6 Bitcoin Alternatives to Watch Out For

6 Bitcoin Alternatives to Watch Out For

With Bitcoin reaching an all-time high at $15,000 during the end of 2017, cryptocurrency has never been more relevant. At one point in time, you could trade 10,000 Bitcoins for a pizza. 

Now a single Bitcoin can buy you a car or computer. Who knows how much higher the price will climb in the coming years?

Several other cryptocurrencies, known as “altcoins” also saw a dramatic price increase. For example, Ripple (XRP) went from about $0.08 to over $1.00 IOTA (MIOTA), Bitcoin Cash (BCH), Dash (DASH), NEM (XEM), and Stellar (XLM) also skyrocketed in cost. Those who invested early in these coins made significant profits.

Perhaps this meteoric rise is due to the fear of missing out – people want to get in on the market to make profits. Many view cryptocurrencies as stocks rather than actual currency. 

It’s become a giant betting game, and everyone wants a piece of the prize. Finding the next Bitcoin can be like discovering the next Amazon. Buy it when it’s low and sell when it’s high.

However, cryptocurrencies are more than just alternative stocks. Many serve a real-world purpose and can be used to enhance business, banks, video games, and everything else in between. 

Here are some alternative cryptocurrencies that might skyrocket in a few years.

1. Ripple (XRP): This cryptocurrency was created by former software engineers who previously worked on Bitcoin. It’s used as a currency between financial institutions such as banks.

This cryptocurrency can be exchanged between corporations and other entities all on a platform called Ripple.net. It’s fast, simple, and very efficient.

2. Bitcoin Cash (BCH): This cryptocurrency is like Bitcoin’s brother, as it was created after a dispute over how Bitcoin should operate. Bitcoin Cash is best described as a “hard fork” of Bitcoin.

Many users didn’t like Bitcoin’s expensive fees or long processing times, so Bitcoin Cash was born to help solve these problems. Sadly, this cryptocurrency isn’t as widely adopted as its older brother, meaning that Bitcoin Cash users will have fewer places to spend their money.

3. Stellar Lumens (XLM): Perhaps it’s fitting that this cryptocurrency has a rocket for its icon because its price skyrocketed by more than 50% in December 2017. Lumens are the currency used for the Stellar network, which bears similarity to Ripple.

Stellar allows easy transactions across the globe. Think of it like Venmo, but across the world and for large financial institutions.

4. OmiseGO (OMG): This coin was invented by an Asian company with an incredible advisor team that includes Vitalik Buterin, Inventor of Etherium. It’s slogan is “Unbanked the Bankes”, as the team behind it want to improve financial services for everyone. 

It works with fiat currency, cryptocurrency, and even in countries without regular banking infrastructure. 

5. Civic (CVC): This cryptocurrency aims to aid people and companies protect their identity. The company behind Civic even has its own app that helps recognize your digitalidentity with a QR code. 

Civic has a few different partnerships with businesses like WikiHow.

6. Dash: Previously known as Darkcoin, this cryptocurrency’s new name is now short for “Digital Cash.” However, Dash’s name is still incredible relevant because of how quickly its transactions are.

You won’t have to wait around for hours for your payment to go through. It all takes a couple of seconds and promptly outplaces Bitcoin. It’s also great at providing anonymity to users, ensuring that they won’t get tracked down from unwanted visitors.