Most people think of Bitcoin when they hear the word cryptocurrency, but not many know that there are other virtual currencies. This is no wonder as Bitcoin has been the most popular and thriving in the crypto world that it has become the de-facto standard and has set the trend in the market. If you are interested in investing in cryptocurrency, it is vital to learn more about the other currencies. And this is just your lucky day as this article will discuss what is the most profitable cryptocurrency other than Bitcoin.
Before we dive into some of Bitcoin alternatives, let us first have a short overview of cryptocurrency. Cryptocurrency is also known as virtual or digital money. It takes the form of coins or tokens. Some cryptocurrencies have already started venturing their own credit cards or other projects into the real world. However, many are still entirely intangible.
The complicated cryptography that makes the creation and processing of digital currency and decentralized transactions is called crypto. It is developed as code by those who create mechanisms for issuance, usually called ‘mining’ and other controls. Among the best features of cryptocurrencies is they are mostly always designed to be free from the control and manipulation of governments.
On the other hand, altcoins are currencies modeled after Bitcoin and presented themselves as better versions of Bitcoin. There are altcoins that are a lot easier to mine compared to other coins. However, the downside is that it has certain risks since it has lower levels of liquidity, acceptance, and value retention.
What Is The Most Profitable Cryptocurrency Aside From Bitcoin
This market, cryptocurrency, is always expanding. As of January 2020, there are already over 2000 cryptocurrencies that exist, and the number is increasing and changing daily. In this article, we will be discussing some of the most important digital currencies. However, note that it is nearly impossible to make this list entirely comprehensive due to the crypto world’s fast-paced movement.
No one knows when will the next digital coin or token be released. It can be tomorrow or next month.
- Ethereum (ETH). Ethereal is a decentralized software. Ether is used in Ethereum, a platform-specific cryptographic token launched in 2015. ETH is by far the second-largest digital currency based on market cap, next to Bitcoin. It is roughly one-tenth the size of Bitcoin during the first month of 2020. In 2016, after the DAO attack, Ethereum was split into two: Ethereum (ETH) and Ethereum Classic (ETC). The market cap of ETC is approximately 15 billion US dollars, and its per token value is around $143 as of January 2020.
- Ripple (XRP). This cryptocurrency was launched in 2012. It offers instant, secure, and inexpensive international payments. Ripple’s consensus ledger or method of confirmation is unlike most cryptocurrencies – it needs mining. This means all of Ripple’s tokens were “pre-mined.” This means that there will be no creation of Ripple coins over time. There will only be the introduction and removal of this currency from the market supply based on the network’s guidelines. This is why Ripple is different from Bitcoin and other altcoins. Since there is no mining involved, it reduces the computing power usage and minimizes network latency. With its existing business model, XRP remains one of the most enticing digital currencies aiming to revolutionize cross-border payments. Ripple’s market cap is over nine billion US dollars, and its per-token value is around $0.20 as of January 2020.
- Litecoin (LTC) .Litecoin is also known as the “silver to Bitcoin’s gold”. It is among the first currencies in the crypto world that followed the steps of Bitcoin. LTC was launched in 2011 and was created by Charlie Lee, a former Google engineer and a graduate from MIT. This currency is based on an open-source global payment network. This network is beyond any central authority’s control. As proof of work, LTC uses “scrypt”. This ‘scrypt’ can be decoded using a consumer-grade CPU. Compared to Bitcoin, Litecoin has a faster block generation rate and has a faster transaction confirmation time. LTC had a market cap of nearly three billion dollars and has a per-token value of more than $45 as of January 2020. This makes LTC the sixth-largest cryptocurrency in the world. It’s one of the top answers to the question – what is the most profitable cryptocurrency?
- Libra (LIBRA). Libra should be included in your’ what is the most profitable cryptocurrency’ list. Although it is yet to be launched as of January 2020, Libra is considered to be one of the most hyped currencies in the crypto world. In mid-2018, there were rumors that Facebook is developing its own cryptocurrency. In June 2019, these rumors were confirmed after Facebook released Libra’s white paper. Its tentative launch date was in the last quarter of 2020. Many expect Libra to gain huge amounts of attention within the crypto community.
- Monero (XMR). If you want to know more about what is the most profitable cryptocurrency, then Monero is among them. XMR is an open-source cryptocurrency that is known to be secure, private, and untraceable. Monero, which was launched in April 2014 ,and has caught the interest of the cryptography community and enthusiasts. One of the best features of Monero is its ring signatures, which enables complete privacy in their system. XMR’s market cap is over $990 million and has a per-token value of around $58 as of January 2020.
Learning what is the most profitable crypto currency is a good move, especially when you are planning to start investing in cryptocurrency. This will be a good start for you to know which among the more than 2,000 cryptocurrencies you buy and invest in. Do your research and learn more about its history and development. Learn more about crypto coins here!