Bitcoin only recently reached a new highest level of over USD 60,000 and then crashed again shortly afterward. But overall, Bitcoin has always risen over the last few years, which can be seen in the popularity of cryptocurrency. Meanwhile, there are also more and more acceptance points for cryptocurrency.
In addition to stores and online stores, more and more Ethereum Casinos are popping up where you can deposit money with Ethereum and then play with it in the casino. This shows that alternatives to Bitcoin have already positioned themselves to get more attention than before. Criticism of Bitcoin itself comes up again and again. For example, it consumes a lot of electricity to generate, which tends to be rejected by environmentally conscious people.
The biggest innovation in Bitcoin is the technology behind it. This is called blockchain and makes Bitcoin as secure as it is. However, the blockchain can be used for other things and that is what makes Bitcoin so interesting. International banks and institutions would also like to use the technology, for example for greater security in transactions abroad.
But the alternatives of the best-known cryptocurrency also have functions and features that make the new currencies very interesting. In this article, you will get an overview of Bitcoin’s biggest competitors and their advantages and disadvantages.
Ethereum, or also known as Ether, is the biggest competitor of Bitcoin. Its value alone proves that this cryptocurrency is the clear number two among digital currencies. Ether has a great feature that makes the money so special.
It is about so-called smart contracts that are included in Ether. These smart contracts are automated contracts and work entirely without the intervention of humans. For example, when a service is made, smart contracts ensure that the amount is paid out automatically.
No additional manual intervention is required; the contracts take care of this all by themselves. This feature makes Ether so interesting for many investors. It is likely that it will be worth as much as bitcoin when smart contracts are widely used.
The Libra Coin does not offer any great innovations like Ether or the Bitcoin itself. In contrast, the Libra Coin is interesting because it was issued by Facebook. It doesn’t have any special capabilities but is rather a standard cryptocurrency that has many of the characteristics of the other cryptocurrencies.
Since it is issued by Facebook, this one is interesting because so many people use Facebook. That is why it is expected that Libra Coin will be very successful despite its limited features. If only half of the Facebook users would use the Libra Coin, then this would already be a huge success.
At the same time, Facebook is not the only issuer of this coin; other very large and well-known companies are also involved. That is why the Libra Coin will be popular and successful sooner or later.
Only the large number of users makes this coin a very interesting investment object. Due to the fact that so many companies are involved, it can also be assumed that they will embed it in their services right away, which means that you could also pay with it.
Cardano is one of the newest digital currencies, which has also not been on the market for long. This currency raises very high hopes in the crypto scene because it is hoped that it will be able to respond even better to the intervention of institutions, banks, and governments.
The great advantage of Cardano is that this currency can quickly adapt to legal regulations and react to unexpected situations. Cardano has become very popular among crypto fans. The fact that it resists outside intervention and tries to dodge them makes this currency particularly interesting and also makes it a serious competitor to Bitcoin.
The problem with Bitcoin, for which it has received a great deal of criticism, is the enormously high amount of electricity it consumes to generate. Peercoin is now on the starting blocks. It promises to require very little electricity for production. At the same time, security is not supposed to suffer and it is supposed to be just as secure as Bitcoin.
In times when more and more people are environmentally conscious and want a sustainable life, Peercoin is just right. The power consumption of Bitcoin will not decrease in the future, but Peercoin is ready and the green alternative on the crypto market.
This cryptocurrency is something very special and should definitely appeal to people. The reason for this is the extremely high anonymity that Dash promises. No transactions or other information stored on a coin can be seen from the outside.
However, this has already been criticized from many sides, because Dash enables many criminals to pursue their illegal activities on the Internet. Also due to black money, Dash is considered by many to be a major security problem. On the other hand, many users are also happy about the great anonymity, because it allows them to move money without having to report it anywhere.
Ripple is the fastest coin on the market and impresses with extremely fast data flows. Thus, it is assumed that Ripple can perform over 1000 transactions per second, which makes it very popular.
Especially banks have a great interest in finally using this fast coin. Therefore, it can also be assumed that Ripple will establish itself and will eventually be even more popular than it is at the moment.
IOTA is a digital currency that is perfect for transferring very small amounts of money while also being fast. Additionally, there are no transaction fees with IOTA, which also increases its appeal. If there will be more services with micropayments in the future, then IOTA will also experience even greater popularity and an increase in price. Since there are more and more services that rely on micropayment, for example, for streams and the like, the providers of these services will also soon rely on IOTA.