Although Bitcoin is slowly starting to pick up again, and experts are still predicting big things for the cryptocurrency, it is safe to say that it has not had the best start to the year at all. Despite the fantastic performance it put in at the end of last year, it sadly has not been the same story this year at all.
So, if you are looking for something else to invest in, fear not. It’s time for Bitcoin to move over, because there are six more cryptocurrencies waiting in the side lines, that have all been tipped for success.
Ok, so this is not exactly a new cryptocurrency. In fact, it comes in right behind Bitcoin. The great thing about Ether though is that it has so much potential, and is really well suited for ‘smart contracts’, which allow payments to be made automatically. It can be used in a huge number of different industries, from travel to medical, making the scalability options great.
If you are looking for a more environmentally friendly option to Bitcoin, Peercoins could be the perfect choice for you. Bitcoin is known for the huge amount of computer power and capacity that it requires – to put it into perspective, Bitcoin miners in Iceland could use more energy this year, than the country’s private households combined.
This is vastly different for Peercoins, but it ha struggled to stand out in the huge market. That said, out of 1,500 cryptocurrencies, it is currently ranking at 159, and has a market capitalisation of $125 million USD
The relationship between cryptocurrencies and banks is often a fraught one; however, one that is favoured is Ripple. It is currently the cryptocurrency that is used by financial institutions as it can reportedly handle up to 1,500 transactions per second, which means that a single payment can take as little as 4 seconds.
Ripple already has some big banks on board. Santander for one are already using Ripple to aid their services. The total worth of all Ripple coins currently stands at around $50 billion USD.
The machine currency
Thanks to the Internet of Things, household appliances and industrial machines are increasingly self-sufficient. If your fridge sees that you’re low on milk, it will automatically order more. Here’s where Iota comes into play, as a cryptocurrency specialising in small transactions. Transfers are free. With a total worth of US$5bil (RM19.47bil), Iota comes in 10th among the cybercoins.
The anonymous one
Cryptocurrency Dash is made with discretion in mind. Due to special masking technology, transactions cannot be tracked on the public blockchain. Critics say it attracts criminals. Another bone of contention is the algorithms used by the developers of Dash, which apparently direct a large amount of the starting coins into their pockets. Because of these controversies, Dash has already undergone two name changes. Yet with a net worth of US$6bil (RM23.37bil), it remains an important part of the crypto-world.
The law-abiding citizen
For many, the young cryptocoin Cardano is a rising star. Its creators prioritised the ability to be flexible, adapting to state regulation. China, Japan and South Korea have already gone on the offensive against cryptocurrencies; the same could well happen in Europe. This could well explain why Cardano has climbed to the cryptocurrency Top 5. — dpa