Bitcoin gets all the attention whenever someone talks about cryptocurrency, but the actual marketplace also incurs thousands of other digital currencies. Cryptocurrency, except BTC, is popular as altcoins.
Even though bitcoin is still a pinnacle in this marketplace, another cryptocurrency seems to have a better use case in decentralized finance. Some of these Altcoins have created a niche for themselves by offering a better platform for investors.
1. Bitcoin Bitcoin (BTC) entered the digital market in 2009 and still outstands to be the first-ranked cryptocurrency in market cap, trade volume, and other parameters. Despite the rise of altcoins, bitcoin is still ruling the digital currency marketplace with its most significant share in trading volume & market cap.
2. Ethereum Ethereum is one of the best alternatives to bitcoin; it is a platform for developing decentralized applications (dapps). Ethereum has been in the market since 2013 with tiny positions and has risen like crazy to the top 5 cryptocurrencies.
The Ether virtual currency can be used as a platform that runs smart contracts, where multiple parties verify each other’s identity and execute agreements across borders and blockchains.
3. Litecoin Litecoin appeared on the scene in 2011 and has held firm ever since. It is a peer-to-peer cryptocurrency that enables payments to follow a trail of digital signatures. As one of the first altcoins, many early adopters helped make it a great success.
You use Litecoin to pay small transaction fees on the network. It has more robust characteristics than BTC and can provide faster transaction processing.
Bitcoin is the pioneer of the cryptocurrency market, and its price has skyrocketed many times. The reason is that Bitcoin is now considered a safe investment because of its existence and relevancy in online transactions.
However, Bitcoin is also complicated to steal from because it is not centralized in any way; when used correctly, it can protect your money from theft while protecting you from frauds like bank robbery, for example.