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Many people want to enter the area of Cryptocurrency, but they fear the risk of loss of money because of its volatile market, especially the currency of Bitcoin, which is the largest currency and most famous among all other digital currencies, but this currency, although it has caused profits in millions For many of those who bought them in early 2017 when it rose to a price of $ 18 thousand dollars, but it has declined these days and the price between seven and eight thousand, which means that those who had greed to buy them at the end of last year, have lost a lot and many The present time because of that decline, which makes new miners are looking for Bitcoin alternatives so they buy some quantities of them in the hope that an increase in the future it occur, as happened to the Bitcoin.
The search for a Bitcoin currency alternative in a digital currency market that already contains more than 1,200 different digital currencies depends on several criteria.
The first criterion to look for when searching for Bitcoin alternatives currently is its price, you will not go to invest in a currency at a high price, if you want to invest and to gain profits. Look for a currency that is currently low and can be increased in the future to collect a good number of currencies, to be the winner when their prices go up to this price.
The second criterion is the purchase commission for this currency. Some currencies are less than one dollar and some are more. You should think carefully about the purchase commission and how much it will cost you to buy these currencies when you decide to buy them.
The third criterion is, what are these currencies going to be used for? Do you want to invest long-term or short-term, or do you want to buy them for the purpose of buying through online stores, many of which are now accepting these currencies.
The process of trading in Cryptocurrencies is more like gambling. There is always a winner and a loser. There is no guarantee of your profit or loss. You are subject to market movements, which are variable and unstable, either upward or downward, and both may result in profit or loss.
Therefore, in this brief guide, I will present the best set of Bitcoin alternatives, so that it is easier for you to choose according to the above criteria and based on a study and reading in this area, follow the following lines.
Best Bitcoin Alternatives – AltCoins
Bitcoin Alternatives: Ethereum - Ether
Although Bitcoin was the currency with the lion’s share of the increase in 2017 and the first month of this year, the currency of Ethereum – Ether also had its presence in the market as the second largest Cryptocurrency in the arena.
Simply because at the beginning of 2017 the price of the Ethereum currency was only a few dollars, until at the end of the year it reached $ 1,200, but then it dropped to a current price of just under $ 900,
The currency of Ethereum was launched in 2015. After the attack on DAO in 2016, the currency was divided into two currencies: Ethereum and Ethereum Classic. The first one market value reached $ 41 billion, becoming the second currency in the ranking after Bitcoin. What distinguishes Ethereum Classic is that its conversion costs almost nothing.
Although many experts insist that Bitcoin remains at the top of the digital currency mountain, there is still strong competition between it and Ethereum because it has not yet faced Bitcoin’s problems. Besides it’s features such as smart contracts, Ethereum and his Ether coin are the most suitable Cryptocurrency for different industries in the future.
Bitcoin Alternatives: Litecoin - LTC
Another currency which is the second in our list and one of the currencies that we will hear its name very much in the near future is the currency of Litecoin, the currency that started in 2017 and was available at the price of four dollars, until it reached at times to three hundred and fifty dollars and is currently priced at 153 dollars at the time of writing the article.
Litecoin uses the Peer-to-Peer protocol for electronic currency exchange, which means that it provides almost a zero-dollar commission when making conversions and payments anywhere in the world.
As well; Litecoin is an open source global payment network that is completely decentralized. The network is also protected by complex mathematics and it has several features such as reduced time to confirm operations and is accepted by many stores worldwide. Its biggest advantage is that its Blockchain can contain more than what the Blockchain of the Bitcoin can contain.
The currency is also characterized by strong encryption, which allows you to review the statistics of the portfolio and see the processes sent when you log in to the wallet, but to make a conversion or payment through this currency there is a need to enter a password other than those that are requested when you log on to Wallet at first.
As for the mining process, the miners of this coin is rewarded 25 Litecoin coins in one block. Besides, this coin is planned to produce 84 million of them, which is four times the amount of Bitcoin that will be produced.
Bitcoin Alternatives: Ripple - XRP
Ripple is a global settlement network that provides immediate international payments at a minimal cost and allows banks to settle transactions at the time of their execution.
The currency began in 2012 and reached a market value of $ 1.26 billion. The currency is currently semi-centralized or centralized, but is still a good, safe and low-cost way to complete payments.
The currency was at the end of October 2017, the most prosperous year for Cryptocurrencies, at $ 0.20, reaching $ 2.50 at the end of the year, which means it is suitable for small investments.
This currency is supported by several banks including Santander, RBC, American Express and others, as well as Money Gram, which announced its participation to Ripple Labs to take the power to use the XRP currency in a number of its payments.
Bitcoin Alternatives: Zcash - ZEC
We return to decentralized digital currencies with Zcash, which was launched in 2016 with the slogan:
“If Bitcoin likes to use http protocol in money, Zcash is https.”
This currency provides transparency and privacy in payments as well as greater protection because it uses the https protocol unlike other currencies. All transactions are saved in Blockchain, but other details such as sender and receiver data and transaction size remain private.
The currency also provides a “Shielded Transactions” option for its users, which provides them with the possibility to encrypt data using advanced graphical coding methods by a construction called zk-SNARK developed by the same team.
The price of this currency rose from $ 50 at the beginning of its launch in 2017 until it reached its maximum price of $ 900, until it has arrived – at the time of writing – to $ 461.
Bitcoin Alternatives: Dash
The Dash currency is also known as Darkcoin, which is the most secret version of Bitcoin because it provides payment and transfer transactions without the knowledge of the sender or receiver as well as being a decentralized currency.
This coin was launched in January 2014 and began to spread since that time as it started as Darkcoin to be rebranded to become Dash in March of 2015.
This currency is characterized by several advantages, the most important of which is privacy, which enables you to make transfers without anyone tracking you, in addition to lower costs than the costs of credit cards and bank transfers.
It also enables you to conduct operations worldwide with immediate confirmation of transactions and completion at the moment of execution by you as It use the Peer-to-Peer currency transfer protocol.
Bitcoin Alternatives: Monero - XMR
The launch of this open-ended currency began in April 2014, and the development of this currency depends entirely on voluntary contributions. It is also a decentralized currency and offers a high degree of protection using a technology called Ring Signatures.
2017 was a boom for the currency, which jumped from the value of $ 9 in its beginning to reach 315 at the end of the price of 237 dollars at the time of writing now, all this means that this currency suitable for small investments because of the narrow field of movement unlike the Bitcoin, which was jumping between A thousand and one in a night. It is also suitable for those who want to use Cryptocurrency and Bitcoin alternatives in online shopping because they are accepted by a group of popular stores.
Monero offers greater privacy to its users because of its mechanism of action, which is the opposite of the mechanism of the work of the Bitcoin, because during the conduct of financial transactions by this currency, a number of elements are completely hidden such as the address and the amount sent.
Here I have reached the end of the article in which I tried to list the best of Bitcoin Alternatives which increase the intensity night after night in the world of Cryptocurrencies. based on the criteria mentioned above. I do not impose my opinion on these currencies, but only introduce them to you and you have the freedom of choice and experience, and remember that in the market of Cryptocurrencies, whether Bitcoin or one of the Bitcoin Alternatives, no one above the loss.