Top Cryptocurrencies other than Bitcoin! Bitcoin Cash (BCH)?
Bitcoin has not only set the trend for cryptocurrencies, but it has also become the de facto standard, sparking a legion of followers and spinoffs.
Let's take a step back and define concepts like cryptocurrency and altcoin before diving deeper into some of these Bitcoin alternatives. A cryptocurrency, broadly defined, is virtual or digital money that takes the form of tokens.
Cryptocurrencies are almost usually meant to be free of government manipulation and control, yet this fundamental component of the business has come under question as it has risen in popularity. Altcoins, and in some cases shitcoins, are currencies styled after Bitcoin that have frequently attempted to promote themselves as improved or modified versions of Bitcoin. While some of these currencies may have some impressive features that Bitcoin does not, matching the level of security that Bitcoin’s networks achieve largely has yet to be seen by an altcoin.
There are more than 4,000 cryptocurrencies in existence as of January 2021. While many of these cryptos have little to no following or trading volume, some enjoy immense popularity among dedicated communities of backers and investors.
Beyond that, the field of cryptocurrencies is always expanding, and the next great digital token may be released tomorrow. While Bitcoin is widely seen as a pioneer in the world of cryptocurrencies, analysts adopt many approaches for evaluating tokens other than BTC. It’s common, for instance, for analysts to attribute a great deal of importance to ranking coins relative to one another in terms of market capitalization.
1. Bitcoin Cash (BCH)
Bitcoin Cash is a Bitcoin spinoff currency that uses the blockchain network to offer lower transaction fees than Bitcoin. It is placed first on our list of 10 best cryptocurrencies other than Bitcoin. Compared to the parent coin, it also has increased scalability options. Since Bitcoin Cash was introduced, many other coins in the market have emerged that use the same technology to market the same kind of product. Hundreds of retailers around the world accept payments in Bitcoin Cash. The currency can handle more transactions per minute than Bitcoin.
BCH began its life in August 2017 as a result of one of these splits. The debate that led to the creation of BCH had to do with the issue of scalability; the Bitcoin network has a limit on the size of blocks: one megabyte (MB). BCH increases the block size from one MB to eight MBs, with the idea being that larger blocks can hold more transactions within them, and the transaction speed would therefore be increased. It also makes other changes, including the removal of the Segregated Witness protocol that impacts block space. As of January 2021, BCH has a market capitalization of $8.9 billion and a value per token of $513.45.
2. Ethereum (ETH)
Ethereum is a decentralized software platform that enables smart contracts and decentralized applications (dapps) to be built and run without any downtime, fraud, control, or interference from a third party. The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity, or faith. This aspect makes the implications for those in some countries more compelling, as those without state infrastructure and state identifications can get access to bank accounts, loans, insurance, or a variety of other financial products.
Following the attack on the decentralized autonomous organization (DAO) in 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC). As of January 2021, Ethereum (ETH) has a market capitalization of $138.3 billion and a per-token value of $1,218.59.
In 2021, Ethereum plans to change its consensus algorithm from proof-of-work to proof-of-stake. This move will allow Ethereum’s network to run itself with far less energy and improved transaction speed. Proof-of-stake allows network participants to “stake” their ether to the network. This process helps to secure the network and process the transactions that occur. Those who do this are rewarded ether, similar to an interest account. This is an alternative to Bitcoin’s proof-of-work mechanism, where miners are rewarded more Bitcoin for processing transactions.
3. Cardano (ADA)
Cardano is a blockchain-based cryptocurrency that was initially released in 2015. A stable release of the currency came earlier this month. It is placed third on our list of 10 best cryptocurrencies. Cardano uses an open source and decentralized platform with consensus achieved using proof of stake. It is a spinoff of Ethereum, the second most popular crypto coin in the world that has outperformed peers in the market in recent weeks. Canadian mining firm iMining recently announced that it would be launching Cardano, which has switched to a new ERC20 converter.
The team behind Cardano created its blockchain through extensive experimentation and peer-reviewed research. The researchers behind the project have written over 90 papers on blockchain technology across a range of topics. This research is the backbone of Cardano.
The mainstreaming of crypto coins like Cardano is partly due to the hype generated around crypto by big companies like Tesla.
Cardano aims to be the world’s financial operating system by establishing decentralized financial products similar to Ethereum as well as providing solutions for chain interoperability, voter fraud, and legal contract tracing, among other things. As of January 2021, Cardano has a market capitalization of $9.8 billion and one ADA trades for $0.31.
4. Litecoin (LTC)
Litecoin is a peer-to-peer cryptocurrency that was launched as a Bitcoin spinoff back in 2011. It is placed fourth on our list of 10 best cryptocurrencies. It uses an open source network and differs from Bitcoin as it has a decreased block generation time, increased maximum number of coins, and a different hashing algorithm that uses scrypt instead of SHA-256. Litecoin also has a slightly modified graphical user interface compared to Bitcoin. Litecoin has lower transaction fees and the network it uses can process payments faster than the one used by Bitcoin.
Litecoin was released by Charlie Lee, an MIT graduate and former Google engineer.
Although Litecoin is like Bitcoin in many ways, it has a faster block generation rate and hence offers a faster transaction confirmation time. Other than developers, there are a growing number of merchants that accept Litecoin. As of January 2021, Litecoin has a market capitalization of $10.1 billion and a per-token value of $153.88, making it the sixth-largest cryptocurrency in the world.
5. Polkadot (DOT)
Polkadot is a payments mechanism that uses heterogeneous multi-chain interchange and translation architecture to connect with public blockchains. It is placed second on our list of 10 best cryptocurrencies Redditors are buying. The cryptocurrency was founded by Gavin Wood, a co-founder of Ethereum. The developers on the project included Parity Technologies, Chainsafe Systems, and Soramitsu. Polkadot was one of the most successful digital currencies of 2020 as it used the DeFi system which lets users with staking to gain instant liquidity through a tradable synthetic token.
Polkadot’s core component is its relay chain that allows the interoperability of varying networks. It also allows for “parachains,” or parallel blockchains with their own native tokens for specific-use cases.
Polkadot was created by Gavin Wood, another member of the core founders of the Ethereum project who had differing opinions on the project’s future. As of January 2021, Polkadot has a market capitalization of $11.2 billion and one DOT trades for $12.54.
6.Binance Coin (BNB)
Binance Coin is a cryptocurrency that is used by the Binance cryptocurrency exchange platform. It is placed sixth on our list of 10 best cryptocurrencies. The coin used the Ethereum network when it was launched but has since shifted to a private network used by the exchange. The coin has a maximum limit of 200 million tokens. The coin is mostly used to pay fees on the Binance platform, with the company offering users incentives like rebates and up to five years of membership for dealing in the coin.
The Binance exchange was founded by Changpeng Zhao and is one of the most widely used exchanges in the world based on trading volumes.
Binance Coin was initially an ERC-20 token. It eventually had its own mainnet launch. The network uses a proof-of-stake consensus model. As of January 2021, Binance has a $6.8 billion market capitalization with one BNB having a value of $44.26.
7. Chainlink (LINK)
Chainlink is a cryptocurrency that runs on the Oracle network. It is ranked seventh on our list of 10 best cryptocurrencies. The network also provides real world data to blockchain-based networks. In 2020, Chainlink was among the top five digital currencies in the world in terms of market capitalization. In an initial coin offering in 2017, the currency raised more than $32 million. The Chainlink network has been used by many famous firms, including news company Associated Press, which used the Chainlink functionalities to provide media houses with the results of the 2020 US presidential election.
One of the many use cases of Chainlink would be to monitor water supplies for pollution or illegal syphoning going on in certain cities. Sensors could be set up to monitor corporate consumption, water tables, and the levels of local bodies of water. A Chainlink oracle could track this data and feed it directly into a smart contract. The smart contract could be set up to execute fines, release flood warnings to cities, or invoice companies using too much of a city’s water with the incoming data from the oracle.
Chainlink was developed by Sergey Nazarov along with Steve Ellis.
As of January 2021, Chainlink’s market capitalization is $8.6 billion and one LINK is valued at $21.53.
8. Stellar (XLM)
Stellar is one of the top 10 cryptocurrencies by market capitalization. It is placed eighth on our list of 10 best cryptocurrencies. It is based on an open source, decentralized protocol that converts digital currencies to fiat at very low-cost transfers. This has made Stellar one of the premium choices for cross-border transactions. Stellar was launched in 2014 and has since partnered with companies in many countries across the world, like a mobile payments startup in the Philippines, the ICICI Bank in India, African mobile payments company Flutterwave, as well as French firm Tempo Money Transfer.
Cryptocurrencies like Stellar are also being used by American technology firm DocuSign, Inc. (NASDAQ: DOCU) since 2015.
Stellar’s native currency is Lumens (XLM). The network requires users to hold Lumens to be able to transact on the network.
Stellar was founded by Jed McCaleb, a founding member of Ripple Labs and developer of the Ripple protocol. He eventually left his role with Ripple and went on to cofound the Stellar Development Foundation. Stellar Lumens have a market capitalization of $6.1 billion and are valued at $0.27 as of January 2021.
9. Ripple (XRP)
Ripple is an open source payments solution developed by Ripple Labs. The solution includes the Ripple cryptocurrency, exchange platform, and remittance network. It is ranked ninth on our list of 10 best cryptocurrencies. Ripple was first released in 2012, but the first stable release came as recently as 2018. It is one of the most popular cryptocurrencies on the market. Amid the present controversy surrounding coin mining, it is prudent to mention that a study by Stanford University in 2017 had found that running a server on the Ripple network was like running an email server.
American payments company Square, Inc. (NYSE: SQ) has helped bring cryptocurrencies like Ripple to the mainstream.
Ripple's CEO is Rob Garlinghouse.
10. Tether (USDT)
Tether was one of the first and most popular of a group of so-called stablecoins, cryptocurrencies that aim to peg their market value to a currency or other external reference point to reduce volatility. Because most digital currencies, even major ones like Bitcoin, have experienced frequent periods of dramatic volatility, Tether and other stablecoins attempt to smooth out price fluctuations to attract users who may otherwise be cautious. Tether’s price is tied directly to the price of the U.S. dollar. The system allows users to more easily make transfers from other cryptocurrencies back to U.S. dollars in a timelier manner than actually converting to normal currency.
Launched in 2014, Tether describes itself as “a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.” Effectively, this cryptocurrency allows individuals to utilize a blockchain network and related technologies to transact in traditional currencies while minimizing the volatility and complexity often associated with digital currencies. As of January 2021, Tether is the third-largest cryptocurrency by market capitalization, with a total market cap of $24.4 billion and a per-token value of $1.
So, this is it, these are my Top 10 cryptocurrencies other than Bitcoin. As always, DYOR(Do Your Own Research) before investing.
Here are some websites from where you can earn some free Cryptocoins. According to the above mentioned Cryptocurrencies:
Ehtereum (ETH) most oldest site
LItecoin (LTC) also a very old website and still paying.
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