Bitcoin Alternatives – Other Popular Cryptocurrencies

In this guide we list the best alternatives to Bitcoin, and our recommended exchanges to buy altcoins on.
Author: Ifeanyi Egede
Last Updated: 19 July 2021
Alternatives to Bitcoin, invest in altcoins such as ETH, XRP, LTC, DOGE
Alternatives to Bitcoin, invest in altcoins such as ETH, XRP, LTC, DOGE

With the advent of cryptocurrencies, there is a gradual trend of decentralization in the financial sector. Bitcoin is the cryptocurrency that has been leading this trend as the first and most valuable digital asset. This asset is widely considered a good store of value and has gained exponential growth, smashing new all-time highs repeatedly. 

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    However, despite the impressive winning streak of Bitcoin, critics believe that there is a negative side to it. Bitcoin’s blockchain is based on a proof-of-work protocol, implying that it relies on miners for a block to be released. These miners solve complex mathematical puzzles using heavy computations; thereby resulting in the blockchain consuming a lot of electrical power which has raised global concerns.

    Attention is being paid to other cryptocurrencies that are perceived to consume less electrical power, usable, transparent, and secure. In this article, we would be exploring the major digital assets that are seen as perfect alternatives to bitcoin and likely to grow relative to this perception.

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    Best Brokers to Purchase Bitcoin Alternatives

    Before we proceed, we must highlight some of the best brokers where you can find these Bitcoin alternatives.  These brokers are renowned in the crypto world as they feature useful digital currencies from time to time.

    Cryptocurrency brokers and exchanges are better rated if they can fulfill the needs of users without any hassles. The above brokers are distinguished and have the peculiarities that a trader needs to affect the purchase and sale of digital currencies.

    Unlike a myriad of other brokers, the above listed are dedicated to offering a wide array of cryptocurrencies. This is to ensure that their users are not limited to less conventional options and can flexibly trade in the versatile crypto market. Another prominent feature of these exchanges is the application of industry-standard fees which makes it easy to place trades and access near-instant liquidity. A user can easily deposit and withdraw their funds through diverse channels like credit/debit cards, bank accounts, crypto transfers, and peer-to-peer services.

    Most importantly, these exchanges are rated highly in terms of customer support as they are always responsive to customer issues and efficient enough to avert further distress. Their security mechanisms are commendable as well, implying that it is less likely to have your assets tampered with by prowling hackers and scammers.

    Best Alternatives to Bitcoin July 2021

    As the cryptocurrency industry evolves, attention is gradually shifting to viable alternatives to the dominant cryptocurrency, Bitcoin. Currently, there are thousands of cryptocurrencies in existence with a lot of use cases; however, not all of them possess the characteristics to be a better alternative to Bitcoin.

    To consider another cryptocurrency as a suitable alternative to Bitcoin, the asset must be a good store of value, offer transactional efficiency, and most importantly, be sustainable to the environment. This would put an end to the Bitcoin energy FUD and ensure that blockchain technology retains its relevance and expands.

    For this reason, several analysts have looked into great projects and we are going to explore four of them in this article.

    Ethereum (ETH)

     

    Remember, all trading carries risk. Past performance is no guarantee of future results.

    Ifeanyi Egede is a cryptocurrency researcher and content writer with published works on Bitcoin.com News, InsideBitcoins.com, and BSC News.