Introduction
When we speak about cryptocurrency, the name that flashes out first is Bitcoin. Bitcoin can even be used as a payment method for many services, from paying your rent, phone, utility bills, or even 3D printing.
There was a pure dominance of Bitcoin in the market until we got another entrant, Ethereum, and thereafter many other cryptocurrencies followed suit. And so we got to know about Altcoins.
The first Altcoin came in 2011, and since then, there have been thousands of them in the market.
In the present timeline, Altcoins play a unique role in the market. There are several types of altcoins available now that you can invest in. Following is a guide to seven Altcoins that is worth a mention:
Ethereum (ETH)
Ethereum is one of the oldest to find an alternative to Bitcoin. However, the entire concept of Ethereum was different from Bitcoin.
It is a decentralized open-source blockchain with intelligent functionalities, and it ranks second to Bitcoin and gradually became popular since entering the market.
You can use Ethereum in various activities, including gaming, gambling, decentralized finance, and similar activities.
Ripple (XRP)
Ripple is a digital financial transaction that helps make transactions among banks and other financial institutions.
It is much faster than any other transaction as it takes just three to five seconds to complete the entire process.
It is cheaper and more secure than other money transfers. The transaction fee is also less than the others as it charges only about a cent for each process.
Like other cryptocurrencies, you can exchange Ripple without any control from other parties. Hence the entire process of transaction is quick and efficient.
Solana (SOL)
Solana is the new bee in the cryptocurrency network. However, it has gradually earned a spot in the digital market.
In the present timeline, Solana ranks sixth in the world. It is one of the best alternatives to Bitcoin, and the transaction fee is also comparatively less.
The transaction time is also less as compared to other cryptocurrencies.
Polkadot (DOT)
The Polkadot came into existence in 2020, but it has gradually earned a name in the digital world since then.
One of the primary advantages of using Polkadot is that it operates on the leading blockchain network, where you can permanently record all transactions.
You can create blockchains and, at the same time, maintain security in the trades.
Dogecoin (DOGE)
Dogecoin is one of the latest in the cryptocurrency families. If you compare the popularity rate, then Dogecoin’s popularity has skyrocketed, especially after Elon Musk had shown interest in the same.
Other famous billionaires are lethal supporters of Dogecoin. You can purchase Dogecoin by creating an account with the cryptocurrency exchanges.
There are various types of transactions using Dogecoin, and most importantly, it is more secure than most other digital currencies.
Litecoin (LTC)
Former Google engineer Charlie Lee is the man behind the making of Litecoin. The primary motive of creating Litocoin was to compete with cryptocurrency, Bitcoin.
The primary advantage of using Litecoin is that the transaction time is much less than Bitcoin, and it has emerged as a successful digital currency over the years.
It uses Bitcoin’s open-source codebase; however, there are some differences.
You can use Litecoin to buy various things and even transfer funds from one place to another.
FTX Token (FTT)
FTT token is one of those digital currencies attracting many customers in the digital world. If you are the coin owner, you can use the token to reduce the fees and earn interest.
One of the prime advantages of FTX is that there are a lot of big names behind it, and it has seen a surge in growth in recent years.
While other cryptocurrencies have had a significant slump recently, FTX holds a firm foot in the family of digital currencies.
Conclusion
However, before making any crypto investment, you must do thorough research and get security. In addition, there are other platforms which give the investors a wide choice.
Choosing the right platform allows you to trade securely without the fear of losing the data or other threats. Always look for a crypto trading platform that has good reviews.
