Bitcoin was launched with the promise that it would eventually overthrow the now prevalent, centralized global financial system. However, it is also considered a hedge against inflation, as it has a limited supply of cryptocurrencies and the source code cannot be changed. Bitcoin remains by a distance the most important cryptocurrency player. However, other cryptocurrencies are also gaining popularity among investors. Crypto expert Tabasum M shares 5 altcoin projects with enormous potential as an alternative to Bitcoin.
In the first place is the leading altcoin Ethereum (ETH)
This alternative is more than just a cryptocurrency. Ethereum is a Blockchain that allows programmers to launch dApps and smart contracts on its Blockchain. Ethereum’s native token is ETH. Users use ETH to navigate the Blockchain and buy and sell assets. Therefore, it is also possible to call it a cryptocurrency. Ethereum is robust and secure against fraud. Plus, it works without any downtime, control, or interference from a third party. That’s why it’s getting more and more popular among decentralized app developers all over the world.
cryptocoin.comAs you follow, Ethereum switched to Proof-of-Stake (PoS) consensus this month, which will reduce energy consumption by 99% and make transactions on Ethereum much faster. Participants are now able to stake their ETH. According to experts, this makes the Ethereum network more secure. Staking participants will receive ETH rewards. ETH is still the second largest cryptocurrency in the market. If you are looking for an alternative to Bitcoin, you can start with Ethereum.
The second-ranked altcoin Litecoin (LTC)
Litecoin debuted in 2011. Its creator is Charlie Lee, an MIT graduate who also works as an engineer at Google. A digital currency from the same staff as Bitcoin. It uses the Proof-of-Work (PoW) consensus mechanism to confirm transactions on its own Blockchain. Litecoin is a decentralized, open-source digital payment network by nature. What makes Litecoin different from Bitcoin is that it offers its users faster transaction speed than Bitcoin.
Third place is Ethereum Killer Cardano (ADA)
Cardano is a Blockchain platform very similar to Ethereum. It has recently become famous under the name “Ethereum Killer”. This is because experts believe that Cardano can do everything Ethereum can do, much better. Charles Hoskinson is co-founder of the Cardano project. You know the name. Because Hoskinson is also one of the five founding members of the Ethereum project. However, after disagreements about the direction Ethereum was going, Hoskinson left Ethereum and founded Cardano.
Cardano is unique as it was created with a research-based approach. Code experts, mathematicians and engineers became a core part of the Cardano project. Cardano is still in the early stages. However, it is ahead of Ethereum in the PoS consensus mechanism. Cardano has big future plans. It aims to become the world’s leading financial operating system. No one knows if Cardano will soon surpass Ethereum. However, it got off to a great start.
Polkadot (DOT) fourth altcoin with potential
Polkadot is a platform that offers users interoperability between different blockchains. DOT is Polkadot’s native token. Polkadot is working on the PoS consensus model to validate its transactions. What makes Polkadot different from Ethereum is that developers can create their own Blockchain and use Polkadot’s security with the concept called shared security.
This is the ideal choice for building Polkadot Blockchain if you are a low-budget developer. If you want to stay on Ethereum, you risk security attacks to your Blockchain. Another made Polkadot by Gavin Wood, co-founder of Ethereum. Polkadot also has great upside potential.
Last place is Bitcoin Cash (BCH)
Bitcoin Cash is one of the oldest hard forks of Bitcoin. Therefore, it is unique. As we all know, cryptocurrencies are decentralized. Voting happens when there is a disagreement between developers and miners. Also, discussions do not provide satisfactory results. If the majority of the participants on both sides still cannot agree, the digital currency is split. Bitcoin Cash is one of the first examples of this hard fork. BCH appeared in 2017
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