While Bitcoin paved the way for cryptocurrencies across the globe, analysts are considering alternative coins and adopting various approaches for their evaluation. The de facto cryptocurrency –Bitcoin has inspired a booming battalion of crypto enthusiasts and investors worldwide. It continues to remain on the top of the game in terms of popularity, userbase and market capitalization.
Before diving into these alternatives to Bitcoin, let’s just take a look at different aspects of cryptocurrency.
With a commitment to decentralization, cryptocurrencies are broadly explained as digital or virtual currency in form of ‘coins’ or ‘tokens’. The majority of these digital currencies remain unembodied while some have entered into the physical realm through credit cards or other modes.
Although cryptocurrencies are mechanically designed to be free from government’s control & manipulation, the growing popularity of this domain has been gaining piercing attention of the authorities. The Digi currencies after Bitcoin are called ‘altcoins’ collectively and also referred to as ‘shitcoins’ which is a pejorative term often used to describe altcoins.
Coming at par with the security level of Bitcoin is largely yet to be seen by any of the altcoins, though some of these alternate currencies do have some impressive features that Bitcoin does not have.
Because there are more than 4000 cryptocurrencies (last checked in January 2021), the below mentioned list of currencies is not the whole shebang.
On the top of the list is Ethereum which is the most popular currency after Bitcoin. It is a decentralized software platform which enables Smart Contracts & Decentralized Applications (DApps) free from any third-party interference, fraud, control or downtime.
Litecoin was among the first cryptocurrencies which came to light after Bitcoin. Launched in 2011, the currency has been referred as “silver to Bitcoin’s gold” several times.
Binance Coin (BNB)
The trust came naturally in when a few years back, one of the most reputed exchanges let out their own cryptocurrency.
Tron is one of the most favorable cryptocurrencies due to its high volatility.
The cryptocurrency’s price has reached heights many a times thus proving its volatility and turning out to be a profitable investment.
Launched in 2014, Monero is a private, secure and untraceable currency.
Watch out for the cryptocurrency domain as it is always expanding and the next potential coin can be out there tomorrow.