Just by uttering the word cryptocurrency, the majority of people will instantly think of Bitcoin. And indeed, Bitcoin is a pioneer in the industry that paved the way to all other cryptos that have appeared later.
However, today we have so many different cryptocurrencies used around the world that provide a good enough replacement for Bitcoin. In this article, you will find out more about other solutions in case you are in for using crypto.
Tether is a new generation cryptocurrency that belongs to the group of stablecoins. It is backed by traditional fiat currencies like the US dollar and has an aim to keep the valuation of cryptocurrencies stable.
If you have never heard of Tether before, do not miss the ultimate introduction to Tether (USDT). This text will provide you with all you need to know about Tether and why it is highly valued in the crypto world.
One of the best alternatives to Bitcoin is Ethereum — many people have already heard about it. Ethereum is a decentralized software platform that empowers the creation of Smart Contracts and Decentralized Applications (DApps) that can operate free from any fraud, downtime, or third party interference.
Ethereum’s coin is called Ether. It is completely digital and can be transferred to any person anywhere in the world. Apart from that, this cryptocurrency is programmable, meaning that developers can use it for building various new applications as well.
Litecoin (LTC) was one of the first cryptocurrencies to challenge Bitcoin in the cryptocurrency market. Yet, coming to the party late has its advantages, so Litecoin could scan Bitcoin and improve certain characteristics before launching.
Although it is largely similar to its predecessor, Litecoin has a faster block generation rate and therefore provides a faster transaction approval time.
Ripple (XRP) is based on an advanced blockchain technology that does not require mining, which makes it quite different from Bitcoin. It is considered one of the most renowned digital currencies used by many conventional financial institutions that opt for the revolution of cross-border transactions.
One of the main characteristics of Ripple is that it’s a low-cost cryptocurrency, meaning that its transaction fees are much lower compared to Bitcoin or other alternatives. This made Ripple one of the most popular Bitcoin replacements worldwide.
When the idea about the new cryptocurrency called Libra was released, it created such a hype predominantly among Facebook lovers. Namely, in 2018, rumor had it that Facebook, one of the largest social media platforms in the world, was launching a personal cryptocurrency.
Since we all know how much of an influence Facebook has on the world’s population, Libra was expected to be an outstanding cryptocurrency whose digital token would be even more used than Bitcoin.
In 2019, Facebook finally released the white paper for Libra and stated that the launch date is set to happen at some point in 2020. A Facebook branch in charge of financial services, Calibra, will be in charge of monitoring the new cryptocurrency and the way it rates on the market.
Until Libra comes out, any of the above-mentioned cryptocurrencies will be of good use in case Bitcoin is not your cup of tea.