Bitcoin has gained a remarkable level of popularity and momentum that similar versions of the peer-to-peer virtual currency payment platform have been popping up from every corner of the world. Just in the last decade, a minimum of 5 thousand new cryptocurrencies (Altcoins) has been introduced to the public. Naturally, most of them just disappeared into thin air since they were only scams looking to take advantage of the cryptocurrency craze in the first place. However, many of those have deservedly become notable players in the virtual currency game.
While most of these platforms are a lot more unpredictable and subject to sudden changes than Bitcoin and a few other large, key players in the market, despite the risks, some of them present fantastic, profitable investment opportunities. With that in mind, here are 4 worthwhile cryptocurrencies you should consider investing in as alternatives to Bitcoin.
Ethereum
Ethereum is a trading platform that offers decentralized arrangements and a store for distributed apps, which is also referred to as DApps. Ethereum operates on Ether, its blockchain token, which is used for numerous types of transactions. Although Bitcoin is usually considered as the gold of the digital world due to its demanding mining method and short supply, Ethereum is thought of as the oil of the digital world.
Launched in 2015, Ethereum became a highly reputable and valuable type of cryptocurrency very fast. Most cryptocurrency savants even attest that Ethereum is much more appealing investment opportunity than Bitcoin has ever been. With already a market cap of $28 billion, investors, including tech industry leaders like IBM and Microsoft, have incredibly high hopes for the future of Ethereum.
Litecoin
Introduced to the public in 2011 and often dubbed as the silver of the digital world, the inspiration behind Litecoin was Bitcoin, and in many aspects, they are practically one and the same. Though, transaction processing is a lot faster in Litecoin thanks to its superior, speedier block generation. On top of that, Litecoin was a pioneer in enabling what is known as SegWit protocol, which makes a larger number of transactions to go through possible at one time.
After having been overshadowed Bitcoin and other similar competitors for a time and not reaching its full potential, the value of Litecoin has finally been on an upward trend since before their introduction of the SegWit protocol. Litecoin is currently trading almost at $50 and only projected to increase in value.
Ripple
Runs on its original token XRP, Ripple is a global payment network and digital asset exchange. Established in 2012, Ripple “offers banks and payment providers a reliable, on-demand option to source
liquidity for cross-border payments.”
Some cryptocurrency experts claim that Ripple has the potential to be a viable alternative to SWIFT transfers, which is evidenced by so many prominent financial institutions adopting the platform from MoneyGram, UniCredit, to Santander and Royal Bank of Canada. Ripple also has the endorsement of some big players like Google Ventures and Seagate.
NEM
Only introduced in the first half of 2015, NEM is a virtual currency and blockchain platform that gained a lot of popularity in the blink of an eye. What gives this virtual currency platform its edge is that it is an entirely open source and community-based platform with numerous nifty and cutting-edge features.
For one, NEM utilizes an algorithm known as POI (Proof-of-Importance) to mark the time of each transaction, which is a rendition of the algorithm known as “proof-of-stake” that works as a way to determine user importance in relation to their transaction activity. This algorithm is in place to promote more transactions and deter users from simply storing their cryptocurrencies. Though the company’s headquarters is in Japan, NEM currently has a prominent presence on a number of reputable exchanges such as Bittrex and Poloniex.
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