The cryptocurrency space is not limited only to Bitcoin, Litecoin, and Ethereum, which are the ones that come to mind when we talk about this world. There are hundreds of cryptocurrencies available to buy or trade, each with its unique twist on blockchain technology and different intended uses.
When it comes to investing in cryptocurrencies, there are a series of characteristics that must be taken into account to avoid falling into one of the many scams that exist. You have to consider the value of the currency, how many currencies are in use, the legitimacy of the people behind the creation of each currency, its popularity, and general usability since a cryptographic currency is worth; a lot is of no use if accepted nowhere. In the same way, a noisy coin can be all smoke and mirrors if it never increases in value and is surrounded by controversy.
It must be clear that, as with all investments, investors must be aware of assuming full responsibility for their decisions in the purchase and sale. The relatively new cryptocurrency market fluctuates wildly daily, so no one should spend more than they are willing to lose.
Bitcoin: the most popular cryptocurrency
Bitcoin (BTC), well known to all, is the original cryptocurrency. Although it is not as technologically advanced as some of its rivals, it has something that many of them do not: brand recognition.
Even today, many people acquire Bitcoin because they believe that it is the only cryptocurrency. This has resulted in more companies now accepting payments with Bitcoin, and it is much easier to convert Bitcoin into traditional money than other currencies. It’s very hard to beat your competition unless significant innovation comes along.
Litecoin and Ethereum are two strong rivals.
Litecoin (LTC) and Ethereum (ETH) are solid second options for Bitcoin. They have gained popularity mainly due to Coinbase, the most popular place to buy and sell cryptocurrencies online, aggregating them alongside Bitcoin. Both have the advantage that they present cheaper and faster transactions than Bitcoin. Many Bitcoin ATMs also support them.
Litecoin is based on Bitcoin technology. Run by different people constantly updating it with the latest technology to make it work better and faster.
Ethereum works as a programming language. It has gained popularity among developers and large industries such as Microsoft, which has expressed interest in developing Ethereum-based projects.
Cryptocurrencies that you should keep in mind
Bitcoin, Litecoin, and Ethereum are considered the kings of the market. Still, some cryptocurrencies are legitimate rivals that have gained traction and could potentially compete with you.
- Dash : (DASH) formerly known as XCoin and Darkcoin. It is a cryptocurrency and open-source software project. It does not depend on any centralized entity. It is supported by a two-tier peer-to-peer system: the miners, who secure the network and update the blockchain transaction record, and the master nodes. Its main goal is to make technology accessible to average consumers.
- Monero : (MXR) is an open-source cryptocurrency created in 2014. It is known as the privacy currency since transactions on its Blockchain are more difficult to track than with other cryptocurrencies. Its technology makes it difficult to integrate into cryptocurrency hardware and software wallets. It runs on Windows, macOS, Linux, Android, and FreeBSD. New drives are created through a process called “mining.”
- OMG Network : (OMG) was originally born under the name OmiseGO. It was designed initially to address the scalability problems present in the Ethereum network, but it migrated to its own Blockchain in 2018. Its architecture is made with open source. It allows you to exchange currency and trade cryptocurrencies. It is being implemented in some major companies, such as McDonald’s, in several Asian countries. It has an impressive list of advisers and companies such as SBI Investors and SMBC that invest in it.
- Ripple : (XRP) is a free software project. It is a blockchain solution designed for leading financial institutions to increase the security and speed of transactions while reducing associated fees. Each node of the network functions as a local exchange system in such a way that the entire system forms a decentralized mutual bank. Major financial institutions such as Westpac, MUFG, UBS, and American Express have started working with this cryptocurrency.
- Zcash : (ZEC) is a direct rival to other traditional cryptocurrencies. It provides more security and privacy than Bitcoin, although most people interested in these features tend to prefer Monero. Payments are published on a public blockchain, but users can use a privacy feature to hide the sender, the recipient, and the processed amount.
- Bitcoin Cash : (BCH) is a cryptocurrency and open source project that originated due to the division of the Bitcoin network in 2017. It allows mining blocks of transactions larger than Bitcoin. Despite its name, it has no connection to Bitcoin, which has caused new investors to buy Bitcoin Cash instead of Bitcoin mistakenly. Many services now refer to it as BCash to limit the amount of confusion around it.
- Steem : (STEEM) is decentralized and offers its users total security. The owners of the content created within the Blockchain are the only people who can modify their property text as long as they have access to the private publication key or the private master key of the account; in this way, it is guaranteed that no third party can modify and delete the text created by a user.
Cryptocurrencies worth checking out
Although the following cryptocurrencies have not been included in the top 10 of the most interesting coins, they have potential and could rise quickly if they are given the right support.
- Dogecoin : (DOGE) is a cryptocurrency derived from Litecoin. It is a basic currency that is used to make payments. Your transactions take about a minute. It is an inflationary currency since it has no emission limit. He uses as a pet a Shiba Inu dog from the popular internet meme, which has attracted many users. In January of this year, he became the center of attention when a Reddit group decided to boost his shares, priced above 800 percent.
- Golem : (GNT) is a project that aims to decentralize cloud computing. It is based on blockchain technology, whose objective is to interconnect all the computers on the planet in a colossal P2P network to take advantage of the computing power of all those who are part of its network. Anyone within this Network will rent their computing power and receive a payment in Golem tokens (GNT). Most of the users have the CPUs of their computers underutilized; in this way, exploiting a resource for which they have already paid can be rewarded monetarily.
- SALT : (SALT) is a blockchain-based lending platform. Users deposit their various cryptocurrencies and receive a loan of real-world money. It can be exchanged in your ecosystem for ETH or BTC.
- NEO : (NEO) It has several characteristics that make it unique. The way it works is completely different. He has been in charge of improving many aspects, taking them to new levels, not only in terms of security but also scalability. For some, it is a currency that could be huge in China if the country ever bans other cryptocurrencies.
- IOTA : (IOTA, MIOTA) is an open-source distributed ledger technology. It consists of a marketplace powered by Blockchain. It is based on the possibility of carrying out secure transactions and communications on the so-called Internet of Things. The IOTA service is quite specialized, but its cryptocurrency has generated quite a bit of buzz from the crypto community.
Cryptocurrencies that could surprise us in the future
- EOS: It is a direct competitor of Ethereum. It aims to eliminate transaction fees in addition to making millions of transactions per second. It is not yet clear if it can compete with the enormous popularity of Ethereum.
- Stellar : (XLM) is an open-source blockchain project. It aims to revolutionize the banking industry with faster and cheaper international payments.
- TRON / TRONIX : (TRX) goal is to build a free entertainment platform through Blockchain, focused on the digital gaming sector. It allows the user to generate and share content in a free, free, and decentralized way.
- Civic : (CVC) has earned its place in the crypto space and has few rivals. It has attracted a lot of media attention due to its potential to create a global database. It consists of a secure identity database. This would be very useful for storing and sharing personal and medical data secure and decentralized.
- USD Coin : (USDC) is a stablecoin powered by Ethereum. It was created to function as an alternative to the traditional US dollar. It is a less risky investment than other cryptocurrencies that work independently of conventional finance since, being a stable currency, its value will always be equal to that of the US dollar.
Also Read : How To Manage Communication In The Project And Team?