Alternative Cryptocurrencies to Bitcoin
When we talk about cryptocurrencies, we often hear only one word: ’’Bitcoin’’. But, it is crucial to know that there are also cryptocurrencies other than Bitcoin that can grow even more successfully than the worth of Bitcoin. It is not the only trendsetter in the history of digital currencies, there are many more that we’ll discuss later. If you have some money in hand that you want to invest in cryptocurrencies, but you don’t know in which crypto you should invest. Some people can’t invest in Bitcoin, as it is now the most expensive currency in the world. However, there are some others that are worth your investment and I’m sure you’ll love the outcome.
Alternate Cryptocurrencies
Ethereum (ETH)
Ethereum is a decentralized currency that operates smart contracts exactly as programmed without any fraudulent activities or third-party interference. Ether is a public blockchain-based platform that allows the development of decentralized applications (DApps) and smart agreements. Vitalik Buterin launched Ethereum in 2015, a cryptocurrency programmer and researcher. Buterin had previously co-founded Bitcoin Magazine, and he was interested in creating a platform that would be more than just a digital currency. July 30, 2015, was the day when the Ethereum network went live with 72 million ETH pre-mined. It is often described as a digital currency or a cryptocurrency, but it is actually much more than that.
Ethereum enables the development of decentralized applications (DApps) that can be built on the Ethereum blockchain. These DApps can be used to create store registries of debts or promises, markets, and move funds in accordance with instructions delivered long in the past (like a will or a futures contract) all without counterparty risk. The Ethereum network is also home to the Ethereum Virtual Machine (EVM), which is a Turing-complete virtual machine that allows anyone to run any program, regardless of the programming language used. This makes the Ethereum network far more versatile than other blockchain platforms.
The future of Ethereum
The Ethereum platform is currently maintained by a team of core developers, with Buterin as the lead developer. The Ethereum Foundation, a Swiss non-profit, is the primary source of funding for the Ethereum network. Ethereum has the potential to completely revolutionize the way the internet works. Decentralized applications that run on the Ethereum network could potentially replace many centralized services that are currently offered by companies like Google, Amazon, and Facebook. The ETH network is still in its early stages, and it will take some time for the full potential of the platform to be realized. However, the potential is there, and Ethereum could very well become the dominant platform for decentralized applications in the coming years.
As of November 25, 2022, The price of 1 ETH is equal to $1,176.94
Tether (USDT)
Cryptocurrencies have been around for more than a decade now, but they only started gaining mainstream traction in the past few years. One of the main reasons for this is that there wasn’t a way to easily and safely convert fiat currency into cryptocurrency – until now. Tether is a digital token that is pegged to the US dollar. Making it easy to convert USD into a cryptocurrency like Bitcoin or Ethereum, and vice versa. The USDT was founded by Brock Pierce, in July 2014. It is an online currency that is rooted in the US dollar. This means that 1 USDT is always worth 1 USD. Tether is built on top of the Bitcoin blockchain, and each USDT token is backed by real US dollars that are held in reserve.
The fact that USDT is pegged to the US dollar makes it a stablecoin, meaning that its value is not subject to the volatility of the cryptocurrency market.
Tether works by allowing users to convert USD into USDT, and then use USDT to buy other cryptocurrencies. When you want to convert USDT back into USD, you simply send your USDT tokens back to the Tether platform and they will be exchanged for USD.
Advantages of Tether
One of the main advantages of Tether is that it is a stablecoin, meaning that its value is not subject to the volatility of the cryptocurrency market. This makes it an ideal way to convert fiat currency into cryptocurrency or to store value in a cryptocurrency portfolio. Another advantage of Tether is that it is built on top of the Bitcoin blockchain. This means that it benefits from the security and stability of the Bitcoin network. One of the main disadvantages of Tether is that it is not yet widely accepted by exchanges and wallets. This means that it can be difficult to find a place to convert USDT back into USD. Additionally, Tether is centralized, which means that a single company controls it, and if that company were to collapse, the USDT token would become worthless.
Additionally, This is a stablecoin, meaning that its value is not subject to the volatility of the cryptocurrency market and each USDT token is backed by real US dollars that are held in reserve.
The tether can be a helpful tool for converting fiat currency into cryptocurrency, or for storing value in a cryptocurrency portfolio. However, it is important to be aware of the risks involved, as Tether is a centralized token that is not yet widely accepted by exchanges and wallets.
As of November 25, 2022, The price of 1 USDT is equal to $1.00.
USD Coin (USDC)
USD Coin (USDC) is a digital dollar that is backed by the US government. It is built on the Ethereum network and is fully compatible with all Ethereum wallets and applications. Other than its name, USD Coin is not issued by the US government and is audited monthly by a third party. USDC can be used to buy goods and services or sent to other USD Coin holders. It is available through a variety of exchanges and can be converted into other currencies. USDC is a stable and reliable digital currency that can be used for a variety of purposes. USDC is a great option for those looking for a safe and digital dollar.
As of November 25, 2022, The price of 1 USDC is equal to $1.00.
Binance Coin (BNB)
Binance Coin is a digital currency that is used to trade cryptocurrencies on the Binance Exchange. It was created in July 2017 by Changpeng Zhao and his team at Binance. This Coin is based on the Ethereum blockchain and has a total supply of 200 million coins. The token was originally issued as an ERC-20 token but has since been migrated to the Binance Chain. Binance Coin can be used to pay for fees on the Binance Exchange, such as trading fees, listing fees, and withdrawal fees. Binance Coin can also be used to book hotel rooms and buy travel packages through the TravelByBit website. The benefits of Binance Coin include reduced fees on the Binance Exchange, cashback rewards, and a growing ecosystem of partners and services.
Binance Coin can be bought on a variety of exchanges, such as Binance, Huobi, and OKEx. It can also be bought with fiat currencies such as the US dollar, Euro, and British pound on Coinbase and Kraken.
Future of Binance
The future of Binance Coin looks bright as the Binance Exchange continues to grow in popularity. And the ecosystem of partners and services expands. BNB was created to be the native coin of the Binance Chain blockchain platform. Additionally, Binance Chain is a decentralized exchange (DEX) platform that allows for the trading of digital assets and cryptocurrencies. BNB is used to pay for fees on the Binance Chain and Binance DEX. The total supply of BNB is 200 million coins and the circulating supply is 107 million. Binance plans to use 20% of its profits each quarter to buy back and “burn” BNB tokens, thereby reducing the supply of BNB. On the other hand, the benefits of Binance Coin include reduced fees on the Binance Chain, cashback rewards, and a growing ecosystem of partners and services. Binance Coin could become the de facto standard currency for the cryptocurrency industry.
As of November 25, 2022, The price of 1 BNB is equal to $302.11.
Binance USD (BUSD)
The Binance USD token is issued by Binance and is pegged to the US dollar. It is issued by Binance, one of the largest cryptocurrency exchanges in the world. Binance USD is an ERC-20 token that is backed by the USD. BUSD is used to trade cryptocurrencies on the Binance exchange. It also includes some pros and cons. The positive fact is that it is pegged to the US dollar, making it stable in value. Binance USD is also backed by Binance, one of the largest cryptocurrency exchanges in the world. On the other hand, the cons of Binance USD include the fact that it is not yet widely accepted. And that it is not available on all exchanges. However, it is still one of the best 5 cryptocurrencies in the world other than bitcoin.
As of November 25, 2022, The price of 1 BUSD is equal to $1.00
Wrapping Up of Cryptocurrencies
We were only able to wrap 5 alternate cryptocurrencies of Bitcoin. But, there are way more than that, which have their own pros and cons. For some people, Bitcoin, Ethereum, or Binance would be the dearest. On the other side, there exist people who’ll love to invest in other cryptocurrencies such as Dogecoin, Cardano, Solana, or XRP. However, keep in mind that this isn’t the end of digital currencies, these were just the top ones. Who knows, who’ll be the leading coin by 2050?
