In this Altcoin guide, we will show you the best bitcoin alternatives.
Bitcoin is the most traded cryptocurrency, it has the largest share in the crypto market. While bitcoin traders make money from bitcoin trading, other people make money by trading other cryptocurrencies in the crypto market. These cryptocurrencies are generally called altcoins.
Whereas the value of none can be compared to the bitcoin, they are worth buying because of some reason. One major reason is that altcoins are more scalable than the bitcoins and they can process block transactions very much faster.
Best Bitcoin Alternatives
What are these alternative coins to the bitcoin; there are a lot of them and you can find the top ones below;
- Ethereum (ETH): when it comes to cryptocurrencies, the Ethereum always comes after the Bitcoin. It is the second most popular cryptocurrency and it was introduced in 2015. Ethereum itself is a decentralized platform, the cryptocurrency is known as Ether (ETH). This cryptocurrency uses a blockchain similar to Bitcoin but still very much different. Notably, block time on Ethereum takes about 15 seconds which is 40x faster than that of the Bitcoin.
- Ripple (XRP): XRP was introduced into the crypto world in 2012 and at that time, there was a 100 billion of it. This currency has recorded significant progress since its inception and is now one of the top cryptocurrencies. It was built on a public open-source ledger and just like the bitcoin, it is decentralized.
- Bitcoin Cash (BCH): this cryptocurrency was created in 2017 from a Bitcoin fork. Though created from the Bitcoin, it uses a different technology that processes transactions faster. Bitcoin cash blockchain processes transactions about 25x faster than that of the Bitcoin. The Bitcoin cash was further split in 2018 to create the Bitcoin SV.
- Tether (USDT): Tether coins are issued as tokens by the Tether Limited Company. It uses blockchain and functions as a cash-to-digital money converter. The first of them was released in 2014 but before then, there was the Realcoin which acted as a precursor. Tether’s value depends majorly on the value of the US Dollars.
- Litecoin (LTC): this is another cryptocurrency that was created from a fork of the Bitcoin. It is popular and one of the best alternatives to Bitcoin. One advantage of Litecoin over the Bitcoin is that it is relatively easier to mine. It also has a network that can hold a larger number of coins; up to 84 million.
- Zcash (ZEC): Launched in late 2016, the Zcash cryptocurrency has gained much popularity since its inception. Zcash is open-source and works on a decentralized network. It records transactions in a private method such that details of users are not accessible. It was formed as a cryptocurrency to provide privacy and security to users.
- EOS (EOS): this cryptocurrency was made for large scale applications. EOS runs on the EOS.IO blockchain protocol platform which was developed by block.one. Its blockchain can process millions of transactions in a second. When it was launched, about a billion tokens (ERC-20) were released. Sending and receiving EOS attracts no fees, it is one advantage of it over the Bitcoin.
- Dash (DASH): The cryptocurrency known as Dash was launched in 2014 and was initially called the darkcoin. It uses a secret decentralized network that allows users to stay completely anonymous. It is difficult for a DASH blockchain transaction to be traced. DASH was formed from a Bitcoin fork and is indirectly known as the secret bitcoin.
- Binance coin (BNB):Binance is a top cryptocurrency exchange platform used worldwide. The company went ahead to release its cryptocurrency known as the Binance coin. The Binance coin was a token of Ethereum but it has now been initiated into its Blockchain –The Binance chain. It can only be used on the Binance exchange platform.
- Bitcoin SV (BSV): the Bitcoin SV was created from a Bitcoin cash fork just as the Bitcoin Cash was created from a Bitcoin fork. This happened in 2018 and BSV has a larger block size than both the BTC and the BCH; this means it processes more transactions. Also, BSV attracts lower transaction fees compared to BTC and BCH.
- Stellar (XLM): Stellar is a decentralized payment platform, the cryptocurrency is called lumen (XLM) and it is what powers the Stellar blockchain. This cryptocurrency acts normal currencies, it is simply a digital version of these currencies. It was released in 2014as a fork of the Ripple coin (XRP).
- TRON (TRX): this cryptocurrency was formed by the Tron network in 2017. It was created to make the distribution of special content and multimedia applications apps easier for crypto users. With Tron, you can easily share content with others and pay developers directly. It eliminates the need for middlemen as it is a peer-to-peer system.
- Cardano (ADA): ADA was launched in 2017 and just like the ETH, it offers smart contracts. It was launched by a co-founder of ETH which is why they are very similar. The ADA cryptocurrency is open source but completely protects the privacy of its users.
- Monero (XMR): Moreno is a very private currency, so private that its transactions are untraceable. Details of the sender, receiver and amount cannot be accessed by anyone. It was released in 2014 on a decentralized network and it uses ring signatures to keep data private. This gives each user charge of their digital money.
- Chainlink (LINK): This cryptocurrency was released as an Ethereum token and it runs on a decentralized blockchain. Just like the Ethereum, the Chainlink network offers smart contracts and can access resources like APIs and bank payments. Since it is Ethereum-based, it can be stored using a normal ETH wallet.
- Dai (DAI): This is another Ethereum-based cryptocurrency and it is known as a stable coin. It is decentralized and its value is equivalent to the value of 1 USD which is why it is a stable coin. This cryptocurrency runs on the Maker platform and it is backed by it.
- Tezos (XTZ): TheTezos cryptocurrency uses smart contracts just like Ethereum and it was launched in 2018. It features an on-chain governance structure such that users can modify the network on their own.
- Neo (NEO): NEO was initially known as Antshares and it was created in 2014. It was created by a Da Hingfei, a Chinese native and NEO is the largest cryptocurrency from china. It uses smart contracts like the Ethereum and is informally called the “Chinese Ethereum”.
- IOTA (MIOTA): This cryptocurrency is unique in the way in which it is used. It uses an algorithm termed “The tangle” and involves validating transactions between the Internet of things and computer devices.
- USD Coin (USDC): USDC is valued at 1 USD, it is one of the stable cryptocurrencies in the crypto market. It is an Ethereum token created to help people move the dollar easily using crypto-wallets.
Aside from the 20 cryptocurrencies listed above, there are still over 2,000 available cryptocurrencies. To be honest, none of these altcoins can be compared to the bitcoin in terms of value and trade volume but, they can turn out big in years to come. Just as it was when the bitcoin first surfaced, no one knew it would turn out this big in 9 years +. The same could be for these altcoins; you never can tell.