Bitcoin is the synonym for cryptocurrency, leading the entire pack of cryptocurrencies single-handedly in market capitalization and popularity. However, many Bitcoin alternatives, such as Ripple, Ethereum, Cardano, Binance Coin, Litecoin, and more, will be robust options to diversify the crypto portfolio. In this ocean of over 20,000 cryptocurrencies, let us check out the best 10 Bitcoin alternatives you should consider at vena-system.com before making the next investment. Given are the top 10 Bitcoin alternatives to check out:
Ethereum: Ethereum was launched in 2015, and it is the decentralized blockchain system that enables the creation of smart contracts and Dapps. Ethereum is the largest competitor of Bitcoin. It is the second-biggest cryptocurrency by market capitalization and the biggest platform for decentralized apps. The Ethereum applications are generally run on ether, the platform-specific token. Bitcoin is mainly the store of value & medium of exchange, but Ethereum can be seen as the general-purpose blockchain.
Binance Coin (BNB): This is a native cryptocurrency of a Binance Exchange and the world’s biggest cryptocurrency exchange when it comes to trading volume. BNB is a cryptocurrency promoted by the Binance Coin exchange. This cryptocurrency is both a virtual token and a crypto exchange platform, which can pump up the value based on the market performance.
Cardano (ADA): Yet another popular currency is Cardano, the third-generation blockchain system providing a safe and sustainable alternative to Ethereum. Cardano is the fundamentally strong and best Bitcoin alternative today in the market. With the low transaction fees and continued developments in Cardano’s ecosystem, this coin benefits Bitcoin and Ethereum.
Ripple (XRP): The real-time gross settlement and remittance network. The native currency, XRP, can facilitate transactions on a Ripple network. This network was developed to offer secure and fast bank transactions using blockchain technology. This system scores much better than the bitcoin network for the lower processing times and transaction charges.
Dogecoin (DOGE): Created as a joke in 2013, Dogecoin has gained significant popularity in recent years, thanks in part to endorsements from celebrities like Elon Musk. After maintaining a low profile since its beginning in 2013, this currency showed potential in the year 2020 when it was accepted as the payment model among the sports teams and entered AMC theatres.
Litecoin (LTC): This currency was launched in 2011, and it is the fork of Bitcoin, which aims to offer cheaper and faster transactions. With the open-source payment network, this currency will add much faster blocks than bitcoin, contributing to faster transaction time.
Polkadot (DOT): Polkadot is a next-generation blockchain platform that aims to provide interoperability between different blockchain networks. Polkadot is different from Ethereum is rather than creating only dApps on Polkadot, the developers may create their blockchain using the security Polkadot’s chain has. With Ethereum, the developers may create new blockchains but have to create security measures that will leave smaller and new projects open for attack, as the more significant a blockchain, the higher its security. So, this Polkadot concept is called shared security.
Bitcoin Cash (BCH): BCH is the Bitcoin fork that addresses some scalability issues associated with the original Bitcoin network. This cryptocurrency emerged as the solution to problematic issues between the bitcoin developers and the miners. BCH got split from bitcoin’s chain and made its path toward growing market capitalization.
Chainlink (LINK): Chainlink is a decentralized oracle network that connects smart contracts to real-world data. Chainlink was made to solve the problem by incentivizing the data providers –called oracles –to act as the bridge between these blockchain intelligent contracts and external data sources.
Stellar (XLM): Stellar is a decentralized payment network that aims to facilitate fast and low-cost cross-border transactions. The native currency, XLM, can facilitate various transactions on a Stellar network. This has fostered partnerships with different entities – it’s behind Ukraine’s bank currency infrastructure. However, stellar hasn’t gained much positive momentum, with its price down 70.19% in the same period one year before. These are the best alternatives you may consider.
Leave a Comment