When it was first launched, it was more of a collectors item than a real wealth option for investors. Now, down the line in just less than five years cryptocurrencies are experiencing all that popularity and raging interest like the dotcom boom. Obviously, it all started with Bitcoin that made many investors rich. But taking the baton from Bitcoin other cryptocurrencies continued to flourish and made their presence felt as credible investment options soon.
The 330% price gain of cryptocurrencies in 2017 could not be contributed alone by Bitcoin, several less known cryptocurrencies experienced record growth. Naturally, time is ripe to take a look at the cryptocurrencies other than Bitcoin that deserves equal attention from investors. If you want to know which cryptocurrency can become the next Bitcoin, watch out for any of the listed below. You should also read cryptocurrency news daily to get every detail in the industry.
1. Ether (ETH)
Ether the cryptocurrency unleashed by the Ethereum network has already registered growth that made its most valuable cryptocurrency following Bitcoin. It achieved a total value of about $28 billion. It just started with $8 a piece that grown up to $300 for each recently. The most persistent value of this currency is its standout Ethereum network and blockchain technology.
Blockchain which works like a fully tamper-proof distributed database allows instant access to a database with authentication and security measures present for everyone at every place. Ether is a currency that is powered by this Blockchain technology throughout. Ethereum used blockchain to allow access and utilise smart contracts among multiple combinations of machines and humans and this allows tremendously easy accessibility without underscoring security measures and transaction protocols.
What’s this smart contract means for real life? Well, thanks to this many transactions that previously required the intervention of middlemen can do away with this. This will simply transaction process and relieve customers of excess fees and delay of time. Any payment can be processed literally instantly and effortlessly. Close to the heels of Ether, several other cryptocurrencies followed its successful rendition of Blockchain deployment to ensure effortless transactions over the network. The ultimate value that Ethereum endured is that it can work with a gamut of decentralised apps.
In that sense, Ethereum ecosystem of Blockchain based cryptocurrency is the true precursor of a digital economy. Naturally, when considering a long-term investment, you cannot find a better cryptocurrency than Ether.
2. OmiseGO (OMG)
The venture-backed startup and financial tech brand Omise is the latest example of a cryptocurrency experiencing all the rage. It is making slow progress to the launch of its OmiseGO blockchain technology. This is particularly promising for the digital economy as it is supposed to take the digital wallets into the mainstream economy through helping real-time and peer-based payments. This will also help effortless and almost instantaneous fund settlement beside curbing the transaction fees to a great extent. This would help more in the fashion of Paypal with the only difference of allowing the fast-paced and almost instantaneous transaction.
OmiseGO now boasting a total value of nearly $1 billion can give investors a part of the transaction fees just like the dividends from stock. The company promises to go live and to operate from the last quarter of 2018 when it will start sharing the profits made from the transaction fees with its investors.
This cryptocurrency is also much better protected from market volatility as the digital wallets are supposed to be backed by nationally registered and licensed reserves just like the banks that operate with a government license. So any transaction made through this wallet is currency-agnostic giving the onus of success or failure on the individual currency of the transaction. This will result in less volatility for OmiseGO favouring investors in the long run.
3. Qtum (QTUM)
The Qtum which at the same time represents the name of a company and the cryptocurrency token name is mainly focused on business transactions. It combines many of the best features of the bitcoin and Ethereum blockchains. This allowed Qtum to work as a robust and value-driven tool for businesses to build and utilise smart contracts to automate the process of business to business transactions and supply chain management.
The main objective of this currency is to unleash a consolidated platform of smart contracts using all secure templates that are designed keeping specific industry needs in mind. Qtum is said to have made big investments to ensure optimum mobile compatible transactions and easy end user experience. This makes this currency promising enough for widespread adoption. Recently boasting a market cap of $580 million it is one of the most credible newly launched cryptocurrencies for investors to choose.
Stellar has already gained a big market cap and is presently brushing its shoulders with top contenders in the cryptocurrency market. Just like Ether Blockchain based smart contract protocol is the key value offering of Stellar. Though, Stellar made its positioning stand out by targeting business corporations rather than being limited to only financial services and companies.
The best that happened to this currency is its recent partnership with IBM and this means several major banks in the entire South Pacific region deploy Blockchain based Stellar to deal with multiple currency payments. In the time to come, this currency can scale up the transaction across more regions. It is undoubtedly on a very promising growth track for investors to take Steller seriously.
Litecoin has positioned itself as a promising cryptocurrency following the footsteps of Bitcoin while making the process and technology simple. No, wonder it is often referred as the “bitcoin-Lite”.
Litecoin is the most promising peer-to-peer facilitator of transactions and payments like bitcoin. Its algorithm is more decentralised, and it improves the capacity of Blockchain through recent SegWit (Segregated Witness) upgrade. It ensure the fastest transaction without any security hassles and added the cost of fees.
When cryptocurrency tokens are unleashed by a new network for the first time, it is referred as an Initial Coin Offering or ICO. In recent times companies all over the globe have raised over $2.3 billion through these ICOs. So, it is already a happening zone for investors. While all are not equally promising or trustworthy as an investment option, there are several credible investment opportunities lurking among these new cryptocurrencies.