These are the five altcoins that could really challenge bitcoin

These are the five altcoins that could really challenge bitcoin.

Image source: Shutterstock / Private

Trijo News

info@trijo.co

OPINION. Altcoins are rising in popularity. Bitcoin's cryptocurrency crown is not as secure as it was in the past – and could potentially fall. Here are five altcoins that all have great practical usage, according to Mary Ann Callahan, marketing manager at a crypto exchange.

Each quarter we seemingly witness a slur of new altcoins being developed and released. Investors have a myriad of options and can purchase any number of different cryptocurrencies – but which to choose?

Which altcoins offer a sound investment? More importantly: which altcoins have a viable practical use in the real world?

Why practical application and usability are essential

Before we look at the top usable altcoins, it is important to understand why usage and practicality are important. Believe it or not, cryptocurrencies actually have a real-life purpose – they are not simply digital currencies that can be traded to make a profit.

When a cryptocurrency is developed, the creators will have a concept in mind. They will want the currency to be used for a specific purpose. If an altcoin has a clear purpose, it will improve its viability and success.

“If an altcoin has a clear purpose, it will improve its viability and success”

Furthermore, if an altcoin is not actually used at all, then what good is it to anyone? Bitcoin is widely accepted. Many merchants and online businesses accept this cryptocurrency as a form of payment. Moreover, you can even find bitcoin ATMs in many countries the world over.

In short, bitcoin has practical usage in real life and is thus well-performing in terms of price. Altcoins must also have wide usage and a practical purpose – some simply don’t, and thus people do not have a real reason to purchase them.

Top five usable altcoins

So which altcoins fit the above description? Which cryptocurrencies have practical application and are usable in the real world?

We have analyzed the various currencies available and we feel the below are the five top usable altcoins.

1. Ethereum (ETH)

Since its initial release in 2015, ethereum has remained one of the most successful altcoins. This currency has gone from strength to strength and has the third largest market cap of late. The fact that ethereum is not just a currency but also a platform is an important reason for its success.

Ethereum allows developers to create decentralized applications and smart contracts. Smart contracts are becoming widely used and have already been implemented in various industries. Over 2,000 dapps (decentralized applications) and hundreds of smart contracts have been created using the ethereum platform. This figure should only increase as more businesses start realizing their potential. It is this feature, not the fact that ethereum can be used as a currency, that makes it so popular and useful.

2. Ripple (XRP)

Xrp is often called the cryptocurrency for banks. However, Ripple’s product is actually a payment protocol. It facilitates cross-border (international) payments and removes the need for a middleman, such as a clearance hub or central counterparty. This greatly speeds up financial transactions for banks and also reduces costs. Furthermore, the protocol and how it has been developed complies with most central banks and financial institutions.

In short, xrp provides a solution to a valid real-world problem – difficult processing of international banking transactions. Many institutions are catching on to this fact and want to adopt xrp as the official cryptocurrency of the financial industry. Many people predict that Ripple will grow immensely in the next few years as banks wish to adopt its technology and xrp appears to be the prime candidate for a real-world cryptocurrency.

3. Bitcoin cash (BCH)

Bitcoin cash is a hardfork of the original bitcoin currency. Since the hardfork, bitcoin cash has grown exponentially. It has a current market value of over $2 billion – that is 4th out of all the current cryptocurrencies. Bitcoin cash essentially offers all of the benefits that the original bitcoin does. Aside from this, BCH also offers a larger block size, which allows for a greater number of transactions. BCH also aims to provide lower transaction fees and faster transaction times.

In essence, bitcoin cash looks to be what bitcoin was not. This is why it is so useful. It is seeing great growth and is steadily becoming widely used as an accepted payment method.

4. Litecoin (LTC)

Litecoin has been dubbed the silver to bitcoin’s gold. It operates much in the same way as bitcoin does and uses much of the same technology. Litecoin offers faster transaction times and also faster block generation. Many developers are utilizing litecoin in a number of inventive ways.

Moreover, it is becoming increasingly accepted as a form of payment by a wide variety of merchants and financial institutions. Finally, developers are creating APIs and integrations to allow businesses to accept LTC payments – one example is Coingate. With a market cap of over $1.8 billion, litecoin certainly looks promising and should only continue to grow in the future.

5. Monero (XMR)

Monero was released around the same time as ethereum. This cryptocurrency is not as popular, however, but it has gained traction and is seeing increased usage and market cap value. The main concept surrounding monero is to provide a system where transactions can be made anonymously and privately.

Bitcoin uses a public ledger that anyone can view. Monero, on the other hand, strives to give users anonymity and privacy so that transactions can be made in stealth. It is this premise that gives monero a valid application and practical usage in the real world. Some people believe that monero is simply used for criminal activities, but it has a much greater scope than this, and more businesses and developers are realizing this fact.

To sum it up

These five altcoins all have great practical usage. Moreover, they are experiencing a wider adoption in the online world.

In the future, they will hopefully flourish, and some may even challenge bitcoin as major contenders to the cryptocurrency crown.

Mary Ann Callahan,
Marketing manager at the crypto exchange Cex.io

Interested in sending us an opinion article? Mail us at info@trijo.co.

Testa Trijos kryptobörs - helt utan avgifter!

Related articles

Keep up with the latest news

close icon

Testa Trijos kryptobörs - helt utan avgifter!

Som Trijo News-läsare får du chansen att testa vår beta redan i dag.