Unless you live under a rock, you must have heard about Bitcoin and cryptocurrencies. Even if you don’t own any crypto stock, you may have been following the recent trend in the cryptocurrency industry just like everyone else. In less than 10 years since its launch, Bitcoin has grown to be one of the most expensive digital currencies in the world.
In December 2017, Bitcon got to an all time high of US$19,000, a never before heard of feat. Those who were fortunate to own Bitcoin stocks become millionaires overnight. This has caused a frenzy of would be investors with an eye out for the next Bitcoin.
While Bitcoin is still the market leader, despite its slight slump early 2018, there are still a lot of crypto coins out there with the potential to be a winner someday. In this article, we’ll look at 5 crypto coins that have the potential to stand up to Bitcoin.
Ethereum launched in July 2015 by Vitalik Buterin has been gaining a lot of attention in the crypto world of late. Touted as being the main challenger to Bitcoin, Ethereum offers developers the ability to have access to the code, and power it through the public blockchain. Users can then sell their processing power for mining and get paid in ether a digital currency very similar to Bitcoin. Ethereum is currently the world’s largest cryptocurrency second only to Bitcoin by market capitalization.
In July of 2017, a hack resulted in Ethereum being split into two different currencies. The two currencies, Ethereum and Ethereum Classic, are currently competing against each other, although, at a market cap of just over US$ 3 billion, Ethereum Classic is the 13th largest digital currency in the world.
With a market cap of nearly US$100 billion, and at its rate of growth, Ethereum is looking to be a likely candidate to threaten Bitcoin’s domination and therefore a coin to keep an eye on.
Ripple has been in the news recently for a lot of reasons. Launched in 2012, it has grown to be one of the most popular digital currencies accepted for payments globally. Recent trend in the cryptocurrency industry has seen Ripple adopted by several companies as a legitimate mode of payment. Even world renowned institution MIT is also onboard the Ripple train. One of the advantages Ripple has is that it can instantly be converted into different digital currencies. For instance, you can easily convert from Ripple to Bitcoin and vice versa.
A lot of people see Ripple as a competitor to Bitcoin due to the numerous features it offers over a lot of other currencies, such as ease of conversion and access to regular currencies.
With a market capitalization in excess of US$ 30 billion, Ripple is currently the world’s third largest crypto currency, and an obvious favorite to keep an eye on.
One of the much older cryptocoins, Litecoin — the brain child of former Google employee Charlie Lee – was modeled to work with the same system as Bitcoin. However, Litecoin has a lot of important differences. For example Litecoin blocks can be created every two and half minute against bitcoin’s 10 minutes. This makes it one of the fastest means of processing digital transactions and further makes it possible to carry out more transactions in a little time. Litecoin also comes with a much easier algorithm which can be solved without special mining equipment.
In the last part of 2017, Litecoin experienced a tremendous increase in its value, and this has made it one of the highly valued cryptocurrencies in the world. It is currently at fifth place with a market cap of about US$11 billion.
Steem, launched quite recently in 2016, is one of the more unusual cryptocurrency platforms. Steem or Steemit is a social media and blogging platform that entered into the cryptocurrency industry. People write and curate articles on Steem platform and get paid in Steem digital currency. These Steem tokens can only be used on the Steem platform to make payments. However, at the current rate of acceptance, it’s only a matter of time before the Steem token is accepted elsewhere.
The Reddit-styled Steem platform is filled with a huge range of articles, content and stories contributed by writers for Steem tokens. You can rate and comment on these articles to get paid in Steem tokens.
In terms of market capitalization, Steem comes after Litecoin at a market cap of US$870 million. With this impressive figure and Steem’s rate of growth, we can expect to see this cryptocoin become widely accepted as a means of online payment using blockchain technology.
Dash, which stands for digital cash, was launched in 2015 and programmed to closely tailor the Bitcoin software. However, the developers’ plan was to address some of the problems discovered in Bitcoin. Some of the improvements of Dash coin over Bitcoin are: instant transaction time which allows for transactions to be confirmed and processed immediately as against bitcoin’s 10 minutes. In addition, Dash makes use of Masternodes to crosscheck and confirm the blockchain to ensure it’s not being manipulated to influence transactions.
Dash however uses the same P2P system as Bitcoin, which means that there’s no centralized authority and transactions are processed and approved by users in the blockchain.
Dash currently has a market cap in excess of US$4 billion with a daily transaction of about US$100 million. This makes it one of the top cryptocurrencies in the world and a coin to keep an eye on.
The race look tough
Despite bitcoin’s early 2018 hurdles, and recent talks of regulation in the crypto world, Bitcoin is still leading the pack and shows no sign of backing down. Still, competitors like the coins listed above are offering investors unique opportunities to cash in on the crypto advantage.
It’s however extremely important that you carry out an in depth research before committing your resources to any particular coin. ICOTokensNews is one place you can go to for analysis and reviews of coins before getting involved.
Other resources you can use are crypto platforms on Reddit. These platforms usually provide some form of expert analysis and opinions about different coins that can help you in your investment decision.
There are lots of other coins apart from the 5 mentioned with the potential to one day grow into a profit machine. It’s obvious that the future of modern finances is in crypto, so you need to keep an eye on it.