Cryptocurrencies have stood the test of time, evolving quite rapidly over the years. And although Bitcoin kind of gets all the headlines when people are talking about digital assets, there are also plenty of other options you can opt for. All the other cryptocurrencies on the market are called altcoins or alternatives, as this category contains everything besides Bitcoin.
While Bitcoin may be the first cryptocurrency that has appeared in the crypto world and the major cryptocurrency that hit the market, now you will find many other options that have also become popular. Some of them, like Ethereum, brought more advantages that haven’t existed in the crypto world before, like smart contracts or NFTs. New cryptocurrencies appear every day and can be bought from exchanges like Binance. Although not all altcoins are strong enough to resist in the market, some are important digital assets that need to be considered.
Here are the other cryptocurrencies you can choose besides Bitcoin.
If you are familiar with cryptocurrencies, you probably know Ethereum is the second largest digital currency, following Bitcoin. So, if you are looking for other cryptos besides Bitcoin, Ethereum needs to be your first option. Ethereum is a decentralized network based on blockchain technology that allows peer-to-peer transactions, app building or global payment.
Ethereum was launched in 2015 and was created to overcome the shortcomings of Bitcoin. The platform really did that, as with the help of Ethereum, people have more options, including decentralized applications (dApps), NFTs or smart contracts. Ethereum is the second-largest cryptocurrency by market cap and an option very considered by investors.
Solana is a cryptocurrency launched in 2020 as a blockchain platform where you can develop decentralized applications. Some have named this crypto an Ethereum killer, as it has lower transaction fees and can complete more transactions per second than the largest altcoin by market cap.
Solana is similar to Ethereum, as it can use smart contracts, which are essential for the good functioning of the non-fungible tokens. The native token of the blockchain is Solana, or SOL, which had many changes over the years as its price increased tremendously.
Cardano is an important crypto and a popular choice, as it uses proof-of-stake validation. This means that energy usage will decrease, and the environmental impact will be reduced. Energy consumption has been a problem in the crypto sector, as the first cryptocurrencies used a proof-of-work system that consumed a lot of energy, and this is why digital currencies that used that system, like Bitcoin, received criticism.
Cardano is the result of plenty of experimentation and extensive peer-reviewed research. This is why it is considered that developers wrote over 120 papers on the project about how blockchain technology is functioning. The rigorous research behind the project made Cardano an important PoS digital asset. Some even say that this crypto can surpass Ethereum, as it offers other functions that Ethereum lacks.
Cardano wants to give solutions to voter fraud, legal contract tracing, and chain interoperability and become an important financial system using DeFi products. ADA is the coin that facilitated the operations, named after Ada Lovelace, the first computer programmer.
Stellar was created as a payment network that allows users to do cross-border transactions. It was developed to be scalable and to integrate into the present financial infrastructure. It is also one of the fastest networks, and its blockchain relies on a consensus protocol. This means that the platform validates transactions without the need for mining, and this feature makes Stellar an energy-efficient virtual asset.
Stellar has its own token but also a decentralized exchange, StellarX.
Polygon was designed initially to solve the main issues of Ethereum, like network congestion and increased traffic. However, the initial desire changed over the years, as it became a multi-chain system where blockchains could collaborate and interact with the help of Ethereum’s virtual machine. Currently, three layers power Polygon, including Bor, Ethereum and Heimdall.
The native token of Polygon is MATIC, the seventh-largest cryptocurrency by market cap.
Unlike the other cryptocurrencies, Tether is a stablecoin backed by fiat money like euros or U.S. dollars. As it keeps a value equal to one of the two fiat currencies, its value is more consistent than the other cryptocurrencies. This is why it is an alternative many investors opt for because it doesn’t have the volatility of other digital assets.
USDT is the token of Tether, but it lacks its own blockchain, which is why the tokens are hosted on Ethereum, Solana, Tron, Polygon, Algorand and Avalanche.
It is a currency issued by the Binance exchange, one of the most popular crypto exchanges in the world. First, it was based on the Ethereum blockchain, but now it has its own blockchain. Binance Coin was launched in 2017, and currently, it doesn’t just facilitate trades on the exchange platform but also has other functionalities. For example, it can be used for payment processing, trading, and even booking travel arrangements. It can also be exchanged or traded for other digital assets, like Bitcoin and Ethereum.
Dogecoin was launched initially in 2013 as a joke, but it evolved over the years as a prominent cryptocurrency thanks to creative memes and a dedicated community. Unlike other cryptos, on Dogecoin, there is no limit regarding how many coins can be created. This leaves the digital asset susceptible to devaluation.
Like Solana, TRON is also a blockchain designed to run DeFi applications and smart contracts. TRX is the native cryptocurrency of the platform and has a proof-of-stake consensus algorithm. Founded in 2017, TRON is an important cryptocurrency that many investors consider to diversify their portfolios.
There are many digital currencies that have appeared over the years. Bitcoin was the pioneer of them all, but now, some of the altcoins have become more considered, as they offer many alternatives and new innovations. Over the years, there have been even more digital currencies, but not all of them have stood the test of time.