Top 10 Altcoins That Can Make you A Billionaire
Before jumping into the details of the BTC alternatives let’s have an idea first what is cryptocurrency and altcoins. The most general definition of cryptocurrency is, something that is only existent in the digital world and it has no existence like physical money. But it is observed that some of the cryptocurrencies are now venturing into physical existence through credit cards and other means. The basic philosophy behind cryptocurrency is that it has no regulation from any government or it has no control from any regulatory authority.
After the massive fame of bitcoin now other forms of cryptocurrency are known as altcoins. With a lot of experiments, some of the coins have made a fortune but a large number of these coins are categorized as “shitcoins”. The beauty of cryptocurrency is that some coins are offered with a versatile scope and features that bitcoin doesn’t have. But the way bitcoin is using a secure network other coins are still struggling but have not made their way.
Besides all of these factors, the mass volume of cryptocurrency is still expanding with the passing time as different types of tokens are released day by day. Because bitcoin is the pioneer of cryptocurrency, all the experts and analysts refer to bitcoin while evaluating other tokens. In this topic, we will tell you about different cryptocurrencies that you can consider for trading or Possession.
1. Ethereum (ETH)
This coin is considered the second biggest coin after the BTC. This cryptocurrency is operated on a software-based decentralized platform that allows decentralized applications and smart contracts to work in harmony without any control, fraud, interference from any third party, or downtime. The target or aim behind this cryptocurrency is to make a decentralized suit specifically for financial products which are easily accessible to anyone in the world without any discrimination. The beauty of this aspect is very appreciated in some regions of the world with the compelling approach of this cryptocurrency. Imagine if this thing comes into the existence then you will hold a position by which you can access all the financial solutions in the world and will be able to enjoy financial benefits and products.
This cryptocurrency uses the ether platform and it behaves like a vehicle that is moving around all over the Ethereum platform. This platform is extremely helpful for the developers who run their applications on the Ethereum platform for those investors who are using this platform with their digital currencies. This coin holds the second position in the cryptocurrency market. This coin was launched in 2014 and received a great response. This factor helped Ethereum in the initial coin-offering age. As per the Ethereum network, this cryptocurrency can be used to decentralize, secure or codify anything.
2. Litecoin (LTC) | Cryptocurrency
This coin was launched in 2011 and it is also considered one of the first cryptocurrencies that followed the bitcoin pattern. This cryptocurrency was created by a former Google engineer and MIT graduate Charlie Lee.
Litecoin uses an open-source platform for global payment networks that are not regulated by anyone or it doesn’t have any central authority. For the proof of work, this cryptocurrency uses the “scrypt” which can easily be decoded by using consumer-grade Central processing units. There are a lot of similarities between Bitcoin and Litecoin but the positive side of the light coin is that it uses a more efficient block generation and offers a faster mode of transaction confirmation. This platform is not only used by developers but it has a growing community of merchants that is now accepting Litecoin for the trades. According to the survey of November 2021, the light coin market capital was around 13 billion, and per token, it was valued at around 199 USD. These figures make Litecoin the 17th largest cryptocurrency.
3. Cardano (ADA)
This cryptocurrency was created by mathematician engineers and cryptography experts, the reason behind the creation of this cryptocurrency was to perform research on different aspects of physics. This project was led by two persons and one of them had already worked on Creating the Ethereum blockchain. The Cardano team created its blockchain mechanism by performing extensive and peer-reviewed experimentation. This cryptocurrency has also offered 90 pages of paperwork which has elaborated different topics on the blockchain. This paperwork is also called the backbone of Cardano cryptocurrency.
Because of this rigorous process, Cardano has gained a lot of attention from the market. This cryptocurrency was also considered an Ethereum killer. It is believed that Cardano is still in its initial stage. However, it has already beaten Ethereum in the competition of proof-of-stake consensus. Cardano cryptocurrency is aiming to establish a decentralized system for world financial operations. According to an observation in November 2021 the Cardano was at the sixth position on the top cryptocurrency and it was holding 67 billion of market capitalization.
4. Polkadot (DOT)
This cryptocurrency was launched with a unique concept and it allows other cryptocurrencies to use information with the help of their blockchains. The protocol of this token was designed to have a connection with or without permission of the blockchains. This platform interconnects different systems to perform as teamwork under one umbrella.
With this amazing difference from Ethereum cryptocurrency, this platform allows developers to use their unique blockchain by keeping their network secured with the help of the Polkadots chain. Developers can also create new blockchains but there are some limitations imposed by the theorem protocol. The versatile & secure network of the polka dot is also named shared security.
This project was launched by a key member of the Ethereum project who had a difference in opinion. This coin was launched in November 2021 and now it holds 51 billion dollars of market capitalization.
5. Bitcoin Cash (BCH) | Cryptocurrency
This cryptocurrency has an important existence in all of the old coins. Moreover, it is one of the earliest and successful hard forks. The fork is the result of arguments and debates between miners and developers. It is observed whenever there is a difference of opinion between different factions then there is a split of digital currency. The original mechanism of blockchain remains valid and true but it gives life to a newer version of the previous coin.
Bitcoin cash was the result of this type of split and it started its journey in August 2017. In the initial stages, there were a lot of issues like scalability and network security. Also, the exact bandwidth of the network was not decided at that moment. Initially, bitcoin cash was allocated 1 MB of storage but later on, it became 8 MB. The beauty of this network also includes features like witness protocol segregation that has a considerable impact on block space. As per observation on November 2021 bitcoin cash was equivalent to 596 dollars per token. Also, it was holding a market capitalization of 11 billion dollars.
6. Stellar (XLM)
This cryptocurrency holds the sixth position in the top ranking. Stellar performs its operation by offering an open blockchain-type network that can perform enterprise solutions by connecting with different financial institutions in the world and efficiently performing large transactions. Huge transactions are normally time taking and also they come with a massive amount of service charges but with the help of this cryptocurrency, you can perform all of these transactions within a matter of no time and without involving huge service charges.
Regardless of the important parameters that are operated in this platform. However, still it offers an open type of blockchain that anyone can use. The best thing about this network is that it allows you to perform cross-border transactions in almost any type of currency. This network has a native currency named lumens. You need this currency in your wallet to perform transactions over this network.
This project was offered by Jed McCaleb which is also a key founding member of the ripple labs. He has also played his part as a developer on the ripple lab protocol. Ripple has now worth 0.36 dollars per token and it holds a market capitalization of 8 billion.
7. Dogecoin (DOGE) | Cryptocurrency
This coin was initially welcomed as a meme coin and it touched a skyrocketing price in 2021. This coin has a Shiba Inu as its avatar image and it is accepted by many major companies for trading purposes. Dogecoin coin was invented by two software engineers in 2013. Initially, that coin was created as a joke, and later on, it became a dominating cryptocurrency. The price of the dogecoin has touched 0.71 dollars and now it is leveling at 0.26 dollars per token and it holds 34 billion dollars of market capitalization.
8. Binance Coin (BNB)
This cryptocurrency is considered a utility cryptocurrency. Its operating mechanism is the service fee whenever you perform a transaction on the Binance exchange. This cryptocurrency is the third-largest cryptocurrency when you compare it with the market capitalization of other cryptocurrencies. The individuals who use this token while making different transactions on the Binance platform are also availing of a discount.
In the beginning, this coin operates as an ERC-20 token while using the Ethereum blockchain. This network is now using a proof of stake consensus model and according to the observation during November 2021 this coin was 654 dollars a token and It holds 109 billion of market capitalization.
9. Tether (USDT) | Cryptocurrency
People consider this cryptocurrency as one of the stable coins. Because it was related to the market value of other currencies by involving external factors which ultimately reduced its volatility. When bitcoin and other cryptocurrencies were having dramatic price action, Tether and other alike coins showed a smooth movement. This stability has gained a lot of attention from investors and individuals. The price reference of this cryptocurrency is directly related to the US dollar, so now you can have an idea of how stable movements of this cryptocurrency can follow.
This concept launched in 2014 and the blockchain movement of this platform allows you to perform fiat currencies transactions by using digital manners. The best thing about this blockchain is that it allows all individuals to perform their traditional transactions in the means of local currencies without facing the volatility or complexity factors. This cryptocurrency has the fifth largest market capitalization which is almost 72 billion dollars in total.
10. Monero (XMR) | Cryptocurrency
This cryptocurrency follows the perfect theme of the crypto world by offering you security, privacy, and un-traceability. You can buy this cryptocurrency from an open-source type of platform as they announced in April 2014. The moment it was launched it gained a lot of attraction from cryptographers and enthusiasts. This cryptocurrency is completely community-driven and follows a mechanism of donation. This network uses a decentralized setup that brings you complete privacy with the help of a “ring signatures” system.
This technique involves a group that performs cryptographic signatures which also includes the real participant and by no means you can spot the actual one and on this system, all of the participants will show a valid status for that transaction. Because of this beautiful and efficient security mechanism, this cryptocurrency has developed A unique position in this world. According to the observation in November 2021 this cryptocurrency has a token value of 264 dollars while it was capturing the market capitalization of four billion US dollars.
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