As we all know, Bitcoin is absolutely killing it in the cryptocurrency world right now, and it doesn’t seem to be stopping any time soon. Though it may have had a significant drop not long ago, it is now back and better than ever. However, what some people fail to notice is the fact that there are several other great alternatives to Bitcoin making their rise right now.
If you are someone that frequents the internet, it is likely that Bitcoin is sometimes the only word you hear. Not many other cryptocurrencies are talked about when Bitcoin is so significant and that tricks people into thinking Bitcoin is the only one worth investing in which is unfortunate when there are so many great options. There are many more great options, other than Bitcoin, that are great to invest in.
Cryptocurrencies exist in thousands which means that Bitcoin is only a grain of sand on the beach. However, because of its early inception and its great publicity among other things, it has reached far more people than other cryptocurrencies have. One thing to keep in mind when looking at cryptocurrencies is the fact that they are extremely volatile, so just remember that as you go along in your cryptocurrency journey.
For more on Bitcoin, simply click here. Now, let’s talk a bit about three other cryptocurrencies that are great alternatives to the almighty Bitcoin!
As the name implies, Litecoin is simply a lite version of Bitcoin and is often thought of as a sibling of Bitcoin. They pretty much work in the same way, however, there are some substantial differences that make them their own thing. Here are some obvious differences:
- Unlike Bitcoin which has an anonymous creator, we know Charlie Lee founded Litecoin
- Bitcoin is very limited as to how many coins can be produced (21 million), however, Litecoin can make a larger amount at 84 million
- Litecoin also offers far quicker transactions
Ether is perhaps one of the most significant cryptocurrencies, after Bitcoin, of course. It really does act in a pretty similar way as Bitcoin, however, there are still many differences. An Ethereum network is used for Ether in which tokens run through the network.
Much like Bitcoin, this is basically an open-source network that is managed by users in which they can buy and sell Ether and use it in a way to buy products. However, you can only buy products in shops that accept Ether.
Before divulging in Monero too much, just keep in mind that this is almost entirely used on the black market. It is said to be one of the only cryptocurrencies that is 100% untraceable which makes it pretty much perfect for black market transactions. It may have existed for a long while, however, it is very far from being a stable form of cryptocurrency and there really are far better options that are readily available.
There are massive security concerns with Monero, so staying away from it comes highly recommended. It is still very important to know about it though.