If you’re wondering what all the fuss is about. Or if you have not heard about Bitcoin or other digital coins in the news or from a friend, it’s time to WAKE UP! Digital currencies look like they may be the next evolution of how we pay for things, so it may be a good idea to educate yourself on the topic so you don’t get left behind! Japan has already allowed Bitcoin as a form of payment in many stores, and other countries may soon follow.
Bitcoin’s price has already reached the highest levels ever. So what other coins are there to invest in? Is it risky to get in now? If you’re wondering about other “Altcoins” and if they truly have value, this article is here to pick out the 6 best alternative coins to Bitcoin. Starting with #6 below.
#6 Monero ( XMR )
If you haven’t heard of Monero yet, that’s pretty much the point. The creators of this coin made an emphasis on privacy and security. While Bitcoin’s transactions are all public through the rolling blockchain, Monero takes a different approach. Monero is a type of coin where transactions are partially hidden. This creates a privacy dream, for people that want all their transactions to be private. Many people say this allows criminals to use it to launder money and do shady things, however, we see it in a positive light. Monero is the digital currency for anyone that is sick of “big brother” watching over their backs. There will always be demand for a coin like this. And Monero is the largest one!
#5 Zcash ( ZEC )
Just like Monero, Zcash is a coin that keeps part of its ledger private. Once again, a digital currency that focuses on privacy and the ability to keep its individuals’ transactions private will succeed in garnering the attention of high profile individuals as well as the common person. I mean, why does anyone need to know what you are spending your money on? You deserve to be the only one with access to that kind of information, and Zcash is one digital currency that promises that.
#4 Digital Note ( XDN )
This digital currency used to be called DarkNote. However, I think the name changed for the better. There are a few benefits to this currency that includes privacy of transactions.
- The currency can be mined using regular computer equipment
- The currency actually issues interest to its noteholders on a basis of .5% to 1% annually kind of like a bank account
- The currency is relatively cheap compared to other currencies so it has upside
#3 Lite Coin ( LTC )
Next on the list is Litecoin. This coin is built on a completely different hashing algorithm than Bitcoin and the rest of the digital currencies we mentioned before. This is also one of the oldest coins on in the digital market. Launched in 2011, if Bitcoin is like Gold, this coin is like Silver. It uses the Scrypt language which is built differently than the other coins. Due to its age and adoption among certain internet markets, Litecoin is here to stay and will most probably rise in value.
#2 Ethereum ( ETH )
This coin is said to be the future of all digital currencies. Ethereum acts as a platform to create “Smart Contracts”. What does this mean? It means that Ethereum can be used as a framework for other people to create new coins and currencies on top of it. Let’s say tomorrow, Amazon or Microsoft wanted to create a digital currency rewarding anyone wanting to use their currency. The currency they build will most probably be based off Ethereum. Think of it this way, Ethereum is like the Internet itself, it allows for new coins to be built on top of it. Ethereum has huge unrealized value!
#1 Bitcoin ( BTC )
We add Bitcoin here as the #1 alternative to Bitcoin because there are no true alternatives. Bitcoin was the first true digital currency and that makes its value almost immeasurable. Although there are plenty of other digital currencies and “coins” out there touting better privacy, faster transaction time, or newer hashing algorithms. Sometimes the best is always the oldest, the first to market. Bitcoins one downside is that it has already gained huge amounts of popularity and could be overpriced. In the end it’s up to you to decide where you’d want to invest your money. All of the coins and digital currencies above are risky as they are only as valuable as how popular they are. With that said, there is still money to be made in this new industry of digital currencies.