The Cryptocurrencies That Should Be On Your Radar
What do you usually think of when you hear the word cryptocurrency? Chances are that the first thing that comes to mind is Bitcoin. There’s a good reason for that association simply because Bitcoin dominates the cryptocurrency landscape. Plus, Bitcoin stocks made this a good deal in 2017 when the value of a single Bitcoin topped $20-thousand. That’s pretty amazing for what amounts to a virtual currency that you use exclusively online. There are also bitcoin stocks that have taken off lately. Here is a list of bitcoin stocks you can take a look at as well.
But what about the other players in the field?
Well, you could invest in just about any of the strong contenders but if you have an investment strategy that includes a bit of risk and a whole lot of diversity, maybe you should look at something further down the list of popular cryptocurrencies. In fact, there are currently over 700 cryptocurrencies currently in the market so you have a lot of choices when it comes to mixing up your portfolio. But, which ones should you watch and which should you ignore? Here’s a peek at a few of the others that don’t normally draw the kind of attention that Bitcoin stocks do these days. However, remember there was a time, not that long ago, when Bitcoin was also an unheard of entity.
1 – Ripple (XRP)
Launched in 2012, Ripple is very different to Bitcoin although it has roots in Bitcoin as it was created by former Bitcoin developers. The goal at the time was to improve and possibly put a ripple (see the gag here?) in the global remittance industry. Essential Ripple is a network. The network uses the ripple token in transaction activity. The Ripple network is already being used by major banking institutions.
2 – Vertcoin (VTC)
Launched in 2014, Vertcoin also nods to Bitcoin for connections to the development of both the cryptocurrency and the network it functions within. Vertcoin is the first of the virtual currencies to implement stealth addresses and offers next-generation ASIC. What this means to a potential investor is that this could be a breakout winner and is gaining traction based on the fact that there are well over 41-million Vertcoins in circulation. The cap was set at 84 million.
3 – IOTA (IOT)
Launched in 2015, IOTA is also another cryptocurrency that carries a first. It happens to be the first cryptocurrency to use the Tangle blockchain. The next-gen Tangle has given IOTA some notable differences from Bitcoin. Bitcoin, for example, suffered from scalability and processing times. IOTA has managed to remedy this thanks to Tangle. You could be looking at a soon-to-be industry leader with this cryptocurrency.
4 – Zcash (ZEC)
Launched in 2016, Zcash is really different from all the other players on the field. In fact, you may even consider this one a potential game changer. Where Zcash blows everything out of the water is that it is the first open, permissionless financial system. It employs zero-knowledge security. If risk is your game, this brave entry into the virtual currency industry could be worth looking into.
5 – Potcoin (POT)
Well, you know, some of those hippies did become successful businessmen a decade or two after they got their act together. However, thanks to the ongoing push to and success of legalizing the cannabis industry, Potcoin came into existence. Launched in 2014 it may be considered a ‘niche’ product but anyone who has monitored the stocks of companies directly or indirectly connected to the cannabis industry has seen growth and stability in their investments.
6 – NEM (XEM)
You know how hybrid cars took off and seem to continue to have a place in today’s world? Well, NEM is sort of like that. It was launched in 2014 and is the first hybrid combined public/private blockchain. It was created from nothing and was also the first such solution to utilize the POI algorithm (Proof of Importance) from the EigenTrust reputation system.
7 – Nxt (NXT)
Launched in 2014, Nxt is a flexible platform that was specifically designed to operate as that. The platform is used to build applications as well as financial services around the foundation of that protocol. It was also the first cryptocurrency to rely entirely on the POS (proof of stake) for consensus. As a result, a block creation rate of about 60-seconds is the claim to fame for Nxt.
8 – DigitalNote (XDN)
Launched in 2014, DigitalNote is extremely unique in many ways. First, it is a private cryptocurrency. Second, it has instant untraceable crypto messages combined with first blockchain banking. Third, it uses the CryptoNote protocol in the banking implementation DigitalNote functions with. What’s that mean? Cutting edge technology. ‘Nuff said.
9 – SwiftCoin (STC)
Launched in 2011, SwiftCoin is the first digital coin that has a value based on the production of electricity. It was also the first blockchain to use interest paid on debt for currency creation. Other firsts with SwiftCoin include that it was one of the first cryptocurrencies to receive a US patent. It was also the first blockchain that supported encrypted attachments via email.
10 – Cardano (ADA)
This is another of the fully open source projects that looks to revolutionize smart contracts. With over 26-billion tokens already in circulation and a cap of 45 million, this relative newbie on the block (chain…sorry, we couldn’t resist!) is touted as hoping to deliver features far more advanced than any existing protocol. While that sounds ambitious to some, it may just be the one you won’t want to let get away.
There’s A Lot Going On Beyond Bitcoin
Clearly, the digital coin-age is not going away anytime soon. It is far more than a fad and in many cases, is still in the developmental stage. For investment purposes, there are several ways to look at the world of cryptocurrencies. Probably the smartest one revolves around trying to find a way to get in on the action early in the game.