The Bitcoin market is booming, with prices crossing $15,000 and continuously on an upward curve. The digital currency that came into existence in 2010 and was worth only $12 in 2013, is now the most famous – and also the most expensive – cryptocurrency all over the world. Not everyone can invest in Bitcoin now that it costs thousands of dollars even with lower taxes and a growing economy. So even if investment opportunities open up in the future, only the select few will be able to invest in Bitcoin.
Having said that, it must be noted that the popularity of cryptocurrencies has made some people want to invest in them. The Bitcoin boat has already gone, and even if this investment choice becomes more affordable later on, they will probably be too expensive for most people. Don’t lose heart though. Here are five other cryptocurrencies that you could invest in now.
Ethereum: Known as ether tokens, this digital currency is mined just like Bitcoin on a Blockchain platform called Ethereum. There’s a lot in common between Bitcoin and Ethereum, given that it was created by a Bitcoin writer. Launched in 2014, Ethereum is fairly new but is the best known cryptocurrency after Bitcoin.
Much like other cryptocurrencies, this is also open source. Unlike Bitcoin, people don’t just earn tokens for mining on blockchain, but can also collect fees from developers who use the platform to run other applications. Ethereum’s current price is $426.
Ripple: Another digital currency created by Bitcoin developers, Ripple was launched in 2012 and has come to be regarded widely as a legitimate online payment method. What makes Ripple better than its competitors is that it is both a digital currency as well as a digital mode of payment. Several banks accept Ripple, and since it is based on an open source platform, people can invest in the currency and be rewarded. Ripple is currently priced at $0.2232.
Litecoin: Designed to be a cheaper and more efficient version of Bitcoin, Litecoin was launched almost at the same time as Bitcoin in 2011. It is open source and enables instant digital payments around the world. Litecoin has a faster block generation rate and transactions are approved sooner. Even though Litecoin currently trades at $103, it is expected to grow faster than Bitcoin in 2018.
Dash: Launched in 2014 as Xcoin is much like other open source cryptocurrencies but with a difference: It has far higher privacy than any other digital currency. When coins are being mined by volunteers, there are ‘masternodes’ overseeing the process, so there’s no malpractice involved. Dash is currently priced at $727.
IOTA: One of the newest digital currencies, IOTA is not based on blockchain. It uses Tangle, an alternative ledger system to record all transactions and mining of blocs. IOTA has partnered with a number of companies, including Microsoft, and will heard more of in 2018. It currently trades at $4 (which too many people would have been too much to watch The Force Awakens, Thor III, and Meet the Parents II if we knew what we were getting beforehand!).
Digital currencies based on the principle of Bitcoin are known as alt-coins. If you want to explore the world of cryptocurrency trading, these currencies are some of the best to begin with.