major financial institutions.

Ripple Market Cap ranks #3 with a valuation of $12.7 bn.

4. Monero (XMR)

Breathing since 2014, Monero leverages ring signature verification to protect users and their identities at all times, making cryptocurrency 100 % private, secure, and completely untraceable. Decentralization and scalability are its main focus area.

Monero helps to prevent fraud, identity theft and provides you with full control over your data. Since it camouflages your address the transaction becomes very difficult to trace or link to any specific user’s account.

Currently, the market cap of Monero stands at $2.31 bn.

5. Tether (USDT)

Originally introduced as Realcoin back in 2014, Tether is one of the first stable coins in the crypto industry. A blockchain network used for storing and executing currency transactions, Tether doesn’t have to rely on an expensive intermediary. To minimize the impact of volatility, Tether is pegged to the USD, meaning it maintains dollars in reserve equal to the USDT coins that are in circulation.

Its stability allows for easy exchanges for those who cannot afford traditional international banks. Currently, the market capitalization for Tether stands at $4 bn.

6. Binance Coin (BNB)

A token on the largest cryptocurrency exchanges platform across the globe, Binance Coin lets you trade all types of crypto in a secure and efficient manner. You can even use the coins to pay transaction fees on the Binance exchange platform.

The coins were originally launched in the form of ERC-20 tokens on the Ethereum network. However, in 2019, they moved to Binance Chain mainnet. Binance Coin utilizes the Byzantine Fault Tolerance (BFT) consensus mechanism, meaning the coins are not up for mining. Currently, its market capitalization stands at $5.29 bn.

7. Tezos (XTZ)

Built to facilitate smart contracts, Tezos has taken the idea a step further by allowing users to control the rules of the network directly without having to fork the protocol. As Tezos is flexible in nature, it is well-positioned to respond to future demands and events. You can also participate in governing the network through a process of baking. The market capitalization for Tezos is $1.81 bn.

Bonus: Libra (LIBRA)

Though Facebook’s Libra coin is still not available, we should talk about this cryptocurrency that disrupted the crypto community.

Though still under the eyes of lawmakers, Libra aims to help people with no access to traditional banking for using financial services, make transactions securely and seamlessly. But, due to Facebook’s scandal regarding privacy security issues, it lost the confidence of major investors. Due to its association with Facebook, Libra’s future is still uncertain.

The cryptocurrency market is still evolving. Having a diverse portfolio of cryptocurrencies can help you build financial security without having to rely on current financial institutions. Though bitcoin is currently ruling the crypto kingdom, you never know how long its reign is going to last.

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