Best Altcoins to buy
What do you think? What are the best Altcoins to buy these days?
I mean if Bitcoin were to suddenly disappear from the market, what alternative cryptocurrency would you choose to invest in?
Would it be LiteCoin? Or maybe Ethereum, Ripple or Monero? Or you could just wait on the Facebook Libra to make it’s debut onto the market.
The decision could be a little harder than we might think though, because as at May 2018 there were 1499 different Altcoins available on the internet. That number has now risen to 2302 different versions of Altcoin this time, August 2019.
What is the meaning of Cryptocurrency and Altcoin
I’ve spoken about Cryptocurrencies briefly in other posts, but here is a very quick, very spicy definition of both Cryptocurrencies and Altcoin.
The word cryptocurrency refers to a new type of currency that has been around since 2009. This currency is not in physical form that you can hold in your hand, but instead is in the form of digital currency or virtual currency.
This means that it exists only on our computer network. Out there in cyberspace. It is not tangible Since its inception back in 2009, beginning with the Bitcoin, Cryptocurrency use has grown by leaps and bounds.
So too have the different types of cryptocurrencies that have come onto the market since 2009. As stated before there are now 2302 different versions excluding Bitcoin and the total market cap of all Cryptocurrencies now stands at over $300 Billion.
Altcoin refers to any form of cryptocurrency that is not Bitcoin. These try to present themselves as alternatives to Bitcoin but in reality most altcoins are based on Bitcoins Blockchain technology protocol.
A few, such as Ethereum, Ripple, Waves and Omni have created their own Blockchain Technology and as such are truly separate from Bitcoin.
Top Altcoins by release dates
Here’s a listing of the top performing Altcoins, categorized by the Altcoin release date onto the market. Which of these do you think represent the best Altcoins to buy for the purpose of investment?
Litecoin in 2011
Litecoin (LTC) was the second cryptocurrency to be created, coming out in 2011. Just 2 years after Bitcoin appeared on the scene in 2009. It’s creator was Mr. Charlie Lee, an MIT graduate who had written the Blockchain technology used for Litecoin in his spare time while he was employed to tech giant Google Inc.
It seems the crypto business runs in the family too as his brother Bobby Lee just happens to be the the founder of the cryptocurrency exchange BTC China.
The idea behind Litecoin was to create a crypto for CPU mining because GPU mining was proving problematic for some people.
Litecoin uses the Scrypt algorithm as it’s proof of work method. While Bitcoin uses Hashcash as it’s proof of work algorithm. The use of Scrypt now allows regular consumer grade CPU’s to be used for Litecoin mining instead of this type of Scrypt mining being solely limited to the faster GPU. This makes CPU mining pools possible.
The current Litecoin price is $85.68 USD for 1 unit. While the capitalization limit is set at $5,398,883,018 USD
Ripple in 2012
The history of this cryptocurrency is a bit hard to fathom without a lot of research. First of all the name Ripple is not the name of the crypt at all. The crypto is called XRP, while the name Ripple refers to a software company out of San Francisco, California.
So XRP in fact is a digital currency that was created by Ripple Labs Inc. and it is supposed to be capable of handling 1,500 transactions every second.
Originally Ripple was conceived in 2004 by Mr. Ray Fugger who built the first version of the RipplePay system.
He eventually handed over the system in 2012 to Chris Larsen and Jed McCaleb. This transfer of control has resulted in the new iteration of Ripple and the creation of the XRP cryptocurrency.
The XRP system is currently being experimented with by some banks and payment providers such as Western Union with the aim of potentially using it as a means of making payments.
Ripple makes the claim that the XRP is the only digital asset that was specifically designed for use by financial institutions and payment providers. Supposedly helping to enable these institutions to settle cross-border payments in real-time at lower costs.
The current XRP price is $0.30 USD for 1 unit of XRP. While the limit for XRP capitalization is set at $12,804,583,729 USD
Dash in 2014
Dash is another contender for the title of best Altcoins to buy in 2019. It is also a Bitcoin fork which means it was written using a duplicate of the Bitcoin Blockchain codes which they modified to suit their needs.
This crypto was created by Evan Duffield in 2014 and started off using the name XCoin. Soon after changing to DarkCoin. Then in March 2015 it underwent another name change becoming what we now have today as Dash, which is short for Digital Cash
This form of digital currency was created to solve the issues of privacy and slow transaction speed that was a bit of an issue with Bitcoin.
It has been successful at enhancing transaction speeds with a Dash transaction taking 2 minutes 39 seconds as opposed to Bitcoin’s 10 minutes per transaction.
As far as privacy is concerned Dash keeps both sender and receiver addresses hidden so that transactions cannot be traced.
The price for Dash at this time is $99.54 USD for 1 unit.. While the Dash capitalization is set at $893,219,606 USD
Monero in 2014
Monero (XMR) was created by a team of 7 developers, 5 of which have chosen to remain anonymous. The 2 that are known are Ricardo Spagni and David Latapy.
Monero was created to provide more privacy and decentralization for digital transactions. For this purpose it utilizes a proof of work algorithm named Cryptonight. This is suitable only for PC CPU’s and at most a few GPu’s. Therefore Cryptonight mining can only be done by a PC CPU or GPU at the moment.
It’s focus on privacy and untraceability seems to have made this particular cryptocurrency a popular choice among criminal elements who would like to keep their transactions private for whatever reason
The price of Monero at this time is $91.50 USD for 1 unit of Monero. While the limit for Monero capitalization is set at $1,568,266,829 USD
Neo in 2014
One member of the duo who founded NEO has said that it will become the top cryptocurrency in 2020.
Neo was created in 2014 by Da Hongfei and Erik Zhang in China and began it’s journey under the name AntShares. This was changed in June 2017 when AntShares was rebranded, becoming NEO.
The crypto that is referred to in some circles as the Ethereum of China is the largest, most established form of digital currency that has emerged from the Peoples Republic of China.
Rather than using the usual proof of work algorithms, NEO has opted to use a consensus mechanism called Delegated Byzantine Fault Tolerance as it’s crypto consensus algorithm.
This gives NEO a unique Blockchain which supports decentralized commerce which creates ways for physical assets like money and company shares to be digitized and exchanged over NEO’s network. It also provides a platform for smart contracts
At the moment the price for NEO stands at $10.77 USD per unit while the market capitalization is currently at $759,788,830.00
Stellar in 2014
The Stellar cryptocurrency was launched in 2014 by a co-founder of the Ripple crypto Jeb McCaleb and a lady by the name of Joyce Kim. Later that same year the name was changed to Lumens or XLM
It was intended to be a decentralized open-source payment protocol for transfers of digital currencies to fiat currency that would allow for cross-border transactions between any pair of currencies at rapid transaction speeds.
Stellar doesn’t use a proof of work protocol as Bitcoin and some other cryptocurrencies do. Instead it uses what is called the Stellar Consensus Protocol which does the actual verification of the transactions.
Current price for the Stellar Lumen is $0.067530 USD while the market cap is $1,326,022,326 USD
ChainLink In 2014
Chainlink (LINK) is a decentralized cryptocurrency platform with headquarters in the Cayman Islands, that was created by Sergey Nazarov and Steve Ellis in September 2014.
The platform was intended to bridge the gaps between blockchain contracts and applications that are off the blockchain.
Chainlink is supposed to be a tamper-proof blockchain middleware altcoin, connecting smart contracts to the data sources they need to function.
Also allowing for payments to be sent from contracts to bank accounts and payment networks.
The current cost for this Crypto is $2.23 USD and the market cap is set at $781,617,309 USD
Ethereum in 2015
Ethereum (ETH) is seen as one of the best Altcoins available on the market. It is both a cryptocurrency and a decentralized software platform which allows for smart contracts and distributed applications aka Dapps.
This crypto was first conceptualized by a 19 year old programmer in Canada named Vitalik Buterin who tabled a white paper describing Ethereum.
His intention was to create a platform designed for any type of decentralized applications that a developer could want to build.
This virtual currency uses a specific proof of work algorithm called Etash which makes it harder for the ASIC miner.
Ethereum is currently priced at $211.85 USD with market capitalization at $22,730,059,872 USD
ZCash in 2016
ZeroCoin which came about in the 1980’s is the predecessor of ZCash. Developed by Matthew Green who was a grad student at John Hopkins University at the time is credited with it’s development.
In 2013 Professor Green and 2 of his grad students came up with a newer version of the ZeroCoin. Which became known as ZeroCash, later shortened to ZCash.
ZCash (ZEC) is seen as a decentralized cryptocurrency that uses a type of cryptography known as zero-knowledge cryptography to protect the privacy of transactions.
Providing both privacy and selective transparency for transactions.
This form of digital currency has a fixed total supply of 21 million units, with each unit currently priced at $57.37 USD and a market cap of $412,173,279.00 USD
Bitcoin Cash in 2017
Bitcoin Cash (BCH) came onto the scene in 2017 as a result of a problem that was detected in the original Bitcoin cryptocurrency.
This problem was a result of the limited size of the 1 mb blocks which was thought to result in higher transaction fees and generally less reliable transactions.
To solve this issue Bitcoins developers initiated a Hard Fork and increased the block size on a new chain from 1 mb to 8 mb.
This new chain became Bitcoin Cash. Since that initial fork the Bitcoin Cash block size has now been upgraded to 32 mb.
With this increase in block size more transactions are able to be be processed for smaller fees.
The aim of this cryptocurrency is to become widely usable as cash.
To purchase 1 unit of BCH you need $299.90 USD, while the market cap is currently $5,386,109,179 USD