Monday May 18, 2020 - 10:21:59 GMT
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Isn't It Time You Considered Some Alternatives To Bitcoin?
Whether you’re a seasoned Bitcoin investor or a newcomer to crypto, there’s one principle of investment that’s as relevant to cryptocurrencies as for anything else… don’t put all of your eggs in one basket. Investment is all about finding that sweet spot between investing sufficiently to create significant gains while also insulating yourself from risk. It’s a balance that can take a while to find, but a diverse investment portfolio is the best way to achieve it.
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While many investors use crypto to round out their investment portfolio, all too few take the time to really consider their options outside of Bitcoin trading. This is a shame, because there are many alternatives for the savvy investor which can help them to add further diversity to their portfolio while also helping them to get a better understanding of the crypto market.
Isn’t it time you considered these 5 alternatives to Bitcoin?
Launched in April 2014, Monero (XMR) is secure, private and untraceable. It is also completely open-source, which sparked great interest in the crypto community upon Monero’s release. Enabling complete privacy through “ring signatures”. With a strong focus on decentralization and scalability, this is a great bet for any investor for whom security is a top priority.
Ethereum (ETH / ETC)
Ethereum (ETH) is another good bet for anyone who values security above all. It is a decentralized platform that enables Smart Contracts and Decentralized Applications (DApps). These can be built and run without any interference of any kind from third parties. Launched in 2015 it is arguably the world’s second most popular cryptocurrency. Since 2016 when the DAO was attacked, Ethereum has been split into two currencies- Ethereum (ETH) and Ethereum Classic (ETC). This post has some useful info on differentiating the two.
Ripple (XRP) is a great option for those who want to make low-cost international payments. Launched in 2012, the key to Ripple’s appeal is its ability to manage international transactions in real time with complete end-to-end transparency. Unlike Bitcoin, Ripple is not “mined”. It requires much less computing power than Bitcoin and results in much less network latency. For many reasons, Ripple is the third most popular cryptocurrency in the world and one of the most appealing to traditional financial institutions.
Since 2018 rumours have been abound that Facebook was developing its own cryptocurrency. We now know that this new crypto will be called Libra and that it is set to release in 2020 pending regulatory approvals. However, the current pandemic may have thrown a spanner in the works. There is no set release date at present. Its pedigree means that it will draw significant attention from within and outside of the crypto community, so this is certainly one to keep your eye on.
Finally, Litecoin has been around since 2011. Created by former Google engineer and MIT graduate Charlie Lee, Litecoin has been dubbed the silver to Bitcoin’s gold. If you’re looking for something that’s functionally similar to Bitcoin with a hugh trading volume, Litecoin is the way to go.
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