Bitcoin has been the best performing asset of the last decade. There has been a surge in the purchase of Bitcoin and altcoins. Other than Bitcoin, most of the cryptocurrency investors look for best Bitcoin alternatives to invest on.
Bitcoin is easily the flagship cryptocurrency that represents crypto for a large population which was launched by Satoshi Nakamoto. Bitcoin’s whitepaper that was released in 2008. The Bitcoin blockchain network was finally launched in 2009. Bitcoin has retained its position as the number 1 cryptocurrency over the years, unshaken and getting back on its feet if it faced a fall, with a market cap of $866,104,202,126 USD and at the time of writing this article, it was valued at $45489.43.
However, for crypto investors who are not comfortable to trade or exchange Bitcoin, here are some great alternatives:
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Ethereum (ETH): Best Bitcoin Alternative
The second largest and best cryptocurrency available in the crypto space is Ethereum. It was launched in the year 2015 by its founder, Vitalik Buterin. Ethereum supports a wide range of functions including creation and development of dApps, DeFi tokens, smart contracts and NFTs. Several crypto tokens are also based on the Ethereum blockchain network, which makes it a prominent competitor which can offer a level of high probability as a replacement for Bitcoin in the future.
It is constantly emerging and evolving with Ethereum 2.0, it will prove to be better than Bitcoin in terms of energy consumption and environment friendliness as it will be shifting from the Proof of Work consensus (PoW) to the Proof of Stake (PoS) consensus This update will also provide better scalability for a more efficient network. Ethereum does not have a limited supply, unlike Bitcoin.
At the time of writing this article, Ethereum was ranked 2nd in terms of market cap ($323,682,581,701 USD), according to CoinMarketCap.
Also, ETH is the best Bitcoin alternative that uses less energy and once it migrates to ETH 2.0, it will be one of the environmental friendly cryptocurrencies to purchase.
Note: It is possible that ETH may flip BTC in the near future.
Solana (SOL): Best ETH Killer?
Solana is headquartered in San Francisco with offices located in San Diego as well as Boulder. The blockchain network is centered around eight, different innovations with an open sourced code base. It was founded in 2018, but was released in 2020. The blockchain network aims to be the fastest one layer solution for the creation and development of decentralized applications (dApps).
It is a major competitor of not only Bitcoin, but also Ethereum, popularly labelled as the Ethereum killer. It is a greener version of the above mentioned blockchain networks. It seeks to improve its scalability through the introduction of a hybrid model consisting of Proof of history (PoH) consensus combined with the underlying Proof Of Stake (PoS) consensus of the blockchain network.
At the time of writing this article, Solana was ranked 14th in terms of market cap ($10,088,507,333 USD), according to CoinMarketCap.
MATIC: Best Layer 2 Crypto
MATIC is the native crypto of Polygon Network, previously known as Matic Network. Polygon Network seeks to provide a two layer scalability solutions to avoid congestion of transactions on the blockchain network. The best exchanges for crypto trading in Polygon are currently Binance, OKEx, FTX, and Huobi Global. MATIC tokens are ERC-20 tokens that are powered by the Ethereum blockchain network. Its key component is the Polygon SDK, a modular and flexible framework which supports creation and development of multiple types of applications.
It offers infrastructure development such as optimistic roll up chains, ZK roll up chains, stand alone chains or any other kind of blockchain infrastructure required by the developer. It is backed by Binance and Coinbase. Polygon claims to hold the ability to execute up to 65,000 transactions per second on a single side chain, with a respectable block confirmation time that is lesser than two seconds.
At the time of writing this article, MATIC was ranked 18th in terms of market cap ($6,728,852,538 USD), according to CoinMarketCap.
BNB (Binance Coin): Best Performing Exchange Coin
Binance coin (BNB) is a crypto launched by one of the largest crypto related services provider, Binance. It was launched in July 2017. The coin is especially beneficial for usage within the Binance ecosystem, for example, a discount on trading fees can be availed on Binance. The coin also plays a role in the governance of the platform.
BNB was previously an ERC-20 token which means that it was created on the Ethereum blockchain. But the source for issuing the coins was shifted to a blockchain network that Binance created, which is secured by the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism.
BNB faced a significant increase in its value in early 2021 and its popularity has nearly peaked as an all time high.
At the time of writing this article, BNB was ranked 4th in terms of market cap ($56,098,167,889 USD), according to CoinMarketCap.
FTT (FTX Token): Best Crypto Exchange Coin
FTT tokens are the native crypto token released by FTX, one of the best known crypto derivatives trading platform. It was launched on May 8, 2019. FTX states that the unique selling point of the FTT token is its features such as the claw back prevention, a centralized collateral pool and universal stablecoin settlement.
The FTX Token or FTT was found by Sam Bankman Fried and Gary Wang. The FTT token is an ERC-20 token that is powered by the Ethereum blockchain network.
At the time of writing this article, FTT was ranked 30th in terms of market cap ($3,746,669,669 USD), according to CoinMarketCap.
Chiliz (CHZ): Best NFT Token
Chiliz (CHZ) is a leading digital asset, utilized for sports and entertainment. It empowers the world’s first ever fan engagement and rewards platform, that is based on blockchain known as Socios.com.
Fans can buy as well as trade Fan Tokens that are branded and are allowed to participate, influence, and vote in surveys & polls that are based on their preferred clubs.
The CHZ Token offers high liquidity which can be traded on some globally established exchanges, such as Binance, Bitpanda, HBTC, Paribu and Mercado. A total of twenty five major sports and e sports organisations such as FC Barcelona, Juventus, AC Milan, OG, Paris Saint-Germain, Manchester City and Professional Fighters League have launched Fan Tokens via the platform.
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At the time of writing this article, CHZ was ranked 62nd in terms of market cap ($1,553,700,895 USD), according to CoinMarketCap.
Best Bitcoin Competitor: Which is the best altcoin to buy?
Out of all the altcoins, I like Ethereum the most. ETH seems to be the best Bitcoin competitor. If I ever had to buy an altcoin that I think would perform better than Bitcoin in the future, it would be Ethereum.
Which coin do you see to be the closest competitor to Bitcoin? Share with us in the comment section.