When Bitcoin came onto the market, developers were quick to see the benefits accruing from such trades, and other cryptocurrencies came onto the scene. At present we have cryptocurrencies in the ranges of hundreds which have gotten their inspiration from this currency. Most developers are trying to market their coins as improvements on the original version which is Bitcoin. Some have managed to make some improvements in that they are easy to mine as compared to Bitcoin.
Others, on the other hand, pose challenges in that they are less acceptable on the market and thus offer less liquidity and value retention as compared to Bitcoin.
Below are five of the best alternatives to Bitcoin on the market as at now.
Following Bitcoin’s release to the market and the subsequent trades in it, this cryptocurrency came onto the scene, thanks to Charlie Lee. There were many references to it being the silver to Bitcoin’s gold, and people started gaining confidence in the currency over time. Many developers are working on concepts relative to this one. It has also attracted a large number of merchants who now accept it as a form of currency when making trades. It currently has a value of $4.89 billion, an indication of how many investors are trading in this currency.
This currency works on an open-source basis, and there is no central regulatory body in place. The difference between it and Bitcoin is that the former has a faster block generation rate which in turn makes transactions speedy.
Decentralized systems became of importance once users began to feel that third parties were not only lengthening the processes but also taking a massive chunk of their profits. Thus, when Ethereum came onto the market allowing people to trade on a one on one basis, many investors were quick to get onboard. Benefits of this platform include but are not limited to prevention of fraud, no external influences and the site runs without any downtime. Developers also have a chance to run software on the platform thanks to the many options available. At present, this currency has a value of $41 billion, with profits expected to increase in the coming years.
This currency came onto the market towards the end of 2016, and it holds a lot of promises for investors. Users especially appreciate the added security and privacy. Though transactions are available on the blockchain, information such as the sender and amount remain private. Users can also encrypt their data for added protection from prying eyes. At present, it has a market value of $713 million.
Through the use of a decentralized network, transactions on this platform are almost untraceable, a feature that makes this platform enticing to its users. It came onto the scene in early 2014, and it brought secrecy onto the market. It stands at a value of $1.9 billion at present.
While the other options on the list mostly offer added secrecy, this platform supplies its users with low-cost and instant payments. The structure does not depend on mining, and this reduces the computing power required. Its value is at $18.9 billion at present.
These alternatives offer tweaks to Bitcoin’s structure regarding secrecy, lower costs or both. As such, they have quickly gained a following in the cryptocurrency market.