The tourists of cryptocurrency have surely wondered, at least once: Is Bitcoin the only one? The answer is no, it is not the only cryptocurrency. So why is all the hype around Bitcoin?
Bitcoin vs altcoins
Well, it was the first of its kind, so it seems only natural that it would make the biggest impact amongst the masses – so much that, in “vulgar” language, the word bitcoin is sometimes used as a synonym for the cryptocurrency.
Since its debut to the world, and against most odds, Bitcoin has gained popularity and value, with peaks or even a whopping $20,000. Furthermore, it has made huge inroads into other major industries, including gambling.
During the first semester of 2018, however, things haven’t been too peachy for this crypto veteran, as its value has been fluctuating downwards. In the worst-case scenario, who will take the legacy of Bitcoin?
We are sure it will get back on its feet, but if you are thinking of exploring the world of crypto investments and Bitcoin’s downward spiral gives you cold feet, you’ll be pleased to know there are several other options for you.
Without further ado, let us list the 5 most interesting cryptocurrencies (other than Bitcoin) that you should keep an eye on for the second half of this year.
Not immune to the slip-up in the cryptocurrency market of the first half of 2018, Ethereum promises a growth for the second half – and we believe it. It offers both a platform for several cryptocurrencies (so that they don’t need their own blockchain) as well as its own tokens, called ether. Many deem it the real competitor for Bitcoin and it has indeed received a great response since its first appearance in 2014.
This altcoin was created in 2011 by former Google employee Charlie Lee, who declared about his product: « Litecoin is the silver to Bitcoin’s gold. It has taken 2nd place in digital currency because it was created early and it was fair ».
In practice, this means that Litecoin has a faster generation and transaction rate. However, at the moment, it sits at $87.02 and the similarities to Bitcoin are many… so, could it really be a reliable heir?
The brainchild of Chris Larsen, this is one of the altcoins with the best capitalization and performed excellently in the year 2017 with a value increase of over 38k %. Actually, Ripple as a marketplace can host also another cryptocurrency as well as mediating with the banks, and this might be the reason for its success.
Privacy and Data Confidentiality seem to have become great values of our times and Monero has been sailing in that direction – with a favorable wind. It is secure and untraceable, with an inaccessible ledger and an open source concept, mainly based on donation and community. It has been doing really well since its beginning in 2014 and showed an interesting +2.432% value increase last year. Also, if you are a music fan, you’ll be delighted to hear that many musicians are accepting payments with Monero: as of December 2017, you can buy an album by Alice Cooper, Morrissey, Slayer, Lana Del Rey, Sia, Marylin Manson, the B-52s, Mariah Carey and many more with this altcoin. Can’t-miss the chance to have something in common with your favorite singer, right?
The new kid on the block. Born only last year, it quickly moved its first steps gaining an impressive over 2.9k% of value increase. Some see it as more of a competition for Ethereum rather than to Bitcoin, but the fact is this child prodigy is doing really well, and there are high expectations for its, hopefully bright, future. Watch this space!
These are all valid options to consider, but the ultimate choice is yours. And – did we mention you can exchange any of them to and from Bitcoin?
One last thing worth mentioning is that, although cryptocurrencies are decentralized and not reliant on third parties such as banks and financial institutions, they are not exempt from what happens in the world and their fluctuations will be determined by several factors, not unlike the “traditional” currencies.
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