Bitcoin is the king of all cryptocurrencies. However, it is 2022, and cryptos have become mainstream. That means there are many alternatives to Bitcoin that you can check out. Let us talk about six such alternatives that you can look into.
Ethereum (ETH) is an open-source blockchain that uses smart contract functionality. It is the native cryptocurrency of the platform. In terms of popularity, it is just behind Bitcoin and is competing against it head-on.
In 2014, Ethereum launched a presale for ether, which received an overwhelming response. So far, ETH is one of the few on the market whose market value seldom fluctuates. That allows it to be a safe bet for people new to crypto trading and does not want to take high risks.
What is DOT?
Polkadot (DOT) is a unique proof-of-stake (PoS) blockchain platform, and it is not just because of the name.
Blockchain projects are being created all the time, and most of them have one thing in common: They use Ethereum for smart contracts. The problem with Ethereum is that it has scalability issues and a high barrier to entry.
Enter Polkadot. This blockchain project allows developers to create bridges between blockchains while setting up business structures that allow projects to work together within smart contract frameworks. It enables developers to build their decentralized applications (dApps) without requiring them to build an entirely new blockchain from scratch.
Like all other cryptos, you can learn about DOT and how to buy DOT from cryptocurrency exchanges. The exchanges also contain information on how to buy Polkadot using credit cards and other transaction methods. Choose whichever method suits you best. You can also purchase DOT with other cryptos.
#3 Bitcoin Cash
Bitcoin Cash (BCH) is the most popular altcoin in the world. It was created in 2017 when Bitcoin forked into two separate currencies: Bitcoin and Bitcoin Cash. While BCH is used as a means of payment by some individuals and merchants, it has gained significant traction over the past few years. If you’re considering investing in cryptocurrencies such as Bitcoin or Ethereum, then here are some tips to keep in mind when buying BCH:
- Invest only what you can afford to lose. Cryptocurrency investments are highly risky, and there’s no guarantee that you’ll make money from them. In addition, cryptocurrency markets are extremely volatile, which means that prices can spike or crash suddenly without warning
- Buy low and sell high
- Do your research before buying any cryptocurrency—make sure it’s legitimate (i.e., not a scam) with plenty of users
- Keep an eye on the news; if there is bad press or some other event affecting demand for BCH, then you may want to wait until things calm down before making a purchase
What is Chainlink?
Chainlink (LINK) is a blockchain-based network that allows smart contracts to access off-chain resources like data feeds, web APIs, and traditional bank account payments. That enables Ethereum-enabled smart contracts to interact with external systems securely.
Chainlink differs from BTC in that it is running on the Ethereum blockchain (not its chain) and it focuses on helping make decentralized financial applications more accessible via bridging the gap between on-chain and off-chain assets/resources. Using Chainlink as an intermediary, smart contracts can receive tamperproof inputs and outputs from off-chain data feeds, APIs, and payment systems such as bank accounts or other blockchains.
However, is Chainlink worth buying?
Chainlink has gained traction since launching in 2017 due to its useful nature for smart contract projects which want to interact with external data sources or payment systems without compromising their security.
Litecoin (LTC) was one of the first cryptocurrencies to follow in the footsteps of Bitcoin and has often been referred to as the silver to Bitcoin’s gold. It uses an open-source payment system that does not have any central authority overseeing it. It also uses scrypt as a proof of work, which you can decode with the help of CPUs of consumer-grade.
Although Litecoin is similar to Bitcoin in many ways, it has a faster block generation rate and offers a faster transaction confirmation time.
XRP is the token that powers Ripple’s blockchain. Ripple was created to work with traditional financial institutions, and XRP allows for fast, secure transactions. Ripple is different from many altcoins because it has a practical use case. As of June 2021, Ripple’s network can handle 1,500 transactions per second (compared to Bitcoin’s 7).
Ripple has struck deals with major financial institutions such as American Express and Santander Bank to use its platform and crypto token. That gives XRP much more utility than other cryptocurrencies like bitcoin or Ethereum.
So, check out these cryptos if you want to enter the crypto trading scene. These coins and tokens are here to stay and will continue competing against Bitcoin.