As a trendsetter, Bitcoin has ushered in many others based on a decentralized peer-to-peer network. It has become the standard for all cryptocurrencies and inspired spinoffs and followers.
The cryptocurrency world is always expanding. While Bitcoin is the pioneer cryptocurrency, analysts use many approaches to evaluate other cryptocurrencies. For instance, they accord market capitalization a great deal of importance in the ranking of cryptocurrencies. But there may be other reasons why a cryptocurrency ranks well.
Read on to find out the top ten Bitcoin alternatives to buy.
The Top 10 Bitcoin Alternatives to Buy
1. Ethereum (ETH)
Ethereum makes it easy to build and run Decentralized Applications (DApps) and Smart Contracts without any control, fraud, downtime, or third-party interference. Ethereum aims at creating a decentralized financial products suite that everyone can access irrespective of faith, ethnicity, or nationality.
2. Litecoin (LTC)
Litecoin is one of the first currencies to follow in Bitcoin’s footsteps. Created by Charlie Lee, Litecoin is built on an open-source worldwide payment network. The crypto token uses “scrypt” as its proof of work and isn’t controlled by a central authority.
3. Cardano (ADA)
Cardano was created after thorough research by cryptography experts, mathematicians, and engineers. Charles Hoskinson, one of Ethereum’s initial founders, co-founded Cardano. This was after he disagreed with the direction the former was taking. Hoskinson and his team created Cardano’s blockchain through peer-reviewed research and extensive experimentation.
4. Polkadot (DOT)
It’s a unique proof-of-stake digital currency whose main aim is to deliver interoperability between other blockchains. Its protocol connects blockchains (both permissioned and those without permission) and oracles to enable all systems to work together. Gavin Wood, the cryptocurrency’s founder, is also Ethereum’s co-founder.
5. Bitcoin Cash (BCH)
Bitcoin Cash is among the earliest Bitcoin hard forks. And also among the most successful. The digital token was created in August 2017. The split from Bitcoin was a result of a debate around Bitcoin’s scalability. While one camp wanted Bitcoin’s scalability retained at 1Mb, another wanted it increased to 8Mb. Bitcoin Cash, therefore, has a scalability of 8Mb.
6. Stellar (XLM)
This open blockchain network provides enterprise solutions by connecting financial institutions to enable large transactions. Huge transactions between investment firms and banks that would usually take a couple of days, involve several intermediaries and cost lots of money can now be done instantaneously. In addition, no intermediaries are involved, and it costs very little to make the transaction.
7. Chainlink
Created by Steve Ellis and Sergey Nazarov, this decentralized oracle network aims at bridging the gap between smart contracts and the data outside it. This is from the understanding that blockchains themselves cannot connect to outside applications in a manner that can be trusted.
8. Binance Coin (BNB)
This utility digital currency operates as a method of payment for any fees charged when trading on Binance Exchange. Originally known as ERC-20, Binance Coin operated on Ethereum’s blockchain. It eventually launched its own main net.
9. Tether (USDT)
It’s among a group of cryptocurrencies popularly referred to as stablecoins. Like others in the group, Tether pegs its market value to an external reference point or a currency to reduce volatility.
Conclusion
Fanspel recognizes the importance of altcoins in fantasy sports. In addition to Bitcoin, you can place bets with the altcoin of your choice.
