Unless you live in a cave on Mars then you’ve heard of Bitcoin. Although you might not have a full understanding of its function. Many other top Bitcoin alternatives exist apart from Bitcoin itself. However, Coinmarketcap lists 100 cryptocurrencies and numerous experts conclude the number of cryptos will continue to rise.
Bitcoin has a substantial head start on the other offerings. Moreover, several cryptocurrencies also known as altcoins [altcoins refers to all cryptocurrencies other than Bitcoin] may be more investment-worthy to traditional financial institutions.
As for the recent situation, banks rely on a stable fiat currency to do their day-to-day business such as lending. So, therefore, one-day cryptocurrency could be accepted by financial institutions. And until then, which one will it be? As for the current situation, banks rely on a secure fiat currency to do their day-to-day business such as lending.
So now let’s take a look at these top bitcoin alternatives.
Ripple has a market capitalization of nearly $150 million. For comparison purposes, Bitcoin is almost $5 billion. This cryptocurrency was released in 2012 and has been making a strong raid into the banking industry and payment networks as one of the top bitcoin alternatives.
Litecoin is the third largest cryptocurrency and a bitcoin alternative with a market cap of $137 million. Charles Lee, a former Google employee, released Litecoin in 2011. This cryptocurrency is very similar to Bitcoin.
One of the top bitcoin alternatives is Ethereum. And its market is half the size of Litecoin. Ethereum is challenging to understand, because even for the expert- Ethereum combines the blockchain technology of Bitcoin with a programming language. This platform permits the construction of new applications to be developed.
Dash as a bitcoin alternatives was started in 2014 as XCoin. You may have heard of XCoin or Darkcoin before they were reinvented to the name Dash. Dash is roughly one-tenth the size of Litcoin at $14 million. There are currently 6 million Dash coins in circulation.
Dogecoin is another bitcoin alternatives that has approximately the same market capitalization as Dash. However, Dash currently has 6 million coins in circulation compared to the 102 billion coins of Dogecoin! This cryptocurrency started as a joke but quickly developed a loyal following.
There’s more going on in the cryptocurrency world than just Bitcoin. However, Bitcoin is the oldest and most well-known cryptocurrency in existence. The current Bitcoin in circulation is worth more than all of the other cryptocurrencies combined. However, I personally don’t see cryptocurrencies going away any time soon. In fact, they are doing the opposite and growing by leaps and bounds. Therefore, my best advice is to educate yourself in the world of cryptocurrency, and then make a wise decision.