Bitcoin might be the most popular digital currency in today’s online market but it is merely one of the many cryptocurrencies out there. With so many professional miners with their powerful hardware mining Bitcoins every day, it is getting harder for average people with basic personal computers to compete.
If you too are finding it hard to mine Bitcoin, it is probably time to look out for other best alternatives to Bitcoin.
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10 Best Alternative to Bitcoin 2017
Here are 10 of the most profitable cryptocurrencies to mine/ alternatives to Bitcoin.
Dash is the most popular alternative to Bitcoin. It is a complete digital cash management platform where you can store and spend your digital money to make instant payments online on many websites.
Your Dash wallet comes with the following features
- It allows you to make private payments and transactions.
- Lower fee than Bitcoin and many other digital wallets
- InstantX feature allows fast and instant payments
- It uses a decentralized network with no common third party to trust.
- Advanced encryption and security
- Money transfer anywhere in the world.
When Litecoin was introduced in October 2011, it was termed as the silver alternative to Bitcoinâ€™s gold. Litecoin follows the same protocol as of Bitcoin, but the mining is much cheaper with this coin.
Other features are briefed as follows
- Less costly than Bitcoin
- Easier and cheaper to mine
- It can handle high transaction volume
- Built for consumer-grade GPUs (processors)
- More democratic than Bitcoin
- Secure and private wallet encryption
Safecoin is a digital token introduced by the SA FE network, mainly with the aim of compensating its users for their contribution to the network. Here are some of the most notable features of this coin.
- There are exact 4.3 billion Safecoins in circulation at a time, and each coin has a unique identity.
- Users can exchange their coins to buy any of SAFE networkâ€™s services.
- Direct computer interaction with no middle person involved
- Self-encrypting data for enhanced security
- Built-in redundancy and data availability
- Opportunistic data caching
Peercoin is another Bitcoin based digital currency, which has its own method for verification of mined coins. In addition to the proof-of-work (POW), Peercoin also implements a proof-of-stake (POS) system. Other features are given below.
- It is an inflationary currency with no fixed upper coin limit.
- First-ever proof-of-stake coin
- No instant mining or insider pre-sale to ensure a fair distribution
- Mining allowed on any device compatible with Bitcoin
- Stable and secure digital currency
Steem, inspired by the word esteem, is a reward based social media currency system. This blockchain-based cryptocurrency system requires users to reward others for their contributions. The process of rewarding is similar to liking or voting a post on Facebook. Following are the features of Steem coin.
- Blockchain-based reward distribution system.
- Mining is as simple as voting for a post
- Users get 50% Steem Dollars for voting and 50% Steem Power.
- Rewards occur 24 hours after content submission
Introduced in April 2011, Namecoin currently has a supply of over 7.5 million coins in the market. The coin was originally designed as an alternative DNS for the .bit (Bitcoin) domain. Namecoin features are as follows.
- Merged mining
- Decentralized DNS
- Resistant to censorship
- Support for the top-level .bit domain
- TLS certificate validation
Termed as a â€œInnovative cryptocurrency,â€ Primecoin is a proof-of-work digital currency based on prime number search. Its features are briefed below.
- Cryptography security
- Decentralized mining and distribution
- Useful for mathematical research
- Involves search for special prime number chains, namely bi-twin chains and Cunningham chains
Novacoin is a division of Peercoin and therefore is based on the same POW/POS system. The difference between the two is that Novacoin uses scrypt hashing in its POW system. Other features are described below.
- It utilizes both POW and POS but with separate target limits.
- It is based on the newer version of Bitcoin
- It follows the floating reward per coin-year emission model.
- It has no POW block signatures.
Feathercoin is an open-source digital currency that uses peer-to-peer technology to bypass the old banking solution. It allows global payments which can be processed by anyone with compatible hardware and free software. The coin is based on NeoScrypt and has many features not found in most other crypto coins.
Here are some of the unique features of Feathercoin
- 80 Coin reward for every block
- Protected by Neoscrypt algorithm
- eHRC (enhanced Hash Rate Compensation)
- Current Generation ASIC resistance
- ACP (Advanced Checkpointing)
10. Ethereum Classic
Dubbed as the second biggest digital currency, Ethereum Classic is one of the most profitable digital coins to mine today. With zero switching cost, it is attracting substantial user-interest and hash power.
Since Ethereum Foundation is planning to switch to POS model, it is the most beneficial for miners to keep supporting ETC which will continue to employ the best POW security model. Miners are likely to get good benefits and rewards for their support.
Main features of ETC are as follows
- Multi-platform and/or hardware wallet
- No downtime, fraud, censorship
- No third-party interference
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