Technology has changed almost everything in the modern world – and now it’s changing the concept of money too. More than 2000 years after the first coin was minted in ancient Asia Minor, the world of dollar bills, central banks and the traditional banking system is being disrupted by cryptocurrencies – and there’s way more to this new world than just Bitcoin.
As businesses around the world adopt cryptocurrencies as a payment method, traders are taking notice. In this article, we take a look at four up and coming alternative currencies that you’ll definitely want to watch closely.
1. Ethereum – and Ethereum Classic.
While some cryptocurrencies make it their business to take on Bitcoin, Ethereum is going from strength to strength by supporting and expanding the Bitcoin platform. By providing the software that drives Bitcoin-based transactions, including crowdfunding apps, anonymous funding solutions and – yes – totally new cryptocurrencies, Ethereum is taking the crypto platform to new heights. According to cryptocurrency investor and founder of the DNX Community Graeme Conradie, Ethereum is definitely the runner-up to Bitcoin when it comes to global dominance.
2. Monero.
This innovative cryptocurrency, which is based on the CryptoNote protocol, improves on one area where some traders think Bitcoin falls short: maximum block size.
Bitcoin transactions are processed in blocks, with each one being “stacked” on top of the one before it and forming the base on which the next one will be stacked. The more blocks in the chain, the more stable the transaction will be. The only limitation is that each Bitcoin block is limited to 1 MB in size – but this isn’t the case with Monero. By eliminating the block size limitation, Monero has set itself on an exciting path to future expansion – this is definitely another great cryptocurrency to watch.
3. Dash.
If you’ve been trading cryptocurrencies for a while, you may remember Dash by its former name – X Coin. This disruptor has taken aim at the PayPal market, with shorter transaction times (typically on the same day, and often within hours) compared to the next-day payment time that PayPal customers usually experience.
Dash isn’t just planning on being faster than its main rival, but also more confident with customer information. Whereas PayPal is increasingly seen as part of the traditional banking establishment, Dash aims to maintain customer confidentiality and permit confidential transactions, making it a hot cryptocurrency to watch in the future.
4. Ripple.
Finally, Ripple is the cryptocurrency that is disrupting cryptocurrencies themselves – by working with traditional banks. Most international payments between banks in different countries go through a series of third parties, slowing down the process and adding costs to each transaction. Ripple’s main selling point is its ability to shorten transaction times by quickly verifying client information with each bank and get transactions done faster.
These are just four of the dozens of innovative new cryptocurrencies on the market – and if the current trend continues, there will be dozens more before long. When you decide to invest in a cryptocurrency, ask yourself whether it’s a true, competitive replacement for cash or just a nice-sounding fad. The answer to that question, as well as the currency’s performance in the months after its launch, will give you the clues you need to make the best strategic investment.
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