TOP 5 Alt Coins You Should Invest In!

Bitcoin has not only been just a trendsetter, ushering in a wave of

cryptocurrencies built on a decentralized peer-to-peer network, but also has

become the de facto standard for cryptocurrencies, inspiring an ever-growing

legion of followers and spinoffs.

Cryptocurrencies are almost always designed to be free from government

manipulation and control, although as they have grown more popular, this

foundational aspect of the industry has come under fire. The currencies modeled

after Bitcoin are collectively called altcoins, and in some cases “shitcoins,” and

have often tried to present themselves as modified or improved versions of

Bitcoin. While some of these currencies may have some impressive features that

Bitcoin does not, matching the level of security that Bitcoin’s networks achieve

largely has yet to be seen by an altcoin.

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Below, we’ll examine some of the most important digital currencies other than

Bitcoin. First, though, a caveat: It is impossible for a list like this to be entirely

comprehensive. One reason for this is the fact that there are more than 4,000

cryptocurrencies in existence as of January 2021. While many of these cryptos

have little to no following or trading volume, some enjoy immense popularity

among dedicated communities of backers and investors.

Beyond that, the field of cryptocurrencies is always expanding, and the next great

digital token may be released tomorrow. While Bitcoin is widely seen as a

pioneer in the world of cryptocurrencies, analysts adopt many approaches for

evaluating tokens other than BTC. It’s common, for instance, for analysts to

attribute a great deal of importance to ranking coins relative to one another in

terms of market capitalization. We’ve factored this into our consideration, but

there are other reasons why a digital token may be included in the list as well.

1. Ethereum (ETH)

The first Bitcoin alternative on our list, Ethereum is a decentralized software

platform that enables smart contracts and decentralized applications (dapps) to

be built and run without any downtime, fraud, control, or interference from a third

party. The goal behind Ethereum is to create a decentralized suite of financial

products that anyone in the world can freely access, regardless of nationality,

ethnicity, or faith. This aspect makes the implications for those in some countries

more compelling, as those without state infrastructure and state identifications

can get access to bank accounts, loans, insurance, or a variety of other financial

products.

The applications on Ethereum are run on ether, its platform-specific

cryptographic token. Ether is like a vehicle for moving around on the Ethereum

platform and is sought mostly by developers looking to develop and run

applications inside Ethereum, or now, by investors looking to make purchases of

other digital currencies using ether. Ether, launched in 2015, is currently the

second-largest digital currency by market capitalization after Bitcoin, although it

lags behind the dominant cryptocurrency by a significant margin. As of January

2021, ether’s market cap is roughly 19% of Bitcoin’s size.

In 2014, Ethereum launched a presale for ether, which received an overwhelming

response; this helped to usher in the age of the initial coin offering (ICO).

According to Ethereum, it can be used to “codify, decentralize, secure and trade

just about anything.” Following the attack on the decentralized autonomous

organization (DAO) in 2016, Ethereum was split into Ethereum (ETH) and

Ethereum Classic (ETC). As of January 2021, Ethereum (ETH) has a market

capitalization of $138.3 billion and a per token value of $1,218.59.

In 2021, Ethereum plans to change its consensus algorithm from proof-of-work to

proof-of-stake. This move will allow Ethereum’s network to run itself with far less

energy and improved transaction speed. Proof-of-stake allows network

participants to “stake” their ether to the network. This process helps to secure the

network and process the transactions that occur. Those who do this are

rewarded ether, similar to an interesting account. This is an alternative to

Bitcoin’s proof-of-work mechanism, where miners are rewarded more Bitcoin for

processing transactions.

2. Litecoin (LTC)

Litecoin, launched in 2011, was among the first cryptocurrencies to follow in the

footsteps of Bitcoin and has often been referred to as “silver to Bitcoin’s gold.” It

was created by Charlie Lee, an MIT graduate, and former Google engineer.

Litecoin is based on an open-source global payment network that is not

controlled by any central authority and uses “scrypt” as proof of work, which can

be decoded with the help of consumer-grade CPUs. Although Litecoin is like

Bitcoin in many ways, it has a faster block generation rate and hence offers a

faster transaction confirmation time. Other than developers, there are a growing

number of merchants that accept Litecoin. As of January 2021, Litecoin has a

market capitalization of $10.1 billion and a per token value of $153.88, making it

the sixth-largest cryptocurrency in the world.

3. Cardano (ADA)

Cardano is an “Ouroboros proof-of-stake” cryptocurrency that was created with a

research-based approach by engineers, mathematicians, and cryptography

experts. The project was co-founded by Charles Hoskinson, one of the five initial

founding members of Ethereum. After having some disagreements with the

direction Ethereum was taking, he left and later helped to create Cardano.

The team behind Cardano created its blockchain through extensive

experimentation and peer-reviewed research. The researchers behind the project

have written over 90 papers on blockchain technology across a range of topics.

This research is the backbone of Cardano.

Due to this rigorous process, Cardano seems to stand out among its

proof-of-stake peers as well as other large cryptocurrencies. Cardano has also

been dubbed the “Ethereum killer,” as its blockchain is said to be capable of

more. That said, Cardano is still in its early stages. While it has beaten Ethereum

to the proof-of-stake consensus model, it still has a long way to go in terms of

decentralized financial applications.

Cardano aims to be the world’s financial operating system by establishing

decentralized financial products similar to Ethereum as well as providing

solutions for chain interoperability, voter fraud, and legal contract tracing, among

other things. As of January 2021, Cardano has a market capitalization of $9.8

billion, and one ADA trades for $0.31.

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4. Polkadot (DOT)

Polkadot is a unique proof-of-stake cryptocurrency that is aimed at delivering

interoperability among other blockchains. Its protocol is designed to connect

permissioned and permission-less blockchains, as well as oracles, to allow

systems to work together under one roof.

Polkadot’s core component is its relay chain that allows the interoperability of

varying networks. It also allows for “parachains,” or parallel blockchains with their

own native tokens for specific-use cases.

Where Polkadot differs from Ethereum is that rather than creating just

decentralized applications on Polkadot, developers can create their own

blockchain while also using the security that Polkadot’s chain already has. With

Ethereum, developers can create new blockchains but need to create their own

security measures, which can leave new and smaller projects open to attack, as

the larger a blockchain, the more security it has. This concept in Polkadot is

known as shared security.

Polkadot was created by Gavin Wood, another member of the core founders of

the Ethereum project who had differing opinions on the project’s future. As of

January 2021, Polkadot has a market capitalization of $11.2 billion, and one DOT

trades for $12.54.

5. Bitcoin Cash (BCH)

Bitcoin Cash (BCH) holds an important place in the history of altcoins because it

is one of the earliest and most successful hard forks of the original Bitcoin. In the

cryptocurrency world, a fork takes place as the result of debates and arguments

between developers and miners. Due to the decentralized nature of digital

currencies, wholesale changes to the code underlying the token or coin at hand

must be made due to general consensus; the mechanism for this process varies

according to the particular cryptocurrency.

When different factions can’t agree, sometimes the digital currency is split, with

the original chain remaining true to its original code and the new chain beginning

life as a new version of the prior coin, complete with changes to its code.

BCH began its life in August 2017 as a result of one of these splits. The debate

that led to the creation of BCH had to do with the issue of scalability; the Bitcoin

network has a limit on the size of blocks: one megabyte (MB). BCH increases the

block size from one MB to eight MBs, with the idea being that larger blocks can

hold more transactions within them, and the transaction speed would therefore

be increased. It also makes other changes, including the removal of the

Segregated Witness protocol that impacts block space. As of January 2021, BCH

has a market capitalization of $8.9 billion and a value per token of $513.45.

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