Bitcoin Alternatives That Could Get Attention in 2022
Bitcoin is, de facto, the ultimate cryptocurrency. After all, it was the original one and the platform that helped launch many other amazing projects and technologies. Over the years, we’ve seen many try to copy Bitcoin’s success with more or less luck. Today, we will be looking at several popular cryptos and what kind of projects they’re offering as an alternative to the Bitcoin blockchain.
Without a doubt, the biggest and most important cryptocurrency after Bitcoin. There is no discussion about cryptocurrencies these days without mentioning Ether. The reason for that is simple – its network, Ethereum, has become a basis for tons of fantastic projects. The Ethereum network offers a lot of flexibility for developers.
For example, NFTs almost exclusively use this blockchain, it supports various smart contracts, and many metaverse projects also use the tech in one way or another. It’s already impressive today, with many projects in the pipeline, including proof-of-ownership replacing the current proof-of-work mining algorithm.
All in all, Ether may become the most important cryptocurrency in the coming years, eclipsing even the popularity of Bitcoin.
Litecoin has been around for well over a decade and is past the time when people looked at it as a cute but pointless alternative to Bitcoin. While it isn’t as lucrative for mining as Bitcoin or Ether, this open-source network has one significant advantage – it’s much faster since the decoding is based on CPU power.
Litecoin adds blocks significantly quicker than Bitcoin, and thanks to its global payment network, the transactions are processed in way less time than it takes on other networks.
Dogecoin was never really supposed to take off. Launched as a meme currency, riding the trend of the Shiba Inu meme, and with the slogan “to the moon,” Dogecoin surpassed the joke status and turned into a valid crypto option. It’s one of the most affordable cryptocurrencies you can invest in.
On top of that, it has been embraced as a payment method in AMC theaters, on the streaming platform Twitch, and even by several sports teams who allow fans to purchase tickets with DOGE.
Tether was the very first stablecoin, a cryptocurrency directly tied to the US dollar. In a world where cryptocurrencies can become wildly volatile, Tether was supposed to provide stability and ease up the conversion process as its value is always set at $1. Today, it’s the third-largest cryptocurrency with a market cap of over $80 billion.
Bitcoin Cash (BCH)
Bitcoin Cash holds a lot of importance in the crypto world. It was the first fork of Bitcoin, which was a major milestone for it, especially since it introduced 8x larger blocks to the network. BCH is also important due to its transaction speed.
Bigger blocks mean more storage for transactions, so the network is able to process batches of payments instead of each one individually. A single token isn’t as expensive as Ether or Bitcoin (its value is currently floating around $290), so it’s a more affordable entry into the crypto space.
Monero has been around since early 2014. This untraceable currency has a strong focus on a community effort, as all development is based on donations, and everything is open-source.
Unlike other cryptocurrencies we mentioned today, Monero has a different take on users’ security thanks to its “ring signature” technology based on a group of signatures where only one is the real one. Considering the crypto community is heading towards better security, Monero could be one of the best choices for enthusiasts who want total control over their privacy.
So far, we’ve talked about general-purpose cryptocurrencies and blockchains. But what about those aimed at enterprise users? Stellar is one of the networks designed as an enterprise solution. It provides fast, secure transfers between banks, investors, and other big businesses. Those kinds of transactions are usually larger, so security and speed are of utmost importance.
Furthermore, Stellar has low transaction fees, making it ideal for use in the business environment but also for everyday transfers. It also works a bit different from other networks – to use its features, users first need to hold currency called Lumens, valued at just $0.20 at the time of writing this article.
Cardano is often called an “Ethereum killer,” but we’ve yet to see it reach that status. Created by one of the founding members of the Ethereum network, this blockchain was developed thanks to extensive research by some of the most well-regarded experts in the field.
As a direct Ethereum network competitor, it did manage to get to the proof-of-stake stage before its competitor but has yet to become as widely used.
Some future uses for Cardano could be preventing voter fraud and tracing legal contracts. It’s verifiably secure, and the peer-reviewed Ouroboros protocol is certainly a step into the future of blockchain, but only time will tell how popular it will become.
The crypto space continues to evolve and thrive in 2022. There are many amazing projects in the development stage, and each of the aforementioned cryptocurrencies has already proved to be a worthy alternative to Bitcoin. Whether any of those will surpass it in popularity and price remains to be seen, but you should still keep an eye on their development in the coming years.
Disclaimer: The information contained here is for informational purposes only and not to be construed as investing advice. The content of this article is solely the opinions of the writer. Trading in cryptocurrencies is highly risky and could result in considerable loss. Anyone wanting to invest in cryptocurrency should seek the advice of a licensed financial advisor or registered investment advisor.