When it comes to digital currencies, there is no denying that Bitcoin is the big player in the game. However, that does not mean that there are not other options out there that are worth considering.
In fact, there are a number of alternate cryptocurrencies, commonly referred to as altcoins, that have the potential to be just as successful as Bitcoin. Here is a look at some of the best cryptos besides Bitcoin.
Ethereum is one of the most popular altcoins and for good reason. It was created in 2015 by Vitalik Buterin and has since become the second largest digital currency by market capitalization. Ethereum differentiates itself from Bitcoin in a few key ways. First, it utilizes smart contracts, which allow for the creation of decentralized applications on top of the Ethereum blockchain.
This has led to the development of a whole host of innovative projects built on Ethereum, such as Decentraland and CryptoKitties. In addition, Ethereum has plans to eventually move to a proof-of-stake consensus algorithm, which would make it much more energy efficient than Bitcoin.
Ripple is another top altcoin that has been gaining a lot of traction in recent years. Ripple is a bit different than most digital currencies in that it is not intended to be used as a global currency like Bitcoin. Rather, Ripple is designed for use by financial institutions as a way to quickly and cheaply settle cross-border payments.
A number of banks and payment processors have already partnered with Ripple and are using its technology to streamline their international money transfers. Given the current state of the global financial system, it is not hard to see why Ripple could have a bright future ahead of it.
Litecoin is often referred to as the silver to Bitcoin’s gold. Created in 2011 by Charlie Lee, Litecoin is very similar to Bitcoin but with a few key differences. One notable difference is that Litecoin has faster transaction confirmation times and can handle more transactions per second than Bitcoin.
This makes Litecoin ideal for use in small-scale payment applications or as a currency for everyday transactions. Litecoin also uses a different proof-of-work algorithm than Bitcoin, which some people believe makes it more resistant to ASIC miners and thus more decentralized.
There are many other digital currencies out there besides Bitcoin that are worth considering investing in. These three are just some of the most promising ones with bright futures ahead of them.