Cryptocurrency is the future, and the sooner you get used to it, the better it will be for you. Unfortunately, when it comes to cryptocurrency, most people don’t know anything more than bitcoin. However, if you want to make some easy money, you can visit any bitcoin trading like The News Spy UK. Bitcoin is highly popular, but there are several other top cryptocurrencies too which are similar to bitcoin, and some of them are even better. Some of the best cryptocurrencies other than bitcoins that you need to know about are as follows.
When it comes to the top competitors of bitcoin in the crypto market, Ethereum is the first name that comes into mind. It is the second most popular cryptocurrency after bitcoin. It is inspired by bitcoin to a great extent as several features of both of them match. Ethereum is a network that works on smart contracts created in the code language and added to the blockchain. Ethereum is an open-source, decentralized platform like bitcoin on which users buy and sell the cryptocurrency and use it to make transactions and purchases on different websites. Its price is not as high as bitcoin, but still, it has a good market value.
Shall you invest in Ethereum?
If you want to invest in cryptocurrencies other than bitcoin, Ethereum is the right option for you. It is a stable cryptocurrency and is growing at a good pace. Over time, the usage and acceptance of Ethereum will surely increase, and you never know it may become the next bitcoin. Bitcoin is a highly expensive investment that makes Ethereum a great option for investors with a limited budget and who want to make a profitable investment. The market cap of Ethereum is over $200 billion, which is a positive indicator. If you want to invest your money for the long term, Ethereum is a good cryptocurrency that can bring your a considerable amount of profits in the future.
Another major competitor of bitcoin in the cryptocurrency market is Ripple. Ripple is a company that manages the transactions of the cryptocurrency known as XRP. Ripple has gained excellent popularity in the past few months, and the major reason behind that is the difference between it and other top cryptocurrencies. Most of the big names in the crypto market, such as Ripple, Bitcoin, etc., are based on blockchain technology, but Ripple is a lot different. It operates with a vast network of nodes which are financial institutions and some banks. Ripple cannot be mined like bitcoin as it is issued by the company which manages it. It is linked with several banks and financial institutions, which also worked as a negative point for it as most users invest in cryptocurrency because of its decentralized nature.
Is it the right decision to invest in Ripple?
It is irrefutable that Ripple is one of the biggest competitors of bitcoin, but the main question is that you should invest in it. Some people believe that it is a great crypto investment, whereas some believe that it is risky. The major reason that makes Ripple not a good investment is that it is reliable on banks and financial institutions. So, the dependency and control of banks over the currency makes it identical to the fiat currency. So, there is no use in investing in it as it would offer you nothing new than the traditional financial system.
One of the closest competitors of bitcoin is Litecoin, as they are the same in several ways. Numerous features make Litecoin and bitcoin similar. Litecoin was founded by Charlie Lee, who is well-known all over the world. It is a great investment and is even better than bitcoin in some cases. If we talk about the transaction speed, Litecoin beats bitcoin as it is four times quicker. Both the cryptocurrencies verify the transactions before completing them, but Litecoin is quicker than bitcoin in authenticating and processing the transactions. Another major difference between Litecoin and Bitcoin is that both of limited supply, but bitcoin has 21 million coins, whereas 84 million Litecoin can be issued in the market. Despite being better than bitcoin in multiple aspects, its value is quite low, making it not good for investing.
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