Which altcoins could one day become as big as Bitcoin?

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The cryp­tocur­ren­cy mar­ket is a big deal these days and not as unfa­mil­iar as it once was. Cryp­to is now some­thing that peo­ple across Wales know a lot more about and are more com­fort­able get­ting involved with. This can be seen by the num­ber of peo­ple in Wales who invest in top coins now. Despite there being thou­sands of coins to choose from, Bit­coin is still the big draw for many.

How­ev­er, it may sur­prise you to know that these oth­er coins (known as alt­coins) can be worth putting mon­ey into. Of course, it pays to know what you are doing first and tak­ing time to find out which of these alt­coins make the best invest­ment! For an in-depth look at buy­ing alt­coins, Ask­Traders is a great place to start. Ask­Traders is a trust­ed source of advice for traders around the UK and can help you grasp what these alter­na­tive coins are about.

When look­ing for oth­er coins to put mon­ey into, many will try to go for those that might rival Bit­coin in terms of pop­u­lar­i­ty or val­ue one day. If you want a quick run­down on which alt­coins this includes, the below should prove helpful.

 

Ethereum

For many, one of the best Bit­coin alter­na­tives is Ethereum (with the sym­bol ETH). It has been around for a while now and this means that it is becom­ing as trust­ed as Bit­coin. This increas­ing lev­el of cred­i­bil­i­ty could soon see it chal­leng­ing BTC as the top coin around. In addi­tion, Ethereum is the sec­ond biggest coin in terms of mar­ket cap­i­tal­i­sa­tion. This is cur­rent­ly a fig­ure of $41.4bn and means that it is quick­ly grow­ing in size to rival Bitcoin.

Ethereum also includes smart con­tracts, which give it a real advan­tage over many oth­er coins. These are tiny pieces of code that live on the blockchain and help to for­malise agree­ments with­out a third par­ty being involved. Smart con­tracts give ETH a prac­ti­cal use in the real world, and this makes it one of the alt­coins that could soon rival Bitcoin.

 

Car­dano

Cryp­to is still one of the most pop­u­lar invest­ments to make in 2021, and Car­dano is on many trader’s radar. While ETH is an old­er alt­coin that comes with cer­tain lega­cy issues, Car­dano (with the sym­bol ADA) is some­thing of a new­er token. With a mis­sion to not only solve real-world issues that peo­ple care about and also resolve prob­lems that old­er coins such as Bit­coin face, it could eas­i­ly become very big soon.

ADA is also one of the few alt­coins that focus­es on work in Africa. Projects such as stor­ing the aca­d­e­m­ic records of 5 mil­lion Ethiopi­an stu­dents on its blockchain ledger have caught the atten­tion of many peo­ple late­ly. This coin also con­sumes far less ener­gy than Bit­coin (just 6 gigawatt hours per year). This on-trend rep­u­ta­tion for social respon­si­bil­i­ty could well see Car­dano become a major cryp­to rival to BTC soon.

 

Polka­dot

Polka­dot, or DOT, is anoth­er alt­coin that could soon grow to become as big as Bit­coin. This dig­i­tal cur­ren­cy is a proof-of-stake coin that deliv­ers inter­op­er­abil­i­ty among oth­er blockchains. This is nat­u­ral­ly very handy because it allows mul­ti­ple sys­tems to work togeth­er. It also offers devel­op­ers the chance to not only build their own blockchain code but also use the secu­ri­ty mea­sures inher­ent in the DOT blockchain. This is a lot eas­i­er than hav­ing to cre­ate every­thing from scratch! Due to this prac­ti­cal real-world use and grow­ing mar­ket cap (it now stands at over $4bn), DOT is fast mak­ing a name for itself.

 

Will we be using any of these alt­coins in busi­ness trans­ac­tions in the future?

Although alt­coins such as those above have spe­cif­ic uses in terms of net­works, sys­tems and smart con­tracts, many peo­ple won­der if they will ever be used in busi­ness trans­ac­tions soon. To real­ly rival BTC in this area, alt­coins must become a use­ful method for mak­ing busi­ness trans­ac­tions. But can they do this? In short, it all comes down to the pro­cess­ing times that trans­ac­tions take. If alt­coins can improve on how quick­ly it takes Bit­coin trans­ac­tions to process, then they may well be used more for this as time moves on.

 

Alt­coins have a way to go yet 

Although the above alt­coins all look like they could become as big as Bit­coin one day, they have a way to go yet. BTC has a mar­ket cap of around $199bn cur­rent­ly, which is a lot big­ger than its near­est alt­coin chal­lengers. Bit­coin also has a big­ger media pres­ence and a greater use in dai­ly life than alt­coins at present. How­ev­er, if this can all change as time moves for­ward, we could see the coins list­ed above giv­ing BTC a run for its money.

 

 

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