What are the best bitcoin alternatives to invest in?

Best Bitcoin Alternatives

Best Bitcoin Alternatives

As you probably already know, the cryptocurrency market is going through a huge expansion at the moment. This is fuelled primarily thanks to the fact that bitcoin is reaching unprecedented heights, which is making news in pretty much all mainstream media. However, bitcoin is also very volatile, so its price is oscillating a lot. Because of that, people are looking for something else to invest in, some other coin that could bring them a steadier profit.

As a consequence, some other cryptocurrencies (among literally hundreds of them) have surged in value and are now considered pretty viable bitcoin alternatives. In this article, we will examine some of them and show you what makes them so popular among traders right now. Let’s get going!

Best bitcoin alternatives: Litecoin

The first alternative to bitcoin we have to mention is definitely Litecoin. This cryptocurrency was launched way back in 2011 and, in many ways, it is very similar to bitcoin. However, what sets it apart from its most famous competitor and gives it a significant edge is the fact that it can create blocks much quicker and therefore confirm transactions in a much shorter period of time. To be more precise, this period for Litecoin is almost four times shorter (2.5 minutes to bitcoin’s almost 10 minutes). After maintaining a pretty steady price for several months, the price of this coin spiked in the second half of December and is now several times bigger than it was at the end of November (it went from 70$ to 360$ at one point). As far as bitcoin alternatives go, this one is definitely among top ones at the moment, but there are many others aiming to overthrow it from that position. Therefore, we have a lot more to discuss, so stay with us.

Litecoin Info

Litecoin Info

Best bitcoin alternatives: Ethereum

The world of cryptocurrencies simply cannot be imagined without Ethereum. This is actually a software platform, not a coin, aiming to reinvent the way internet works by erasing the need for servers. A global network of nodes working as servers are meant to decentralize internet and give its users compete independence when it comes to storing their data and creating apps. However, to support this, you need ether. This is the platform’s cryptocurrency which is used to pay various fees and enable execution of various operations. In short, this is the basis of everything that is done on the whole network. The value of this cryptocurrency at the moment is significantly higher than that of one litecoin (it almost doubled its value in the second part of December, reaching more than 900$), and it has also experienced a significant boost recently. If you’re looking for bitcoin alternatives, you can’t go wrong with Ethereum. However, we have more!

Ethereum Website

Ethereum Website

Best bitcoin alternatives: Bitcoin Cash

An alternative to bitcoin, in the most literal sense possible, can be found in Bitcoin Cash. What you have here is a cryptocurrency created by a hard fork of the original bitcoin. This happened fairly recently, on August 1, 2017, but the results were almost immediately visible. The fork received much attention, with the currency’s capitalization soon reaching above 11% of the overall market. Compared to the original, Bitcoin Cash made some moves that were meant to improve bitcoin’s scalability. Most notably, its block now has eight megabytes, which is supposed to increase the number of transactions that can be processed. At the moment this article is being written, the price of Bitcoin Cash is somewhere about 2,500$. True, this cryptocurrency is also feeling the ups and downs happening on the market these days, and it is still pretty much a newcomer, but the first results show promise. Every serious trader will tell you that Bitcoin Cash is among the best bitcoin alternatives. Still, we have more candidates to discuss.

Bitcoin Cash Website

Bitcoin Cash Website

Best bitcoin alternatives: Ripple

One other option you have is Ripple. Now, this is a pretty interesting bitcoin alternative because Ripple is both a cryptocurrency and a global network through which people and institutions can transfer money effortlessly. Compared to usual wire transfers, things are much faster and cheaper, plus you don’t have to worry about which currency you’re using. For example, if you want to send a certain amount in euros, but the person on the other side expects to receive the payment in bitcoin, this can be easily arranged. This is all thanks to the cryptocurrency ripple, which serves as a way to bridge the gap between every two currencies in a transaction. Because of that, it’s a pretty big deal that Ripple’s price is now about two dollars, since it has went up approximately eight times in the last couple of weeks or so. Certainly, a very interesting alternative to bitcoin, if you ask us.

Ripple Website

Ripple Website

Best bitcoin alternatives: Monero

Last, but definitely not the least of our bitcoin alternatives, we have Monero. Now, Monero is an open-source cryptocurrency and its growth is funded by donations. The community has a huge role here, which has driven the development towards scalability and decentralization. However, because of the interest this currency has aroused, the price has been steadily climbing. You see, the way this bitcoin alternative functions makes sure no client can ever be traced. We won’t go into much technical details, but we will say that it does that by putting the real cryptographic signature in the same group with several other, equally valid signatures. That way, there is no way to know from where the transaction actually came. Monero’s price at the moment is about 350$, so keep an eye on its community if you want to know how things will develop in the future.

Monero Website

Monero Website

Best bitcoin alternatives – Conclusion

Before we conclude, allow us to remind you once again that there are hundreds of cryptocurrencies out there you can invest in, but not all of them are viable bitcoin alternatives. These ones mentioned in this article attract the most attention from traders are definitely pretty well known in the trading community. Therefore, if you think bitcoin is not what you’re looking for, you should consider one of them and choose the right exchange to trade them on, with the help of our exchange reviews, of course.

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Author: Ben Prescott
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