With the explosion of so many cryptocurrencies, it’s important to stay ahead of the game. While Bitcoin is the main player in this industry, there are plenty of others out there that many consider to be at the forefront of the emerging market or have the trajectory to make it big. Let’s look at some of the alt cryptocurrencies that are making waves.
This is the coin used by Binance Cryptocurrency Exchange, one of the largest cryptocoin currencies available, enabling its users to trade in scores of different cryptocurrencies across the web. With its expansive range, it is able to purchase a wide variety of goods and services while also paying for transaction fees, making it one of the most useful cryptocurrencies around.
The world’s most anticipated cryptocurrency is yet to even launch. Facebook’s Libra has set the world alight in terms of its projected reach and buying power. The exchange potential across the Facebook platform means that it could be the cryptocurrency of choice for all lovers of social media and beyond. However, it has faced a range of problems, including regulatory scrutiny, so it’s not clear what the end product will look like. It may have evolved quite significantly from the original cryptocurrency idea.
This company aims to be the antithesis of Bitcoins’ occasionally apocalyptic volatility. By tacking itself to major currencies, it aims, like other ‘stablecoins’ to be a stabilizing influence in the chaotic cryptocurrency world. It seeks to provide an uncomplicated means to transact in traditional currencies using blockchain, and judging by the fact it’s the fourth largest cryptocurrency currently, it seems to be winning people over.
Often seen as the understudy to Bitcoin, Litecoin offers an alternative by providing an open sourced, non-centralized payment system with global reach. Further advantages compared to Bitcoin include a faster transaction system and faster blockchain generation rate.
Another cryptocurrency lurking in Bitcoin’ shadow, Ethereum is the second largest cryptocurrency and has actually surpassed Bitcoin in some respects. In 2017 trading it began in meagre digits to emerge at the end of the year to be worth a staggering $1200 currency value per unit. With transaction fees at a far lower rate compared to Bitcoin and not close to facing the difficulties of scaling and soaring prices it has either, it’s easy to see why so many traders are flocking to this option.
Since it came to prominence in 2017, Ripple has bucked the trend in terms of market appreciation versus its nearest rivals. Furthermore, it has partnered with major firm Moneygram to aid its payment flows and investment has come from the likes of Santander and American Express. When key financial players like these get involved, it’s likely you’re onto a winner.
A key feature of Monero is that it’s fully secure from start to finish. As the majority of cryptocurrencies are traceable, including Bitcoin, it proves a major drawback for users as many internet markets will not touch them. Monero uses ring signature technology, coupled with stealth addresses to make your transactions completely untraceable, making it hot property on the darkweb (which is actually nowhere near as dark as its name suggests).
Digital Cash (DASH)
One of the more established cryptocurrencies, DASH launched in 2014 to almost immediate acclaim and like others, it capitalised on the 2017 cryptorise to put itself at the forefront of the market. Its popularity stems from two key sources; its laserlike focus on customer privacy and their incredibly low transaction fees – just two to three cents per transaction
A cryptocurrency which has always been popular for its lighthearted and humorous approach to the industry. Dogecoin was started as a joke to honor the canine breed on its inception in 2013 and experienced its halcyon days in 2017. Now worth just a few cents compared to its peak, it is regarded as a friendly and open platform, adept for helping novice miners make their way in the trading world.
Another platform which prides itself on the privacy of its users, ZCoin has seen an astonishing upswing in its relatively short time. Started in late 2016, its value has surged and due to its valued focus on privacy, has become a viable alternative to offshore banking. While some critics note its mining limitation of 21 million units and 10% going to founders, a current value of around $5 seems like a good return when some estimate its value to be over $6000 in a few years’ time.
A relative newcomer, EOS has been around since 2018 but was created by a cryptocurrency stalwart and Bitshares founder, Dan Larimer. Already at the forefront of the industry, EOS differs in its lack of a mining mechanism. Instead the idea is users generate blocks and are given EOS tokens for their efforts. While some criticise its complex rules and methods, the rewards offered seem to outweigh this for many.
As it’s the only open-source token from China, you already know it’s cut from a different cloth. NEO boasts a different approach in terms of providing both real and digital asset opportunities. It also has a unique trading mechanism known as Superconduct, enabling users to submit funds via a platform which is decentralized.
Viewed as one of the best emerging cryptocurrency talents out there, TRON has investors excited. It has recently taken over Steemit, one of the leading blockchain social media platforms, and already has control of BItTorrent. These acquisitions of hugely popular platforms will be a boon to potential investors as it can only make a popular platform like this further expand its potential.
A cryptocurrency decidedly on the up, rendering a whopping 450% increase in investment over 2019, Chainlink may have found the ideal niche. By using the blockchain to create smart contracts, a self regulating and self executing contract which can be done without oversight, they have opened up many businesses to a world of opportunity in the cryptocurrency realm. By providing a gateway to reliably send data to execute smart contracts, something not possible before for many companies, they will only see further expansion and demand for their service.
Not to be confused with its namesake, this is an offshoot of the eponymous BitCoin. It offers a format which boasts faster transactions due to larger block sizes resulting in overall better scalability. Thanks to its famous name, it is now one of the largest cryptocurrencies and its value has continued to rise over the past few years, despite the volatility of the market.
Another iteration of the original, this is seen to be in line with key Bitcoin developer Satoshi Nakamoto’s ideal image of what Bitcoin and cryptocurrency should be. It also provides the space and opportunity for new developers to come in, adding stability to the platform. It has a thorough focus on faster transactions and improved security, something the main Bitcoin platform is constantly battling with.
Basic Attention Token – BAT
This is a rather different format from the rest and one that looks as though it may catch on. It is structured around the notion that users will be rewarded with the Basic Attention Tokens for watching targeted advertisements. In this sense it aims to help its advertisers sell more by creating a greater awareness around the products they sell. With a clear design model and the popularity to boot this could well be one of the most important cryptocurrencies of 2020.
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