Chances are that you have probably heard of Bitcoin; this growing company has been plastered all over the news over the last five years.
Bitcoin has been marked as the latest greatest thing in cryptocurrency investment, a new technology that many claim will certainly revolutionize the way we think about and spend money.
Some say cryptocurrency will even change the world.
What you might not know, however, is that Bitcoin is simply one of hundreds of cryptocurrencies. In this article we will explore what a cryptocurrency is?
Then we will get to know thirteen of the most important cryptocurrencies other than Bitcoin.
What is Cryptocurrency?
A cryptocurrency is a form of digital currency that is hosted on a digital platform. Many cryptocurrencies are hosted on blockchain technologies.
A blockchain is like a vast, public, digital ledger. It keeps a record of every single transaction that takes place using that particular cryptocurrency.
Anyone can view these records, and there is no single central authority determining the value and price of the currency.
Many people are drawn to the decentralized transparency of cryptocurrencies, which is so different from your typical bank, which can shift their fee amounts with no clear reasoning.
Because of the loosely regulated nature of cryptocurrencies, however, their value also fluctuates wildly, making them a potentially lucrative and potentially risky form of investment at this stage.
Cryptocurrencies Other Than Bitcoin
All the other cryptocurrencies other than bitcoin are known as altcoins. There are multiple emerging new cryptocurrencies in the market. Below is the list of top 13 cryptocurrencies other than bitcoin.
- 1. Ethereum (ETH)
Ethereum uses the blockchain technology that makes cryptocurrencies run.
It is the second largest virtual currency in the world after Bitcoin.
Ethereum seeks to store all the digital data that third party internet sources usually collect, but to host them more securely on blockchain tech instead.
- 2. Cardano (ADA)
Like Ethereum, Cardano uses blockchain technology to decentralize financial transactions.
It also offers solutions for, among other things, voter fraud, legal contract tracing, and interoperability chains with various interfaces.
- 3. Chainlink (LINK)
Chainlink uses decentralized oracles that provide a way for smart contracts to securely interface with data outside of the blockchain system.
The contracts can then be executed based on this outside data, which the Chainlink oracles can track and input straight into smart contracts.
- 4. Tether (USDT)
Unlike other cryptocurrencies, the price of Tether is linked directly to the price of US dollars.
Tether is the first of a group of “stable coins”, which are cryptocurrencies that try to tie their market values to something outside of the volatile crypto market, like a pre-existing currency or another outside reference point.
Since Tether is connected to the US dollar, it is easier for users to make transfers from their cryptocurrencies to US dollars.
- 5. Monero (XMR)
Monero is popular for its complete privacy. Untraceable, highly secure, and very very private, Monero uses a unique method called a ring signature to obscure transactions.
- 6. Litecoin (LTC)
Litecoin is often nicknamed the “silver” to Bitcoin’s gold because in many respects it is similar to the number one cryptocurrency.
But unlike Bitcoin, Litecoin has a faster transaction confirmation time due to its speedier rate of block generation.
7. Polkadot (DOT)
Polkadot offers high levels of interoperability between various other blockchain systems. With Polkadot users can connect oracles, permission blockchains, and permissionless blockchains alike.
So with Polkadot all of these systems can work together seamlessly.
8. Stellar (XLN)
Stellar solves a problem that many investors in “regular” currencies come up against: how to make major transactions between banks and investment firms faster.
Normally these transactions can take many days to process and involve a group of intermediary players, not to mention the high costs of moving money between sources.
Stellar provides enterprise solutions by syncing financial institutions, making huge transactions virtually instantaneous. And transfers cost little to nothing for users enacting the transaction.
9. Binance Coin (BNB)
Binance Coin is designed to be an everyday “utility” cryptocurrency. It is meant to be used as a method of payment for the fees incurred while trading on the Binance Exchange.
Traders who use Binance Coin tokens as their form of payment can exchange these tokens at a discounted rate.
10. XRP (XRP) [formerly known as Ripple]
XRP is the crypto coin associated with its own blockchain system, the XRP Ledger.
This open source blockchain syncs with XRP coins and is designed to serve as an intermediate system between two distinct currencies or networks.
XRP acts as a type of temporary settlement currency.
11. Solana (SOL)
Solana bills itself as the world’s fastest blockchain. The Solana crypto ecosystem includes thousands of individual projects, from DeFi to NFTs to Web3 and beyond.
An Interesting Article about: The Five Most Popular NFT Projects
So Solana offers a wide range of ways to get involved for prospective investors.
12. Terra (LUNA)
Terra is a programmable digital currency that is designed for easier user spending.
Terra is available on all the leading blockchain systems and Terra stable coins are tied to some of the world’s most powerful fiat currencies, making them more reliable on an ongoing basis in the market.
13. Doge Coin
Sometimes jokes become no laughing matter, as in the case of Doge Coin. This cryptocurrency began as a meme-based joke coin.
But when Tesla CEO Elon Musk posted about these joke tokens on social media, their value leaped higher, turning a joke into a real currency.
Investing In Cryptocurrencies
Cryptocurrency is still a relatively new market and the possibilities for expansion are endless. With the rise of metaverse cryptocurrency is considered to be used as an exchange currency. Both concepts go hand-in- hand, a virtual world with a virtual currency.
With such a wide range of options available for investors, the crypto field is an exciting prospect to invest in.
Investing in cryptocurrencies is easy with the Wealthface Trading App.
Even those who are new to investing can manage their various crypto assets and portfolios all in one place, right from the convenience of their smartphones.