6 Digital Coins Taking On Bitcoin
Bitcoin is not just a trailblazer, ushering in a wave of cryptocurrencies built on a decentralised peer-to-peer network, it has become the gold standard for all cryptocurrencies. The digital currencies inspired by Bitcoin are commonly called altcoins and most present themselves as a modified or improved version of Bitcoin. Since Bitcoin prices are climbing to new highs, we look at six of the most popular cryptocurrencies, picked from over 700, that could be worth your while.
#6 Monero (XMR)
You may not have heard of Monero yet, and that is basically the point. This coin’s creators strongly emphasized privacy and security. While the transactions with Bitcoin are all public through the rolling blockchain, Monerouses a different approach. Monero is a coin where the transactions are partially hidden. This is a privacy dream for those who want all their transactions to be private. Many believe that this allows criminals to use it for laundering money and other questionable activities. However, we believe that there is a positive aspect to it. Monero is the digital currency for those that are fed up with “big brother” watching over their backs. There will always be a demand for a coin like this, and Monero is the largest of this type.
#5 Zcash (ZEC)
Like with Monero, Zcash is a coin that keeps part of its ledger private. This digital currency also focuses on privacy and the ability to keep the transactions of individuals private., which will allow it to succeed in garnering the attention of high profile individual and the common person. No one needs to know what you are spending your money on. You deserve to be the only one who has access to that kind of information, and Zcash is the only digital currency that promises that to you.
#4 Digital Note (XDN)
Digital Note used to be called DarkNote. There are some benefits to this currency that includes privacy transactions.
- It can be mine by using standard computer equipment
- It issues interest to its noteholders on the basis of 0.5% to 1% annually kind of like a bank account
- It’s relatively cheap in comparison to other currencies, which is an upside.
#3 Litecoin (LTC)
Litecoin is built on an entirely different hashing algorithm than with Bitcoin and the rest of the digital coins that are mentioned above. Also, its one of the oldest coins on the digital market. Litecoin was launched in 2011. If Bitcoin is like gold, then this coin is like silver. Litecoin uses the Scrypt language, which is built differently than the other digital coins. Because of its age and adoption among specific internet markets, Litecoin is here to stay, and it will most likely rise in value.
#2 Ethereum
This digital coin is believed to be the future of all digital currencies. Ethereum acts as a platform for creating “Smart Contract.” What it means is that Ethereum can be used as a framework for others to generate new coins and digital currencies on top of it. For example, if Microsoft or Amazon wanted to create a digital currency for rewarding anyone who wants to use their currency. The currency they build will most likely be based off Ethereum. Consider it like this, if Ethereum is like the internet itself, allowing for new coins to be built on top of it. There is a vast unrealized value to Ethereum.
#1 Bitcoin (BTC)
We have put Bitcoin as the #1 alternative to Bitcoin since there aren’t any worthy alternatives. Bitcoin was the first actual digital currency, which makes its value almost immeasurable. Even though there are many other digital currencies and “coins” out there that tout faster transaction time, better privacy, or newer hashing algorithms, sometimes the best is the first to the market. The one downside to Bitcoin is that it has already gained immense popularity and it could be overpriced. All of the coins and digital currencies we have listed above are risky since they are just as valuable as how popular they are. With that being said, there’s still money to be made in this new digital currency industry.
