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Bitcoin Alternative
Bitcoin is no doubt the pioneer of cryptocurrencies and the bitcoin market is a very popular one, but when considering the most profitable cryptocurrency to mine in 2018, there are numerous bitcoin alternatives in the virtual currency list.
Cryptocurrencies are Here to Stay
What is Bitcoin? What is cryptocurrency meaning? Bitcoin and other alternative cryptocurrencies are a system of currency that is different from the traditional currency. It does not exist in a physical form, but rather as a kind of computer file, where they record transactions in a ledger. You can also earn bitcoin quite easily or indulge in bitcoin loan with your peers to get interest.
Cryptocurrencies are here to stay. Though famous investors like Howard Marks has criticized cryptocurrencies, you cannot underestimate the power of blockchain. It is possible that the entire backbone of financial market workings could be turned upside down very soon.
There’s a lot of hype surrounding these new bitcoin alternative cryptocurrencies spawned by Bitcoin and if you are enthusiastic about digital currencies that operate without any dependency on centralized banks, you’re on the right page. Altcoins can be moved without much added cost and offer a great deal of anonymity and security in transactions.
Moment in Sun
Agreed, Bitcoin trading is having its moment in the sun today. But it may not be the best bet in the years to come. Today, there are several professional miners mining other Bitcoin alternatives of which there are more than a thousand and growing, using mining software.
Bitcoin mining is the first choice for the darkweb, used for buying arms, drugs and for money laundering. Its reputation has been hard hit especially after Silk Road, a Bitcoin associated narcotics marketplace, was closed down. It is also unregulated and your account could easily be hacked with several examples of Bitcoin theft.
But a Bitcoin generator is not unique. There are many bitcoin alternatives using similar technologies like cloud mining. For those looking for a more sustainable alternative, there are several. Let’s check out this cryptocurrency list and see the differences between the latest cryptocurrencies doing the rounds.
Here are Few Bitcoin Alternative Listed Below
#1. Ethereum – Best Cryptocurrency to Invest in 2018
Cryptocurrency trading in Ethereum is comparatively new, but has been accepted in the mainstream quite quickly with many people opting for the cryptocurrency mining. It is open source and based on blockchain platform, created by Vitalik Buterin and launched in 2015 and runs on smart contracts. It has a great future in the world economy, as it can offer great value for interbank and B2B transactions. It’s still a long way from mainstream adoption, but more and more services are being added.
It is the 2nd most valuable cryptocurrency after Bitcoins. Its price has soared when compared with other alternatives and analysts predict that it could outrace Bitcoins, due to increased stability and security features. Check out their rates at the cryptocurrency exchange rates sites before deciding to go in for the cryptocurrency wallet.
#2. Litecoin – One of the Best Alternatives to Bitcoin
It was launched in 2011. At that time, it was becoming increasingly difficult to access hardware for mining Bitcoins. Many people who were desperate to get into the action found the Litecoin algorithm simpler. You could be a part of this bitcoin alternative cryptocurrency network even using an ordinary computer, whereas Bitcoin mining hardware is more expensive.
Litecoin has an advantage of being an early bird in the race. Litecoin mining offers 25 tokens per block, whereas Bitcoin only offers 12.5 to the miner. Litecoin has also been able to survive SegWit implementation. Use of the Lightning Network makes it a faster form of payment and a cheaper one, compared to a Bitcoin account.
#3. Ripple – Another Bitcoin Alternative
The basic difference in this bitcoin alternative is that Ripple is more of a payment system or a currency exchange, aiming to enable nearly free financial transactions all over the world. It is also one of the most profitable cryptocurrency.
Actually, Ripple is older than Bitcoin, though Bitcoin is the mother of all cryptocurrencies. Ripple was created in 2012 by OpenCoin. Ripple transactions require less time for authorization, just about 4 seconds, so it is faster than Bitcoin. You can also buy/sell the XRP on the proprietary secure network. It has Gateways like SnapSwap and Gatehub, which allow funds to enter and get exchanged.
The main advantage of Ripple is that it can handle about 1000 transactions in a second, equaling Visa. It has a great track record for a stable technology. But due to the gateway exposure, there is a counterparty risk, so use only a trustworthy gateway.
#4. Steem – One of the Bitcoin Competitors
The amazing thing about this bitcoin alternative is that almost anyone can earn it. You don’t need a powerful and expensive CPU or a GPU. Earn it on Steemit. It’s a kind of blogging platform where you can earn the SBD or Steem dollars. Even if you don’t have much knowledge about cryptocurrencies, you can earn Steem. You can also convert it into Bitcoin and into USD as well.
You just vote on the social platform and receive SBD, equal to a few cents. But you can earn more with Steem Power.
#5. Factom
It used to be known as Notary Chain. It allows creation of an immutable database, by storing the information in its blockchain and then creating a data hash storing it in the Bitcoin blockchain. They might also add it to the Ethereum blockchain for increased protection.
It is now in the process of collaborating with 20 cities of China as well as other countries to improve security of their data. The market potential is huge and it is expected to grow at a rapid rate.
#6. Funfair Coin FUN
FUN, a bitcoin alternative, initially appeared as an ICO raising around $26 million and today there are around 3 billion of them in circulation. The total amount available is 17 billion of FUNs.
FUN has a legitimate casino using blockchain technology where everything is recorded on public ledgers. Anyone can take part in it using tokens and it is safe, as cheating is not possible using this technology, as it is traceable.
There’s a live demo available so you can try out the casino. It is safer than regular casinos on the Internet and it might soon go mainstream and the price could skyrocket.
#7. Dash
This bitcoin alternative seems to come with more applicability for the real world, as it has qualities similar to cash. Dash also offers increased anonymity compared to Bitcoin, as transactions are mixed and mashed or scrambled by Darksend, before they are dispersed to an address. So, it is difficult to track the users. It is instant and does not need any third party for transferring funds, making use of masternodes. As it has forked from Bitcoin, it can easily adapt itself to apps that are made for Bitcoin.
However, though the technology is excellent, it’s not worth much till more people start using it. Also, recently, it is quite transparent as all transactions are being saved along with user IP address. The existing community is quite big and is bound to grow in the next few years.
#8. Monero
Monero is a truly anonymous virtual bitcoin alternative currency. It makes use of the ring signature tech, so it is truly untraceable. It is mainly used by people who want to make anonymous transactions on the Internet and is privacy centric.
People using cryptocurrencies like Dash might shift to Monero, as it offers greater anonymity.
#9. Iota
This bitcoin alternative is poised for offering an efficient M2M transaction. It makes use of acyclic graphs or DAG and not the usual blockchain. This results in benefits like zero cost as far as transactions are concerned.
Other benefits of the technology include infinite level of scalability and even an offline transaction.
It makes use of Tangle, where each transaction results in new blocks verifying it. The PoW needed is very low, so a single device can independently carry out a transaction. It could have big impact on the world cryptocurrency scenario if more people adopt it. It has a huge potential for price increase in the future.
Last Word
But there’s clearly no winner among the bitcoin alternative currency. This means that a single cryptocurrency cannot be a leader and take it all in the cryptocurrency market. There’s still a long way for that to happen. The industry is still in a newborn baby stage with all the alternatives being less than ten years old. It needs to grow up. Some of the alternatives might quit, whereas some might hang on. All the alternatives have the potential to beat Bitcoin, don’t judge them by their prices today.
So there you have it, the top contenders for 2018 cryptocurrencies. If you are looking for where to buy bitcoins, there are several sites like Coinbase and LocalBitcoins. But Altcoins are only alternate options for Bitcoins and some of them might crash. Virtual currencies are super volatile. You could buy one for about $100 today and tomorrow it would only be worth $1 (that is if you’re lucky!!!)
Having said that, if you’re interested in bitcoin investment, buy what you can afford, buy at a low price and hold on to it till it peaks in its value. Until next time then!!!!
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