Investing In Alternative Cryptocurrencies? Here’s A Quick And Easy Guide To Altcoins, Perfect For Beginners

Investing In Alternative Cryptocurrencies? Here’s A Quick And Easy Guide To Altcoins, Perfect For Beginners

It’s a little late to be jumping on the Bitcoin bandwagon, but that doesn’t mean you can’t get a slice of the alternative cryptocurrencies cake now.

Experts are saying it’s a little too late to jump on the Bitcoin bandwagon and that it is an inevitable bubble. So, investors might be turning to alternative cryptocurrencies (altcoins) now.

Despite Bitcoin’s stellar performance in 2017, it isn’t actually the cryptocurrency with the fastest growth.

Cryptocurrency still isn’t considered mainstream, perhaps for its volatile nature and the fact that it isn’t being used for its originally intended purpose.

It is speculated that altcoins (and its rising popularity) could be the one to propel cryptocurrencies into the mainstream space.

So here are some alternative cryptocurrencies to Bitcoin worth buying while in its nascent stages:

alternative cryptocurrencies

1. Ethereum (US$1,329.74)

Ethereum, on which Ether is coded, is a sophisticated blockchain. It allows developers to run the programming code of any decentralised application on it. Over the last one year, it has seen growth of 5525%.

2. Litecoin (US$258.48)

It is the fifth largest cryptocurrency by market cap. The value of Litecoin went up 8,000% over the course of one year. That is nearly eight times more than Bitcoin. And it is still affordable.

3. Ripple (US$2.10)

Unlike other cryptocurrencies built on a blockchain, Ripple is based on iterative consciousness. You cannot mine Ripple as its supply is largely controlled by a company with the same name. It is the second most valuable digital currency right now with over 4400% growth in a year.

4. Zcash (US$668.41)

Zcash uses zk-snark, a proof of construction, to secure its network. It allows the network to maintain a secure ledger of balances without disclosing parties or amounts involved in transactions. Currently, Zcash is one of the top six cryptocurrencies in terms of market cap.

5. Monero (US$430.06)

Monero, like other cryptocurrencies, is a secure system. But unlike others, it is totally private and untraceable. It uses a special kind of cryptography to ensure that all of its transactions remain 100% unlinkable and untraceable. Monero started its steep ascend in November 2017, breaking the $100 mark for the first time. The cryptocurrency is now trading at four times that.

6. Dash (US$1,084.69)

Dash is the sixth largest cryptocurrency in terms of market cap. It is said to be superior to Bitcoin in terms of transaction speed. It can make transfers in just four seconds while Bitcoin takes ten seconds. Transactional fees are also only a fraction of Bitcoin’s, making it a very popular peer-to-peer digital currency choice.

*Prices are all listed as of writing time: 10 January.

 

Would you invest in these altcoins? Let us know in the comments. 

Read more about cryptocurrencies here.

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Written by

Sarah Voon