For those who like to be a little different
Bitcoin is not the ‘be all and end all’ of cryptocurrencies. It’s the most universally known, and the first of what is rapidly becoming a massive group. Since the price of Bitcoin has skyrocketed, investors are looking to get in on the ground floor of the new cryptocurrency trend. We’ve compiled a list of 5 options that could one day be looking at the same returns as Bitcoin:
1. Ethereum (ETH)
Ethereum is a digital currency game changer. It’s perhaps the second thing that comes to people’s mind when they hear “cryptocurrency”. Ethereum uses it’s blockchain not only to support a digital currency but to create an entire decentralized software platform. The platform uses the currency Ether, which can be traded like any other cryptocurrency and can also be used to pay for computations on the network, using smart contracts. A smart contract is a contract that is validated and facilitated by a computer program.
2. Ripple (XRP)
Ripple has become incredibly popular lately despite its low value. Perhaps because ripple works on a platform that they claim is the most advanced blockchain to date, called RippleNet. It connects banks, payment providers, digital asset exchanges and corporates via RippleNet to provide a fast, seamless online payment system. Ripple has recently overtaken Bitcoin Cash as the third biggest cryptocurrency on the market. It would be wise to invest in it now, as it’s at the beginning of what looks to be a meteoric rise.
3. Bitcoin Cash (BTH)
Created after a split in the Bitcoin community about the size of the blocks in the blockchain, Bitcoin Cash has taken off as a currency of its own. Bitcoin used 1MB block size while Bitcoin Cash uses 8MB. Miners believed that increased the block size will make processing faster and more efficient. Because of the split, people decided that Bitcoin should continue to use 1MB blocks and the 8MB block fraction formed Bitcoin Cash.
4. Litecoin (LTC)
Litecoin is like the little brother of Bitcoin. They are very similar but transactions using Litecoin are faster and there are more coins available. Also, it’s ranked among the top 5 cryptocurrencies in terms of market cap. Litecoin is a good investment as it processes transactions much faster than Bitcoin making it easier to use as everyday currency.
5. Zcash (ZEC)
Zcash is becoming increasingly popular as it’s seen as more secure than Bitcoin. While the blockchain records all information, details about the sender, recipient and amount sent remain private. It also gives the user the option of shielded transactions, which encrypt content using the latest cryptographic technique. Bitcoin was originally created to be an untraceable form of currency for the dark web as payment for less than legal activities. So it makes sense that a more secure currency in which the user can remain completely private would take off now that Bitcoin has become more widely known, and used.