6 Alternatives to Bitcoin for Investing in 2022
Bitcoin has been dominating the cryptocurrency market over the last few years. In 2017, it reached its all-time high of $19,783.06. Since then, it has faced some challenges and is down to $8,831.97 as of February 15th, 2019. So now may be a good time to start looking into other cryptocurrencies for potential investment opportunities in 2022.
Bitcoin has not only been a trendsetter there are many cryptocurrencies that built a decentralized peer-to-peer network. In 2022, if you want to earn money through investing in crypto, you can look at these other alternatives to bitcoin. These are also called altcoins, which simply means cryptocurrencies other than Bitcoin.
You can also look into other cryptocurrencies such as Ethereum, Dash, or Monero for your investment opportunities in 2022. There are many different ways to invest in cryptocurrencies besides Bitcoin and there may be better opportunities out there for you!
Six Alternatives to Bitcoin
The following are six alternatives to bitcoin that may be worth looking into for investment opportunities in 2022.
1. Litecoin: Litecoin was released in 2011 to fix the major issues Bitcoin had. This cryptocurrency is great because it has low transaction fees, faster transaction times, and a larger number of coins relative to bitcoin.
Litecoin has faster transactions and cheaper fees than Bitcoin. Litecoin also has over 50% of Bitcoin’s market cap at $3,837,737,981 as of February 15th, 2019.
2. Ethereum: Ethereum was created in 2015 and is currently the second most valuable cryptocurrency. Ethereum makes its value through “smart contracts” and doesn’t need a third party as Bitcoin does.
Ethereum, was one of the first coins to be traded on Coinbase when it was founded in 2014. This coin has low transaction fees and a quick verification process than Bitcoin.
3. Monero: Monero was released in 2014 as an open-source cryptocurrency with a focus on privacy, decentralization, and scalability. When you purchase Monero you are given complete control of your money with no central authority or bank involved.
4. IOTA: IOTA has been around since 2015 and is one of the leading cryptocurrencies when it comes to IoT uses. The virtual currency would use Tangle technology instead of Blockchain which would make transactions cheaper and more scalable.
5. PIVX: PIVX stands for Private Instant Verified Transaction and is a form of decentralized digital currency based on Bitcoin’s core protocol but with some changes as well as newer features added onto it such as DASH’s Darksend protocol implementation, Proof-of-Stake instead of Proof-of-Work, among others which create a strong community centered around this digital currency.
6. EOS: EOS stands for “Ethereum On Steroids”. EOS launched in June 2018 after an initial coin offering that raised $ 4.1 billion in Crypto for the block. one company. These tokens are used as a payment system on the network. EOS supports functionality that allows business people to create blockchain-based apps.
Why Invest in Alternative Cryptocurrencies?
Digital currency is fast gaining popularity worldwide. Locate the top reasons to start investing in Cryptocurrency.
1. You can control your assets
The decentralized nature of Crypto trading gives you control to own and store your assets without third-party involvement.
2. Transparent and secure
Cryptocurrencies are popular due to their transparency, owning to open source and publicly verifiable Technology.
3. Good for long term investment
Despite the fluctuation in the Crypto market, investments in Crypto are seen to be extremely beneficial in the long run. They can save you from financial crisis post-retirement.
Here are some facts, before you consider investing in crypto.
- Ethereum (ETH) — Ether is a cryptocurrency with a market cap of $39.5 billion as of February 15th, 2019. Its value is down from its all-time high of $1,420.67 on January 4th, 2018.
- Ripple (XRP) — XRP is the third highest valued cryptocurrency by market cap at $11.9 billion as of February 15th, 2019. It has an all-time high of $3.84 on January 4th, 2018, and is currently trading at $0.4998 as of February 15th, 2019.
- Litecoin (LTC) — Litecoin was created by Charlie Lee in 2011 as an offshoot of Bitcoin’s source code and has since grown in popularity and value to have a market cap of $5 billion as of February 15th, 2019 with an all-time high of $375 on December 19th, 2017 and currently trading at $59.51 as of February 15th, 2019.
- Monero (XMR) — Monero is one of the more popular cryptocurrencies and has a market cap at $4 billion as of February 15th, 2019 with an all-time high price point on May 17th, 2018 at roughly around 378USD per coin and it currently trades for about 107 USD per coin
source: Case study on crypto currency (2019).
How to Invest in Alternative Cryptocurrencies
The emergence of numerous altcoins has lead to search in the development of Bitcoin-Altcoin exchange platforms. However, most investors struggle to find a place to buy crypto coins.
For Beginners, it is safe to avoid the lesser-known platforms and stick to famous exchanges such as Coinbase, Binance, Kucoin, eToro and crypto.com
Thousands of altcoins are available for investors. But one should shop around for the most promising and profitable coins. So every user should learn more about altcoins that are tied to their best projects. the investors should also examine their various features and select the coins that most appeal to them.
Conclusion
If you have been wondering about investing in alternative cryptocurrencies, you are not alone. There are a lot of options out there, but it can be hard to know what to do.
Luckily, we have created a list of the top 6 alternatives to Bitcoin for 2022. We hope you liked our information. Thank you.
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Disclaimer: Trading cryptocurrencies carries a high risk, and may not be suitable for all investors. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. The content in this website is only for the information purpose.
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