How To Choose The Right Bitcoin Alternative?
Cryptocurrencies gained a lot of popularity recently. After seeing Bitcoin’s astonishing success by the end of 2017 when its value skyrocketed literally overnight, many people wanted to jump on the bandwagon and quickly make millions. However, the Bitcoin mania lasted only for a couple of days and its value dropped significantly.
These events made people thinking whether the overnight scenario might happen again, and if not, is it too late to join the crypto world.
If you are focused on Bitcoin only and want to make millions, then yes, it is too late. But you should know that there are currently more than 2,000 other cryptocurrencies that could also bring you some nice profits. If you are really enthusiastic about them and you want to know more, it is a good idea to stick to the top 25 Bitcoin alternatives.
Why? All of them are built for different purposes, and their value depends on the current developments and achievements in particular industries, so following all the relevant news, announcements, community groups, and even rumors might be really hard to achieve.
But what do we mean by saying that each of the cryptocurrencies is connected to one or more particular industries?
After Bitcoin started getting noticed in the early 2010’s, developers and investors realized the huge potential that blockchain-based technology had. It became apparent that such technology could be implemented into different industries to simplify and automate complex processes while making them more safe at the same time.
For example, by using blockchain, you can create smart contracts that eliminate vast paperwork in the legal industry. If your cousin wants to make a will and leave you $1 million, all the necessary “paperwork” and data would be simply built into a smart contract and executed automatically according to the preset parameters.
As soon a condition A is met, the smart contract would send $1 million to your digital wallet. In addition to cutting off the long legal processes, you would also cut out middlemen (lawyers and other legal bodies), and you can rest assured that this contract cannot be deleted, altered, or obstructed in any way.
How Can I Tell Which Crypto-Currency Is The Right Choice For Me?
As we already indicated, the first step is to locate your business on the industry map. Next, conduct a throughout research and find blockchain platforms and their cryptocurrencies relatedto your niche. The third and final step is to choose one or more that you believe will bring you profits in the long run. It is a good idea to hire an expert for the last step.
Sure, you could just use Bitcoin for your operations, but you should note that other cryptocurrencies also grow in popularity. Don’t be surprised to hear from your customers or business partners that they would prefer getting paid by using something else than Bitcoin.
On the other hand, if you do not own any business but are interested in joining the crypto world as a trader, you should closely follow the community groups and stay updated about the cryptocurrencies you’re interested in, because there is always someone with an insider information.
What Are The Most Popular Cryptocurrencies?
In the remainder of this post, we will briefly describe the most popular blockchain platforms at the moment and their benefits.
Launched in 2015, the Ethereum platform is considered to be the most popular after Bitcoin. It was built to facilitate the creation of smart contracts and decentralized apps (dapps). We already explained what smart contracts are. Decentralized apps are similar to standard apps we already use. However, dapps do not require middlemen to store data or operate the network.
You can already guess that they are far more safe than the old-fashioned apps. Not to mention that it’s impossible for any third-party to monitor your activities on a network.
The crypto token generated by this platform is called Ether (ETH), and you can use it to buy/sell services here, or trade it for other cryptocurrencies/fiat money.
Ever heard of Internet of Things (IoT)? It won’t take long before machines and home appliances become capable of communicating between themselves without human interference. For example, your fridge will notice that you’re running low on milk and will notify your smartphone to order some online. This will happen automatically, without the need for your assistance.
The IOTA platform is here to improve these services. IoT devices will be connected to the internet and communicate online. IOTA aims to provide a blockchain-powered online network, which is much safer than the existing internet network structure. IOTA produces cryptocurrency known as MIOTA.
Litecoin and Ripple
If your business operations are centered around financial transactions, Litecoin and Ripple networks are probably the best solutions for you. Their peculiar features involve lightning-fast transactions, which hardly comes as a surprise since they were built with efficient data transfers in mind. Their currencies are LTC and XRP respectively.
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Even if you are new to the crypto world, you have probably heard about Tether (USDT) in the news. There are rumors (or we better say conspiracy theories) that this token was abused to manipulate high Bitcoin prices at the end of 2017. In any case, Tether is built to mirror the US dollar and its value. In other words, the value of 1 USDT should always stay close to $1.
Other Platforms And Cryptocurrencies
As we said at the beginning of the article, there are currently more than 2,000 cryptocurrencies out there and getting to know all of them is impossible, let alone use them. Therefore, it is always recommended to check reliable sources and determine for yourself what’s the best option for you.
The infographic below is a good place to start. It offers you the most basic info about the top 25 cryptocurrencies and their corresponding platforms – why they were built and how can you use them.
Check it out.