Top 3 Bitcoin Alternatives
If you’re looking to invest in cryptocurrency, then the first name that would enter into your head would be Bitcoin. It has led the digital currency revolution and has made headlines in the mainstream news ever since its price blew up in late 2017.
It got the eyes of the world looking into cryptocurrency and wondering if they should invest too. Bitcoin has remained strong, but there are also other currencies that may be worth investing in, and may actually have a better future than Bitcoin. Here we look at 3 which could be great alternatives to Bitcoin.
If there was one coin that has made the move into the mainstream system more than any other, it’d likely be Ripple. The reason for this is due to the high transaction speeds that Ripple can achieve, which has made it very attractive for banks looking to make quick transactions over the Atlantic.
Santander and American Express are both using the currency in order to make those long-distant transactions, which immediately gave Ripple the kind of legitimacy that a lot of cryptocurrencies crave. This led to a sharp increase in XRP to USD price as it secured a positive future for Ripple.
It is currently the 3rd largest currency on the market behind Bitcoin and Ethereum (according to Coinmarketcap). It has a good chance of gaining ground on its rivals and will continue to do so if it generates ever more partnerships like the ones with Santander and American Express.
That makes it such a good coin to invest in as it is respected in the industry due to its high level of security and its almost instant transaction speeds. Its long-term future looks good and it will continue strengthening those relationships as it increases its reputation. The price of digital currencies can be notoriously fickle, but Ripple’s is one that looks set to grow over time.
Just below the level of the likes of Ethereum, Bitcoin and Ripple sit many coins that have a lot of potentials to grow and make their own mark in the cryptocurrency world. One of those coins could be Dash as it has shown a vast potential since its price exploded in November last year.
While a lot of currencies market themselves as different from Bitcoin, Dash is one currency that is a direct rival to it, as it takes Bitcoin’s weaknesses and turns them into its strengths. That makes it such an intriguing coin and the one whose price would rise a lot over the next year.
To look at what sets it apart is to look at Bitcoin’s failings. It’s well-known that Bitcoin struggles with transactions speeds and there have also been questions about its security. These are both areas in which Dash thrive and means that it could turn people away from Bitcoin and onto their currency.
Marketing is also another area in which Dash is excelling, and it seems to appreciate the potential of building a ‘brand’ and the advantages that come with it. It is seen as a slick operation, and this can be seen with the launching of their ‘Dash Evolution’ payment system, which is a user-friendly interface that makes it easier than ever for people to manage their account.
Dash’s price has been dropping in recent months, so why would you invest? Well, everyone is looking for the opportunity to buy low and sell high, and Dash could just be looking for that shot of life that many currencies have had. If it develops a working relationship, then the likes of Ripple could see their price skyrocket. Dash have invested a lot in themselves, and that could lead to their investors being rewarded for their patience very soon.
Another coin that is bubbling under the surface and ready to challenge the main pack is Stellar. Just like Dash trying to use Bitcoin’s weaknesses and improve on them, Stellar is trying to use the weaknesses of Ripple and improve on them too. That is because Stellar was formed by the founder of Ripple who therefore knows its weak points better than anyone.
One of the biggest downsides that people cite with Ripple is that the currency isn’t very decentralized at all. One of the biggest advantages of cryptocurrencies is that they are trying to move the power away from a central source (like a traditional bank) and move it into the hands of its users. Ripple’s coins, though, are still mostly owned by centralized authorities, which is something that Stellar wanted to change with its model.
Just like Ripple, Stellar got its break by teaming up with a well-known company – IBM, which increased the value of their coin and gave them a boost. It helped them gain respectability, as Mobius did use Stellar for their Initial Coin Offering.
An aspect that makes Stellar so attractive to invest in is the security that their network can provide. It is that security that allowed them to benefit from partnerships with IBM and Mobius. It has more decentralization than Ripple and a more secure network than Ethereum. These two facts could make it a real challenger to those two coins and a great currency to invest in the future.
Moving on From Bitcoin
Bitcoin is going to be the market leader for some time. It is well ahead of its rivals in terms of its market cap, and it is doubtful that any of these coins mentioned are going to overtake Bitcoin in that respect. When you want to invest in a coin, however, you’re not looking for who is on the top of the charts, you want an investment that has a bright future.
Is Bitcoin’s future bright? Well, it might not be. Its price has seen a steady decline in 2018 and there are not many signs that it’ll burst back into life, there just doesn’t seem to be a lot of potential in Bitcoin, especially with the issues that it has. These three coins mentioned, though, do have a lot of potentials, and that potential can make them great coins to invest in and real alternatives to Bitcoin.