Cryptocurrencies are almost always designed to be free from government manipulation and control, although as they have grown more popular, this foundational aspect of the industry has come under fire. The cryptocurrencies modeled after Bitcoin are collectively called altcoins, and in some cases “shitcoins,” and have often tried to present themselves as modified or improved 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.
Ethereum (ETH)
The first Bitcoin alternative on our list, Ethereum is a decentralized software platform that enables smart contracts and decentralized applications (apps) 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.
Polkadot (DOT)
Polkadot is a unique proof-of-stake cryptocurrency that is aimed at delivering interoperability among other blockchains. Its protocol is designed to connect permissioned and permission-less blockchains, as well as oracles, to allow systems to work together under one roof.
Tether (USDT)
Market cap: Over $68 billion
Unlike some other forms of cryptocurrency, Tether is a stable coin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins.
Cardano (ADA)
Market cap: Over $67 billion
Somewhat later to the crypto scene, Cardano is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification present in platforms like Bitcoin.
Solana (SOL)
Market cap: Over $41 billion
Developed to help power decentralized finance (Defi) uses, decentralized apps (DApps), and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms that help it process transactions quickly and securely. SOL, Solana’s native token, powers the platform. Launched in 2020, SOL’s price started at $0.77. By August 2021, its price was almost $140, a gain of about 18,000%.
USD Coin (USDC)
Market cap: Over $31 billion
Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.
Litecoin
In a way, Litecoin is Bitcoin’s true rival. It was launched in the same year as Bitcoin and is capable of completing transactions four times faster than Bitcoin. In 2017, Litecoin became the first cryptocurrency to complete a Lightning Network Transaction, in less than a second. At the time of writing, Litecoin’s value is US$188.
Chainlink
Many experienced investors believe in Chainlink as it has an appealing price. It is an affordable cryptocurrency but that doesn’t make it a penny stock. This means there is room for growth. At the time of writing, Chainlink can be bought at US$27.95.
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