Cryptocurrency is all the rage and it’s around us every second of the day. While some people have adopted digital currency as a vital part of everyday life, others are still sceptical over the use and long term prospects of digital coins. The first decentralized currency, Bitcoin, paved the way for the massive success of various altcoins on the market today. Even though Bitcoin is still the clear leader in the cryptocurrency market, there are some brilliant alternatives that show just as much, if not more promise for the future.
Fundamental laws for a solid cryptocurrency
When you’re looking for alternatives (altcoins) to Bitcoin, there are various factors to consider. By considering the following factors you could make a wiser decision when opting for alternatives to Bitcoin. This allows for valuable investments and a stronger cryptocurrency portfolio in 2018.
Cryptocurrency traders should always look out for a digital coin’s security, innovation and incentives. Security is at the top of the list because we all know that the current age where all of our information is online, all the time, leaves us susceptible to hackers and scams. Ensure that the digital coin you choose has the latest security protocols in place. Industry leading platforms will make use of advanced encryption as well as blockchain technology to keep all user accounts safe.
Innovation in the cryptocurrency market speaks for itself. The more innovative a coin is, the more likely it is that the currency will be adopted by a large number of people. The more people that want to make use of a digital coin, ultimately determines its value.
Finally, if you are on the lookout for a reliable alternative to Bitcoin then you should consider the digital coin’s incentives. The more incentives in place, the quicker the coin will be adopted by merchants. Once a digital currency has a handful of merchants on board, it is a lot easier to get people to use the currency.
Top altcoins in 2018
There is an assortment of weird and wonderful cryptocurrencies available today. The following digital coins have shown the most potential in the cryptocurrency market in 2018. Follow us as we take a look at and highlight the distinct benefits of each digital currency.
Litecoin’s persistence makes it a winner
If you are looking for a solid, reliable, and stable digital coin investment then look no further. Litecoin constantly challenges Bitcoin at every opportunity. The digital currency, a clone of Bitcoin that makes use of a different hashing algorithm, is now second only to Bitcoin for purchases on the darknet. Litecoin has been around since 2011 and its longevity could be adding to its overwhelming popularity.
One also needs to remember that Litecoin is a Bitcoin fork. Since the currency kept its shell almost identical to bitcoin, it could benefit from technological advancements made by bitcoin. This makes Litecoin one of the greatest alternatives to Bitcoin in 2018.
Ethereum’s smart contracts are still solid
Ethereum is based on smart contracts and this kind of verification continues to ensure that the digital coin grows from strength to strength. A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties.
Right now Ethereum has 2 major challenges it needs to overcome to endure in the rapidly accelerating cryptocurrency market. First of all, the digital currency would need to last through regulation as governments all around the world are cracking down on ICOs. The second challenge Ethereum faces is more stringent mining. If the digital coin can come out on the other side of these 2 challenges, then it will definitely be a big contender to Bitcoin in 2018.
Trade anonymously with Monero
Monero is a logical choice here. In a world where we are constantly being monitored, whether it be through Facebook or Google, people are starting to value their privacy above and beyond anything else. Anonymity is what makes Monero so valuable for the future. The digital currencies code requires less trust than the Zcash’s “trusty” key ceremony, and it had a fair launch, unlike DASH.
Furthermore, the new version of Monero, 0.12 also contains other improvements, which demonstrate that Monero is continuing to develop along sensible lines.This makes Monero a likely competitor for Bitcoin in the coming months of 2018.
You never know what exactly could be the next big thing. Yesterday we were still inspired by the potential of online shop fronts that had the ability to reach a global audience in seconds. Today we look at forecasting cryptocurrencies future. Inspired by phenomenal growth and massive returns on initial investment, cryptocurrency has led the charge in the financial markets.
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