Five Alternatives to Bitcoin in 2018

Bitcoin introduction in 2009 and its dramatic increase in value over the last few years has heralded a new era of digital currency and investors everywhere are scrambling to back the next big cryptocurrency. Since Bitcoin hit the market, dozens of others have followed suit hoping to follow in Bitcoin's lucrative footsteps. When the currency you choose to invest in could have serious financial implications, it's important to be aware of all the viable alternatives on the market.

Ethereum (ETH)

Etherium is already well-known to many cryptocurrency investors and is currently considered Bitcoin's main competitor. Ethereum's blockchain technology enables any individual to use it to build apps which are decentralised. Ethereum's backers hope this ability will prove to be the unique selling point that elevates Ethereum above the competition.

Etheruem's strengths as a currency come from its speed and security. Ethereum doesn't record who owns their currency and, in so doing, provides a layer of anonymity for its users. For these reasons, Ethereum is often used by parties looking for more privacy.

Zcash

Zcash, like many other cryptocurrencies, is very similar to Bitcoin but with a few crucial differences that the creators hope will improve its usability and appeal. Zcash doesn't keep a log of individual transactions in an effort to protect the privacy of its users. The added privacy does come at the cost of increased processing time, so Zcash has made it an optional extra. Users have an extra degree of flexibility when using Zcash, as they can choose to easily turn on the option for complete privacy for individual transactions as and when they see fit.

Monero

Monero is another cryptocurrency that places a huge importance on privacy. Many newer cryptocurrencies hope to attract business away from Bitcoin by challenging the perceived lack of opacity in the trades made using the world's number one digital currency. Monero protects user information being revealed by either side of a transaction by automatically applying privacy settings to every deal and not offering either party the opportunity to lift them. Monero has also ensured it is ready for the future by having a flexible block size limit so it is well placed to handle exponential growth and popularity.

Ripple

Ripple is a popular alternative to Bitcoin that focuses on lowering transaction times and providing quicker, more efficient, service. Unlike some Bitcoin alternatives, trades made with Ripple are completely transparent. The openness of Ripple arguably gave the cryptocurrency a degree of legitimacy during its fledgling years which allowed it to expand rapidly.

Trades made with ripple take less than five seconds to finalise. Ripple's speed and transparency had made it a popular and trustworthy alternative to Bitcoin, which has already greatly increased in value over the past few years. Many investors are banking on Ripple to be one of the main digital currency options for years to come.

Dash

The creators of Dash hope to gain ground on the competition by marketing their currency as the best option for everyday transactions. To do this, Dash has made their currency as flexible as possible by giving users the option of prioritising speed or privacy in each transaction. Dash disguises the details of individual transactions processing the deal in the same batch as many others.

Dash's speed and flexibility have caused many people in the cryptocurrency world to sit up and take notice. The potential for Dash to be used in a large number of transactions has created the opportunity for substantial growth in the near future.

Cryptocurrencies are becoming increasingly mainstream and there is a sense that there is still a lot of money to be made from investing in the right ones. Time spent researching which currency to invest in is time well spent as the correct decision could be life-changing. There are, of course, many inherent risks that shouldn't be ignored when investing in currency, but for the lucky few for whom the gamble pays off, the outcome could be incredibly lucrative.

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