The article will cover:
- Bitcoin as the only winner in the race
- Competitors are waiting in the wings
- Top-5 the cryptocurrencies to watch
2017 became a special year for cryptocurrencies: to watch so many names of coins was surprising even for optimists. This list is constantly expanding as well as people’s interest in this financial phenomenon. Bitcoin is often presented as a synonym of cryptocurrency, its value is steadily growing and it would seem that the prospects of remaining the most expensive coin are undeniable. Moreover its code formed the basis for other types of cryptocurrency. But is it so calm in the friendly team? Which cryptocoin can become a new leader in the nearest future?
Real and potential competitors of bitcoin
BTC is a cryptocurrency number one. It goes without saying at the moment, but what about other representatives of the list which are trying to get ahead? Those users who are closely involved in mining of bitcoin several years ago do not worry in contrast to new earners who face many obstacles to get into the process and receive more or less significant profits. For beginners in mining it makes sense to adopt the information coming from the leading experts in the cryptocurrency market and to focus efforts to work with coins that have good chances of success.
LTC and ETH are the most worthy competitors of the Gold Coin. Their popularity is growing along with the growth of capitalization. It is logical that the number of people trying to become earners of these coins also increases. More and more manufacturers of ASIC-equipment construct their devices to work with the appropriate algorithms; therefore mining from an office or home computer becomes more difficult, more expensive and longer in time.
It is highly likely that in 2018 miners will have to refocus their attention on other positions in the list. To compile the top of the best cryptocurrencies to watch which will be presented below opinions of authoritative experts were taken into account. Information received on forums where users of different levels communicate was also important.
Ripple is doing its best to replace ETH from the top. XPR technology is actively supported by banking structures of Japan and South Korea, which significantly influenced the popularity of the coin. However, experience shows that the rapid growth is followed by a pullback, so not all investors are in a hurry to invest their money in a novelty. As soon as the price stabilizes the coin, users can safely deposit this currency into the investment portfolio. XRP is not an exact copy of BTC. On closer examination Ripple has even a number of advantages. For example its system is protected from attacks with a large flow of transactions. Ripple is not threatened by inflation and within its nodes it can replace both traditional money and any other cryptocurrency.
Neo is considered to be the Chinese equivalent of Ethereum. The monetary unit received its name after the rebranding of Antshares (ANS). NEO is very promising because the importance of Chinese participation in the cryptocurrency market is increasing, and this is the lion’s share of the world market. If there is a legalization of digital money in China, Neo will receive a huge support. Blockchain platform of NEO has got an open source; its smart contracts maintain digital ID and are good for decentralized commerce. Such companies as Microsoft and Alibaba have already acknowledged Neo. As for the figures Neo has got a value which equals 1 and it can’t be divided into fractions. The Neo system is protected from inflation by a restriction of mining to 15 million per year.
Dogecoin is created on the LTC base. The work involves a general algorithm but with a number of changes. In 2013 the popular meme “doge” – a funny surprised dog – gave the idea to the programmer Billy Marcus to give the name “Dogecoin” to a new digital coin. DOGE is a good target for mining so it is also among worthy cryptocurrencies to watch. The coin is easily converted into any other cryptocurrency, anyone can practically from scratch take part in the process, the system of DOGE faucets works, and programs for mining are free. Also among the advantages is a simple withdrawal of coins in any official currency of the world. But all this is relevant at the moment. With the increase in the cost and popularity of dogecoin and limited emissions every day, mining can become rather difficult.
The creators of Monero did not follow the footsteps of bitcoin and used the special algorithm of the ring signature CryptoNote to operate the system. This ensures a high degree of reliability and anonymity of the currency. XMR is insured against inflation in the same way as other types of coins, namely it is produced in limited quantities. Growing demand influences on the XMR cost very much as well. It’s not easy to start mining of Monero, because powerful equipment will be required. The reason is complex algorithms and millions of operations every second. One and even several good graphics cards will not save the situation. The best option is to use ASIC-miners. Their productivity is 20-30 higher. Soft can only be downloaded from official resources.
Dash is rightfully included in the number of promising cryptocurrencies. It is interesting that at the time of creation the coin was called “darkcoin”, but such a gloomy name was decided to change. This kind of online coins is only formally fork of bitcoin. Dash has got a high degree of anonymity, complete autonomy and equality of all network members. The powerful equipment for mining is not required. The only among all cryptocurrencies to watch Dash Core has concluded an agreement with the internet banking Wirex platform according to which the cryptocurrency is integrated into the real banking system. Owners of Dash have the opportunity to make payments in the financial agencies where Visa cards are accepted, and these are 210 countries of the world!