BUSINESS

The 12 Most Loved Altcoins in 2021

Investment Disclaimer: You should be aware that cryptocurrency markets are extremely volatile. Before deciding on trading/investing in cryptocurrencies, it is important to deepen your understanding of them and consult a licensed financial expert. 

As of August 2021, Statista estimates that there are almost 6,000 cryptocurrencies. After Bitcoin, several promising cryptocurrencies quickly emerged to the top. One primary reason why many investors are attracted to these well-performing cryptocurrencies is their potential.

Every cryptocurrency offers unique features to make them stand out. You may have heard of some features like improved scalability, smart contracts, or anonymity. In this article, you will be introduced to this year’s twelve most loved alternative cryptocurrencies – and some must-know key facts about them.

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  1. Ethereum (ETH)

Ethereum is the second most popular cryptocurrency in history, yet it differs significantly from Bitcoin. Some experts contend Ethereum’s technology is comparable to Bitcoin’s and anticipate that its market cap will surpass Bitcoin’s. The blockchain platform’s name is Ethereum, and the cryptocurrency’s name is Ether. Ethereum is a blockchain platform that allows users to create smart contracts.

  1. Chainlink (LINK)

Chainlink was rated among the top 100 developing technologies in the year 2020. Smart contract providers and investors are incentivised to use linked off-chain informational sources by the Chainlink token, LINK. Instead of having its blockchain, Chainlink’s protocol can function on multiple blockchains at the same time.

  1. Stellar Lumens (XLM)

Stellar’s purpose is to make transactions in developing markets more affordable. It is a decentralised network that connects the world’s numerous banking institutions, and it employs diverse payment methods (ACH, SEPA, SPEI, etc). Its network connects these systems through a decentralised ledger with on-off ramps for each payment method.

  1. Cardano (ADA)

Cardano’s ADA coin is protected by the Ouroboros proof-of-stake technology, which supports both permissioned and permissionless blockchains. The ADA token was created to give network owners a role in how the network operates. As a result, ADA holders can vote on proposed software updates.

  1. Binance Coin (BNB)

BNB may be used to pay for crypto credit card bills, and shops can accept BNB as a form of payment. BNB’s popularity has extended beyond its use on the Binance exchange since its inception, attracting speculators and day traders.

  1. Tether (USDT)

Tether is a stablecoin that is “tethered” to the US dollar. Its value is determined by the amount of money in their bank accounts, and each Tether coin is roughly equal to one US dollar. A Tether token is created every time a USD is invested. Tether is particularly advantageous for exchanges that frequently have difficulties when moving funds into US dollars, such as legal challenges with banks.

  1. XRP (XRP)

Only 100 billion XRP coins will ever be produced. Ripple XRP is another “utility” cryptocurrency that is often referred to as the “establishment” cryptocurrency. Its blockchain platform is designed to improve the efficiency of fiat currency cross-border transfers. Bank of America and American Express, for example, use their payment network.

  1. Polkadot (DOT)

Polkadot aims to create a truly decentralised web in which consumers, rather than giant corporations, have control over their privacy and personal data. Polkadot enables communities to personalise their blockchain governance to their specific needs and circumstances. Nominators, validators, collators, and fishermen all have different roles to play in helping to protect and sustain the network while also preventing bad activity.

  1. Solana (SOL)

Solana and other smart contract blockchains have been dubbed “Ethereum killers” by some. One of Solana’s important developments is the proof-of-history (PoH) consensus which provides higher protocol scalability to improve usability. This protocol helps speed up transaction and smart contract execution validation significantly. Solana has also gained a lot of institutional attention due to its lightning-fast process time.

  1. Litecoin (LTC)

Litecoin has made a name for itself as a more practical and technologically advanced Bitcoin substitute. Litecoin transactions are substantially faster than Bitcoin transactions. Litecoin is a blockchain-based cryptocurrency with extremely strong cryptographic defences, making it nearly impossible to breach.

  1. Uniswap (UNI)

Uniswap is an Ethereum-based dApp (decentralised application) that lets users exchange Ethereum tokens using liquidity pools. Its purpose is to give liquidity — and so trading and the benefit that trade brings — to the DeFi community.

  1. Dogecoin (DOGE)

The well-known meme coin can only be used for transactions. Several people are currently using DOGE to tip others on social media. Dogecoin has also garnered notoriety as a humanitarian cryptocurrency, supporting charities all across the world.

Disclaimer: The main purpose of this information is to inform our readers. Any information in this article should not be used to make a particular decision about cryptocurrency usage, legal issues, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, or anything else. We strongly advise you to seek the advice of a financial professional.

TIME BUSINESS NEWS

TBN Editor

Time Business News Editor Team