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.
14 Best Alternatives to Bitcoin 2024
Here are 14 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 transfers anywhere in the world.
When Litecoin was introduced in October 2011, it was termed the silver alternative to Bitcoin, gold. Litecoin follows the same protocol as 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 the 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 SAFE 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 exactly 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 the 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 the 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 is 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 for a post on Facebook. Following are the features of the 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 an Innovative cryptocurrency, Primecoin is a proof-of-work digital currency based on a 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 that 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 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 the POS model, it is 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.
The main features of ETC are as follows:
- Multi-platform and/or hardware wallet
- No downtime, fraud, censorship
- No third-party interference
11. Stellar [XLM]:
Stellar’s blockchain is its highlighting point. Stellar’s non-profit and community-centric approach has helped it gain immense popularity among crypto enthusiasts.
Right now, Stellar blockchain technology is in high demand among many popular enterprises, financial service companies, and banks.
Right from IBM customers to banks across the globe, Stellar is solving the problems of people greatly.
The price of XLM in 2019 has also stayed positive mostly compared to other popular cryptos.
12. Ripple [XRP]:
Ripple is also a hot choice of crypto enthusiasts when it comes to long-term cryptocurrency investment in 202. It has been the first choice of many banking and financial institutions.
Thanks to Ripple’s revolutionary blockchain tech, Ripple Coin has gained positive traction in the market and is used actively for cross-border payments due to quick settlement times and fast transaction speed.
Monero has a virtual currency that has two standout features – anonymity and privacy. These features make it a popular private coin.
Monero coin – XMR is generally sent using a stealth address by the sender to the recipient, so they can detect and spend those funds. You can easily invest in a Monero coin to reap good profits in 2022.
Dogecoin is a trending cryptocurrency developed by software engineers Billy Marcus and Jackson Palmer, who decided to create a payment system as a “joke”, mocking the wild speculation in cryptocurrencies at the time. Despite its satirical nature, it has become a popular choice of investment, and it grows. It is still growing and if you are looking to invest in cryptocurrency, you can keep it on priority.
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Thanks for reading the Alternatives to Bitcoin. If you have any issue related to the content or information on this blog or you want to share a suggestion then feel free to leave a comment below.