The cryptocurrency market is constantly changing, and there are new coins popping up every day.
While it’s easy to get caught up in the hype surrounding Bitcoin and Ethereum, it’s also important to stay on top of lesser-known projects that might become valuable in the future. You can find more information about crypto wallets and altcoins here: https://blog.tezro.com/best-altcoin-wallets/.
In this article, we’ll explore five altcoins that have had a huge increase in value over the past year.
1. Ethereum
Ethereum is the second most commonly used cryptocurrency and one of the largest altcoins in terms of market cap. It has been around since 2014 and was created as a token to pay for services on the Ethereum network. Ether is used as gas on this network, which means that it is required to pay for transactions or use smart contracts.
Ethereum itself has gained a lot of popularity since its creation, with both investors and developers using their blockchain technology in various ways. The Ethereum platform boasts many decentralized apps (dApps), which has opened up a whole new world of possibilities.
As decentralized apps do not rely on a centralized data storage source, this makes it significantly more difficult for thieves to steal personal data.
This can be useful for companies that want more transparency when dealing with customers or partners but still want some control over their data collection process if they’re not willing to share everything openly.
However, there are concerns about how these dApps will actually protect user privacy at all times. Others also wonder how profitable dApps can be and whether such applications are sustainable.
2. Tezos
Tezos is a smart contract platform that allows for formal verification. It uses the Tezos protocol to verify transactions on the blockchain and make sure they are valid before they are added to the ledger.
This helps prevent users from sending money or data to people who do not have permission to receive them. All of which prevent problems like double spending on cryptocurrency and spam attacks.
Tezos also has a governance model that allows for upgrades to be made without hard forks. This makes it flexible enough that it can be adapted over time as new technologies or security issues emerge.
3. Stellar
Stellar is a platform that connects banks, payment systems, and people to move money quickly and reliably. Stellar is an open-source protocol for value exchange within the Stellar ecosystem. It facilitates cross-asset transfers of value on its distributed ledger.
The system establishes a global financial network where all actors — be they people or financial institutions — have equal access & economic participation in the network.
Stellar aims to make sending money worldwide faster, cheaper, and more reliable than today’s options: wire transfers, Western Union, or cash (paper bills). It does this by providing an instant clearinghouse for cross-currency transactions. This significantly speeds up the transfer of funds and could allow it to challenge Moneygram and Western Union.
4. Chainlink
Chainlink is a blockchain middleware that bridges smart contracts on various networks to external data sources, off-chain payment methods, and traditional bank payments. Chainlink aims to provide easy access to these resources for everyone, not just the select few who have been able to set up their own oracles.
It was created by Sergey Nazarov in 2014 and has since grown into a community of over 6,000 developers working together to create novel solutions for smart contracts on blockchains like Bitcoin (BTC) and Ethereum (ETH). It supports Bitcoin, Ethereum, and Hyperledger, but there has been talk of adding support for other networks, such as Stellar Lumens (XLM), in the future.
5. Dogecoin
Dogecoin is an open-source, peer-to-peer digital currency. Launched in December 2013, it has an impressive market cap of $919 million and is one of the top cryptocurrencies to invest in.
It’s extremely popular thanks to its low transaction fees and fast transaction times, but also because it’s fun! The creators of Dogecoin chose this cryptocurrency name to reflect their love for doges (the Shiba Inu internet meme).
The main benefit of investing in Dogecoin is that you can get involved without having much experience with cryptocurrencies or even technology in general — which makes it great for beginners!
You can simply buy Doge coins online through exchanges like CEX or Coinbase, then store them safely on your computer or offline wallet.
Because there are so many ways to purchase DOGE, there are no drawbacks when buying from an exchange. However, make sure you do your own research before choosing an exchange platform, as some may charge more fees than others depending on whether they support credit cards/debit cards, etc.
In summary, here are some altcoins worth looking at.
Altcoins are the second most popular cryptocurrency after Bitcoin. You can use them to buy things, store value, and transfer money. While some altcoins have the potential to increase in value over time, others may not be worth your investment at all.
- Ethereum — This is a token that allows developers to create dApps on its platform. The smart contracts technology allows for new possibilities within dApps, such as prediction markets, gambling, and more innovative applications that were not possible before this technology came along.
- Tezos — Makes use of smart contracts with a flexible governance model that eliminates the need for hard forks.
- Stellar — A new generation platform that facilitates seamless cross-border transactions.
- Chainlink — Features a community of decentralized users and eliminates the need for smart contract platforms.
- Dogecoin — One of the world’s most popular altcoins and was previously backed by eccentric billionaire Elon Musk.
Some considerations
Cryptocurrencies are highly volatile. Keep in mind that digital assets are highly decentralized and 100% unregulated. Because of this, their prices can suddenly change with little-to-no prior warning.
Cryptocurrencies are not legal tender. While cryptos are steadily gaining popularity, these tokens are not officially recognized as legal tender by a number of governments. In fact, the use of these assets is even outlawed in some countries.
Conclusion
There are many altcoins that could be worth looking at for their potential in the future. However, only time will tell which of them will succeed and which ones will fail. It’s important to do your own research before investing any money into these coins because they can be risky investments!
