Top Five Cryptos After Bitcoin That Are Worth Your Attention

Top Five Cryptos After Bitcoin That Are Worth Your Attention

For those who are unaware of Bitcoin at this point, you might be living in oblivion. Since its initiation in 2009, Bitcoin has spearheaded hundreds of billions of dollars worldwide as a decentralised payment system. With Bitcoin being the foremost cryptocurrency, a variety of influential altcoins with distinct goals for creating quicker transactions, launching decentralised apps (dApps), tokenizing assets, and restructuring the traditional financial sector, are all built upon Bitcoin's foundational Blockchain technology.

From the likes of blooming Ethereum nurturing Web3 development to smaller but significant tokens driving international money transfers, a myriad of options now exist in the crypto space. This piece reveals the top five cryptos besides Bitcoin that deserve to be observed keenly. The selection criteria include adoption rate, functionality, cutting-edge technology, and future potential.

A Quick Glance at Cryptocurrencies 

Here’s a glance at the top five cryptos. As the name suggests, cryptocurrencies are digital currencies that leverage cryptography to function. They serve as a medium of exchange like any fiat currency but are backed by their independent blockchains.

These web-based currencies use advanced encryption to secure transactions, regulate coin creation, as well as authenticate transfers. The entire crypto revolution was initiated by Bitcoin, utilizing blockchain technology; a transparent and unchangeable ledger that records transactions across a decentralized network.

Contrary to fiat money, cryptocurrencies aren't regulated by any central authority such as a bank or government. Their valuation is based on digital scarcity with supplies capped algorithmically, hence immune to inflation.

Categories of Altcoins You Should Know

After Bitcoin's triumph, a multitude of cryptocurrencies have emerged in the crypto market. Branding under the umbrella term of 'altcoins' can be misleading for newcomers in crypto, but they can be broadly categorized as:

1. Alternative Cryptocurrencies - Cryptocurrencies like Bitcoin function on their independent blockchain networks, with their unique rules and transaction validation systems. Some altcoins share similar codes with Bitcoin or are created by splitting from the Bitcoin network. Altcoins like EthereumLitecoin, and Dash are prime examples.

2. Tokens - Tokens are crypto assets that run on an existing blockchain network. They resemble proprietary assets rather than currency alternatives and usually grant access to a particular product or service from a company or platform. Tether stablecoin and Uniswap's UNI token are widely recognized examples.

Top 5 Cryptos to Look Out For

Now, let's dive into altcoins that have shown potential to be key players in the crypto market alongside Bitcoin. Here's a list of the top five cryptos worth keeping an eye on:

1. Ethereum (ETH)

Founded by Vitalik Buterin in 2015, Ethereum incorporated an innovative feature of "smart contracts" in its network. This allowed dApps and automatic digital contracts to safely operate over Ethereum free from third-party intervention.

With a market capitalization exceeding $200 billion, Ethereum stands as the second most recognized digital currency following Bitcoin. It acts as a distributed platform enabling developers globally to create and launch decentralized applications ranging from DeFi to NFTs.

As the Ethereum network continues to grow its user base, the value of ETH, being the foundational currency, is expected to rise concurrently.

2. Tether (USDT)

Tether belongs to a subgroup of cryptocurrencies known as 'stablecoins' that anchor their value to an external reserve asset to minimize price fluctuation. In Tether’s case, each token is supposedly underpinned 1:1 by corresponding fiat currency reserves, particularly the US dollar.

Being its value stable, Tether serves as an effective store of value, unit of account, and medium of exchange in comparison to unpredictable coins across the crypto economy. It is the third largest cryptocurrency in terms of market cap, valued at over $65 billion, and is widely accepted by exchanges and platforms.

3. XRP (Ripple)

XRP, introduced by Ripple in 2012, is the native token of the XRP Ledger network explicitly designed for fast and economical cross-border transactions.

XRP's innovative method is its use of the Federated Byzantine Agreement consensus model, discarding energy-consuming "proof-of-work" mining used by Bitcoin and Ethereum for transaction verification.

Swift transaction settlement and low costs have led high-profile banks and financial institutions, including American Express and Santandar, to use RippleNet, a network of institutional payment providers that leverages XRP.

4. Binance Coin (BNB)

Binance Coin is the proprietary utility token of Binance, the top cryptocurrency exchange globally, based on trading volume. BNB was introduced through an initial coin offering and initially dispatched on the Ethereum blockchain before switching to its blockchain, virtue of the Binance Chain. BNB performs various functions including powering discounted trades and fueling a decentralized Binance Smart Chain ecosystem.

With Binance's explosive expansion into various cryptocurrency-associated ventures, BNB has rapidly grown into a top 10 cryptocurrency.

5. Solana (SOL)

One of the newest projects launched in 2020, Solana, shows promise to compete with Ethereum as the optimal blockchain for dApps.

In addition to proof-of-stake validation, Solana introduces a unique “proof-of-history” function that significantly enhances transaction speed and capacity compared to older blockchains. This combination allows Solana to accommodate over 50,000 transactions per second with sub-second block times.

Rapid transaction speeds at affordable prices along with built-in smart contract capabilities and a burgeoning developer/user community have facilitated SOL's rapid growth within two years, now ranked within the top 10 cryptocurrencies by market cap.

FlipEx: Your Trusted Crypto to Naira Conversion Platform 

For individuals in Nigeria looking for a reliable platform to convert their crypto to Naira, FlipEx offers a secure exchange platform with superior Naira rates, zero fees, and fast payout to Nigerian banks.

With trusted by numerous Nigerians, FlipEx enables instant conversion of popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin to Naira.

The registration process is simple: download the FlipEx App from the Google Play Store or Apple App Store, sign up and verify your account, and deposit crypto to instantly convert it to Naira at the best current rate.

Cryptocurrencies FAQs

Have more questions about cryptocurrencies? Here are some common ones:

1. Can cryptocurrencies be hacked and how safe are they? While blockchain networks are virtually unhackable with their robust encryption, some exchanges lacking stringent security practices might have vulnerabilities. Avoid storing coins on insecure exchanges.

2. What is the next mind-blowing cryptocurrency? New types of smart contract networks like Cardano aim at tackling Ethereum's challenges better. Certain coin types are specifically designated for unique purposes like data gathering and storage, games, gadgets, social networks, and more. These new systems could revolutionize how regular businesses operate using decentralized finance.

3. What's the difference between crypto tokens and cryptocurrency coins? As explained earlier, tokens offer utilities such as voting rights or ownership of assets, whereas cryptocurrencies like Bitcoin serve as monetary tools for transactions or storing long-term value.

Final Thoughts

Cryptocurrencies have inaugurated a new digital economy, granting worldwide citizens greater control over their money through technology. Although these currencies are often associated with price volatility, their true power lies within the disruptive influence of blockchain technology in traditional financial and banking systems. For Nigerians, secure and swift conversion of crypto into Naira enables accessibility to digital finance, providing tailor-made solutions for personal needs.


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