Though the demand for Bitcoins continues to gain traction over the years, several other cryptocurrencies are gradually penetrating the crypto trading market. So far, over 4000 virtual currencies are available in the crypto industry. While most of these currencies have little to no following in trading volume, they are great alternatives to Bitcoin. This article spotlights the best alternatives to Bitcoin.
Ethereum (ETH)
Ethereum is top on the list of the most suitable alternative to Bitcoin. The aim behind Ethereum is to create a decentralized financial product that can easily be accessed across the world freely regardless of the location. So, far Ethereum has a considerable market segment that has crossed $ 138.3 Billion.
Litecoin(LTC)
Launched back in 2011, Litecoin is the key rival to Bitcoin. Though Litecoin resembles Bitcoin in many ways, it has a fast block generation rate that supports fast transactions. Just like Bitcoin, several merchants accept Litecoin as a mode of currency. The currency rates are high in terms of marketing value that stands at $ 10.1 billion. The litecoin system was developed to function four times faster than bitcoin. This showcases that litecoin can confirm the legitimacy of transactions faster than Bitcoins. Unlike bitcoin which has a total of 21 million coins in supply across the world, Litecoin is likely to have up to 84 million coins in supply worldwide. Commonly referred to as the silver to Bitcoin gold, Litecoin has excellent features compared to Bitcoin.
Cardano (ADA)
Due to high technology features associated with Cardano, it stands out among other cryptocurrencies. Though it has better proof of stake features than Ethereum, it needs more improvement to support decentralized financial functions. The bottom line, developers who introduced ADA into the market intend to produce a better virtual currency with better features than the existing one.
Though the demand for the currency rose so fast after it was introduced into the market, it has slowly gone down in demand. The currency is trading at a low price. The market size of Ada stands at $ 9.8 billion across the world. For more information you can visit here d-addicts.com
Coming with better features like those associated with Ethereum, developers aim to use the technology not only for trading but also to offer a solution to contact tracing, voter fraud along with other features.
Monero
You can’t discuss safety concerns without mentioning monero. This is one of the key digital currencies
that cannot be traced. Unlike Bitcoin which is traceable, monero is anonymous. Regarded as the black-market currency, it commands a market value of $ 2.8 billion. The only undoing about the currency is that it is unstable.
Other reports indicate that hackers are gradually formulating several ways of mining Monero. This makes it one of the most unsafe cryptocurrencies in the industry. Introduced into the market in 2014, the currency is highly being embraced among most cryptography enthusiasts.
One of the security concerns associated with monerois supporting criminal transactions by making such transactions anonymous. The key advantage of monero technology is that it is important for those against oppressive regimes.
Ideally, monero intends to introduce a completely anonymous cryptocurrency into the market. Though embraced in some quarters, safety concerns remain the main challenge.
Bitcoin cash (BCH)
BCH was introduced into the market back in 2017. Due to advanced technology associated with BCH, it supports fast transaction speed. so far, the market value stands at $ 8.9 billion. Known for being a stable currency and decentralized features, it is one of the best Bitcoin alternatives available in the crypto market.
Stellar (XLM)
Supported through blockchain technology, XLM focuses on supporting large transactions. Banks and other financial institutions can easily move a large amount of money from one entity to another. You do not need intermediaries since the technology supports the movement of large volumes of money instantly.
Though the currency is poised to support the movement of large sums of money between individuals or institutions worldwide, it is an open blockchain that can be used by anyone.
Cross border transactions can easily be carried out instantly through XLM technology. The cryptocurrency has a market value of close to $ 6.1 Billion. In case you are stuck on a great alternative to bitcoin, then stellar Lumens is the ultimate choice.
Conclusion
With thousands of cryptocurrencies available in the market, most traders are spoilt for choice about the best cryptocurrency they can use for trading. This article offers great insight into the best Bitcoin alternatives that you can choose from.
The bottom line, putting into consideration advanced security features is important in choosing the right cryptocurrency to trade with.