Top ALT Coins That Can Increase In Value

Top ALT Coins That Can Increase In Value

The world of cryptocurrency is an exciting one, with new currencies and concepts popping up every day.

If you are looking to invest in bitcoin or other cryptocurrencies, then choosing the right currency for you can be a daunting task.

Top ALT Coins That Can Increase In Value
Top ALT Coins That Can Increase In Value

There are hundreds of cryptocurrencies out there, but Bitcoin remains the biggest one.  There are ‘altcoins’ trying to compete with bitcoin, but bitcoin has remained on top thanks to its first-mover advantage.  If you are looking to invest in bitcoin or any alternative cryptocurrency, it comes down to doing your research on them before committing money.

But which are the top 10 altcoins? Here’s our list of the top 10 bitcoin alternatives.

Namecoin:

A bitcoin alternative with a key difference, namecoin allows users to create their own top-level domain (TLDs).  It operates as a peer-to-peer system and is ‘merged mined’ with bitcoin which means it shares bitcoin’s transaction processing workload but uses separate mining machines. This cryptocurrency has been around for some time now and has built up a solid reputation as a trusted brand.

Quark:

One of the biggest criticisms bitcoin faces is its lack of security compared to other systems like credit cards where there is no risk of fraud once you have possession of your card and pin code.  This bitcoin alternative aims to solve that problem with nine rounds of hashing from six different algorithms, making it the most secure crypto-currency around.

Vericoin:

This bitcoin alternative is built upon peercoin’s protocol but aims to address bitcoin’s primary flaw – ease of mining.   With bitcoin, miners are limited to using specific hardware, mostly Application-Specific Integrated Circuits (ASICs), which whilst being extremely efficient also make mining limited to an elite few who can afford their expensive set-up costs. Vericoin on the other hand uses common GPUs and CPUs, meaning anyone can mine for this currency by just installing a copy of the client.

Peercoin:

The bitcoin alternative claims to be the future of decentralized finance. Peercoin’s proof-of-stake system encourages users to hold on to their coins and generate additional income, acting as a kind of virtual mining for its holders.  Another bitcoin alternative that has been around for quite some time now, peercoin is certainly one you should consider if you are looking for bitcoin alternatives.

Primecoin:

A bitcoin alternative that uses the bitcoin model as a base but adds something new into the mix: prime numbers. Primecoins network is always searching for large prime number chains, and when they find one it creates a ‘primechain’ which can then be submitted by users to be used in transactions.  The bitcoin alternative uses a proof-of-work system, but it is the first bitcoin alternative designed to take full advantage of scientific computing.

Litecoin:

The bitcoin alternative which prides itself on being the ‘silver to bitcoin’s gold, litecoin has recently gained notoriety for its use on illegal marketplaces like Silk Road and Agora.  It was originally launched at October 13 2011, making it one of bitcoin’s earliest competitors.    Litecoin is also open source and decentralized like bitcoin, with all transactions listed publicly for anyone to see.

Ethereum (ETH):

Launched in 2015, there is bitcoin’s biggest rival.  Ethereum has its own cryptocurrency known as Ether, and it works more like a bitcoin alternative which allows for smart contracts (scripts) to be run on the network and used to exchange goods and services.     The bitcoin alternative also uses a proof-of-stake system instead of bitcoin’s traditional proof-of-work system, meaning anyone who holds Ether can mine for more using their wallet address.

Ripple (XRP):

A bitcoin alternative designed specifically to disrupt the banking sector with its ‘natively digital’ currency known as XRP.   It aims to remove inefficiencies from the global payments industry such as delays in international bank transfers which can take days to be confirmed.   Ripple uses bitcoin’s underlying technology but is based on a separate system with its own protocol, unlike bitcoin where the only function of bitcoin is to act as a financial instrument like digital gold.  This bitcoin alternative aims to allow people anywhere in the world to transfer money quickly and cheaply, making it potentially very disruptive for banks.

Dash:

A bitcoin alternative designed for instant payments online or in-store through instant transactions is known as InstantSend.  It also has privacy features built-in so that users are not required to disclose their personal information when they buy goods or services.   A bitcoin alternative that was launched in January 2014, dash started out relatively unknown but has risen significantly to become bitcoin’s second-largest rival.

Monero:

The bitcoin alternative prides itself on being ‘secure, private, and untraceable. The bitcoin alternative uses a unique privacy technique known as ‘ring signatures’, where transactions are mixed with other random public keys so it’s not clear who the original sender was, meaning that unlike bitcoin all transactions can be truly untraceable. One of the bitcoin alternatives which have certainly made the biggest impression in the past 12 months, monero at one point even gained the title of most valued altcoin back in April 2016 when it peaked at $15 per coin.

Conclusion:

No bitcoin alternative has really hit bitcoin’s value and usage, but litecoin is bitcoin’s closest rival at the moment.  Ethereum also aims to be a bitcoin alternative that will take over bitcoin in the future, but temporary bitcoin still reigns supreme with its $20 billion market cap.

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