Do you have the FOMO? Cryptocurrencies has become a huge trend lately that it has been on everyone’s to do list. Though with the many doom-n-gloom sayers and it’s relative volatility investing in Bitcoin has been a topic most are ambiguous about. Though apart from Bitcoin there are also lesser known cryptocurrencies that are also doing quite well and great for anyone to try out. Here are some alternative cyrtocurrencies to try out, if you are thinking for a good Bitcoin alternative.
This alternative is almost the replica to Bitcoin in terms of coding and how it is mined. Though it is different to bitcoin as:
- The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
- Litecoin uses script in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard. So technically needs less computing power to mine than Bitcoin.
The price of Litecoin is hovering at US$ 159.98 as is a lot more stable than Bitcoin as generally most attention is given to other coins.
A good place to buy Litecoin is from Coinbase and Shapeshift (which deal in smaller amounts), they also trade a few other well-known cryptocurrencies which makes it easy to exchange.
This coin started as an internet meme during its early days though generally quiet it has started to be noticed by Bitcoin afficiandos everywhere as well. This coin is generally used as a tipping coin if you are using the web. Besides, it has a cute Shiba Inu that people all like. Most people who have bitcoin from earlier days still keep some Dogecoin around as the price is relatively steady and a few website services also use Dogecoin.
The sheer amount of these coins circulating means that the price is not affected by inlfation as other coins and also especially so as the founder removed the limit for Dogecoin.
The price of Dogecoin is currently US$ 0.003443 to 1 Dogecoin. The best place to buy and see Dogecoin is Shapeshift.io
The cryptocurrency that focuses on decentralization and privacy that most people crave in cryptocurrency. It is a growing coin that bitcoin users turn to as all the restriction attention is turned to Bitcoin. It has improved on Bitcoin through:
- The trading of coins is purely private the sender and receiver of Monero is supposed to be untraceable.
- The mining of Monero is made to be divided equally by its miners making it more rewardable to mine.
- The price of Monero is consistent even when it was going hard for Bitcoin.
The problem with Monero is due to its private nature hackers make use of it as their go-to currency as well. Though, this has not stopped people from taking interest in the coin.
The current price of Monero is US$ 209 to 1 Monero. I usually use CEX.io for trading in Monero for Cash.
This cryptocurrency has also been growing in leaps and bounds as another go-to currency if Bitcoin is not your cup of tea. It is mined differently from Bitcoin and is more secure in terms of transactions this crytocoin is what governments and stock exchange companies look to as the answer for an agreeable crytocurrency. This currency rose by approx. 1500% within 5 years of its introduction.
The price of Ethereum is currently around US$ 600 to 1 Ether. You can buy and trade Ethereum at CEX.io and at most trade sites as it is a widely liked alternative to Bitcoin.
Ripple is a cryptocurrency that uses something called a RTGS (real-time gross settlement) system that was established by the Ripple Company.
- Basically means that it is based on a real-time database or ledger that keeps track of transactions which means it can be used as real-time currency.
- Because of its nature, a lot of banks and investment companies prefer to use Ripple as the go-to cryptocurrency. It is also a great cryptocurrency if you are looking for something more secure than Bitcoin.
The current market price for Ripple is US$ 0.66 to 1 Ripple. You can trade and buy Ripple from CEX.io and Kraken as well.
Honorable Mention: Bitcoin Cash (BCH)
This coin has gained some traction as the “other” Bitcoin as it was created from the change in mining that halved the way Bitcoin was originally mined. The original programmers have had argument on how Bitcoin was supposed to be mined and divided therefore giving rise to Bitcoin Cash. The prices initially soared but have mellowed down as most people still preferred Bitcoin.
The price of Bitcoin Cash is currently hovering at US$ 978 to 1 BCH. It can be traded in various places that trade Bitcoin as well such as CEX.io, Coinbase, Shapeshift and etc.
Choose Alternative Crytocurrency Wisely
Crytocurrency still has its potential as a worldwide currency that everyone can use and most shops and stores have tried to adopt them in their payment system, but it also has its own dangers as well due to its volatility and risk tp been stolen by hackers. The technology called blockchain still has not reached its full potential.
If you are planning on investing in Bitcoin or any other cryptocurrencies always make sure you are ready to part with your initial income as these currencies are still more volatile than other forms of investment. Also, various currencies also have different characteristics so always do a little bit of research into the cryptocoin before planning on buying or mining it. And if you are a bit FOMO (fear of losing out), you should keep 1~2 coins in storage just for keepsake or memento.
Though if you get it right even though the risk is great but the rewards for getting it right are worth it.
Any good news on Bitcoin or the above crytocurrencies? Please leave a comment to share.