What is the first thing that comes to our mind when we hear the term Cryptocurrency?
That is understandable since it is the most mainstream among all. Cryptocurrencies have anyway become a major name since the beginning of this decade, especially with easy accessibility and user-friendliness through the bitcoin billionaire.
However, they are not the only Cryptocurrency in the digital currency universe.
Have you ever heard of something called altcoin?
This was quite the unheard term until the year 2020, but influential names started investing and trading in altcoins with the pandemic and almost every secondary and tertiary sector of the market going digital.
Therefore, making the term more familiar to the public. But, Altcoin is not an entity of its own like Bitcoin. Then what is an altcoin?
Let’s find out!
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What Is Altcoin?
If there is a certain domain that provides something, there are bound to be competitors. Therefore, once placed in simple terms, altcoins are the competitors to Bitcoin. After a few years of Bitcoin finding its fame, new Cryptocurrencies started conquering the market.
Their foremost strategy is to understand Bitcoin end to end and recognize drawbacks that can be bettered into their own altcoins to provide the investors with a better experience.
Here are the top 5 Altcoins in 2023 you should know about.
1. Shiba Inu
Being launched recently in August 2020, this altcoin is already witnessing skyrocketing growth since then. This Cryptocurrency is already impressing big investors with its concrete credibility and excellent performance.
Its loyal investors are also adamant about seeing it in the latest Robinhood Markets Inc, and they have already signed a petition for it. With it already reaching its $1 cap mark soon (as predicted recently), this change will help the altcoin reach newer heights.
2. Stellar Lumens
This Cryptocurrency is known for the amalgamation of digital currency with the real world. It aims to make the best of both worlds.
That’s why it decided to amalgamate many banking systems which had disconnected payment methods and connect them into one decentralized platform. This is the best platform for you if you are new and dipping your toes in the Crypto market.
Because of its integrated networking system, you will get a better opportunity for expansion. This platform is also known to have the least legal issues since you can pay a certain amount to secure your investment from any malware.
Unswap is known for its excellent automated solution system, which can easily solve any liquidity issues. This Cryptocurrency falls heavily on the token phenomenon, which is basically a trading asset that can be used for any other economic purpose.
Unlike many other digital currencies in the market, Uniswap believes in making the exchange of tokens open for everyone in the Crypto universe. Because of its evolution from the traditional exchanges and creating liquidity when it comes to assets, it has gained a good amount of popularity in the market since its commencement.
Polkadot is a Cryptocurrency in the form of Blockchain that was launched by the co-founder of Etherium Gavin Wood. This has some similarities with Bitcoin; it is a permanent transaction system where no currency can be redeemed by one’s own will.
However, there is one unique feature that makes it stand out. The ‘parachians’ are not set in stone Blockchains and can be customized by the investors. Additionally, it won’t be taking away any of the high-security measures established on each Blockchain.
The network will still be able to access all the chains. Investors are already putting high expectations on this, predicting a $40 market cap in the near future.
Although Bitcoin is known to be proud of its partially anonymous system where every transaction is transparent, Monero seems to have total opposite values. This Cryptocurrency believes in making the entire thing more private and anonymous.
According to them, Crypto users value their privacy more than anything, and it is their duty to offer this to their loyal investors. Essentially, this is actually a credible statement since Monero has more than a $4 billion market cap already.
‘Altcoins are the new Bitcoins.’
This has been an overused statement in the Crypto market. However, many passionate investors and recurring citizens of this Crypto universe believe that this competition will become a catalyst in making Cryptocurrency more mainstream, and soon in its influence, banks will endure what postal service did with the usage of email.