3 of the Best Bitcoin Alternatives Today You Need to Know
The crypto market continues to struggle to achieve mass adoption, with most people focusing on Bitcoin. However, Bitcoin still has problems, some of which are quite challenging, without the guarantee that they will be completely solved.
While Bitcoin has become the biggest cryptocurrency since it was first created, there is no guarantee that Bitcoin will remain in number one position forever.
Although this is what many people tend to say, it is still a possibility that cannot be ignored. With that in mind, here are 3 of the top cryptos that might serve as an alternative to Bitcoin in the future, given how high the costs are, and how long they are waiting.
1. Stellar (XLM)
Stellar is present as an alternative to XRP and BTC. This is actually very similar to XRP in the sense that it provides a very fast way to complete international transactions.
However, there is one big difference, which lies in the fact that Stellar offers services directly to individuals, where XRP offers services to banks.
Stellar is one of the fastest coins on the market, and is fully decentralized, so there is not the slightest danger that third parties might interfere with their transactions.
Because of this, many in the crypto community see XLM as a better coin than XRP and even its biggest rival. However you choose to see it, this is a fast, scalable, decentralized payment method that can certainly do what Bitcoin does, only faster.
2. XRP
XRP has been known as a 'money transfer coin' because its purpose is to provide better, faster and cheaper international transactions.
It was made by a company called Ripple Labs, and so far, it has become one of the best ways to send money across borders. It works in combination with Ripple products such as xRapid, encourages it and makes it possible to carry out almost instant transactions at a low cost.
The company has decided to offer its products to banks around the world, and most financial institutions have decided to accept the offer. This is their way of trying to remain relevant in a world that is rapidly turning to crypto, rather than continuing to use old, outdated systems.
Of course, because of its relationship with Ripple Labs and banks, many consider XRP as fake crypto, centralized coins, or even scams. However, this is largely speculation, and Ripple claims that the XRP can continue its existence even if the company disappears. Whether this is true or not, XRP is certainly very scalable and a good solution for sending money across borders.
3. Litecoin (LTC)
Finally, there is Litecoin, which is a coin that comes from the Bitcoin family, because it branched off from Bitcoin in 2011. Coin developers realize that the problems faced by Bitcoin may never be resolved, and even if they do - it will likely take years. It turns out they are right, because BTC still faces many of the same problems to date.
Meanwhile, Litecoin dedicated its efforts to improve, becoming a facilitator of capable P2P payments such as BTC. However, its features have a much faster block processing speed, which makes miners not only interested, but also well rewarded for their efforts.
The PoW algorithm is believed to be more decentralized than Bitcoin, and also implements the SegWit upgrade, which increases blockchain capacity, while reducing costs and turnaround times.