Bitcoin is still going strong in the world of cryptocurrency, but it’s not the only option out there. As it’s usually the case, people want to try other things or so to say; no one wants all the apples in one basket. At the moment of writing this article, there are over 1,300 cryptocurrencies available in the market. In this article, we are going to discuss the top 5 Bitcoin alternatives in 2023. If you don’t agree with our choices, you can also check out criticalfinancial.com for another opinion. After checking out both our and their list, let us know which one do you prefer more. Now, let’s start comparing cryptos.
1. ZCash (ZEC)
This crypto is still a couple of steps behind BTC, but it’s on the right path. It was created on strong foundations such as privacy and security. These two factors are what all of us want in cryptocurrency. The privacy part revolves around making the details of each transaction secret. These include the amount of money and the names of the sender and recipient blurry, so to say to an outside threatening factor. Because of a high accent on privacy and security, this crypto managed to skyrocket its value from $50 to $900 during a one year span.
Now, this number was ZCash at its best, and today it stands at stable $45. It’s expected to grow during this year, and around Christmas, it could reach $135. Many users were attracted to this cryptocurrency as it could be used as a substitute for offshore banking. If it manages to do this in its entirety, the price of ZCash could be priced at any sum from $6,000 to $60,000. ZCash was introduced in 2016, and it could easily overturn BTC in the following years because it’s faster and cheaper.
2. Ethereum (ETH)
Ethereum is the closest thing to Bitcoin at the moment. This crypto peaked in 2017 when the value for the single coin reached $1,200. While its value still trails BTC in terms of transactions, it could overturn Bitcoin rather sooner than later. This already happened in 2018 when Ethereum transactions were as much as four times more frequent than those made with BTC. The reason is that Ethereum can be dealt faster, and transactions are cheaper.
Unfortunately, in terms of value, Ethereum is still far behind BTC. World’s biggest crypto is currently between $9,000 and $10,000, while ETH stands at $200. The difference is massive today, but according to analysts, this could change in the foreseeable future. It’s expected that ETH is going to reach the value BTC holds today. This won’t happen tomorrow as Bitcoin is an undeniable ruler of the cryptocurrency world, but with the passing of the time, it could be dethroned by Ethereum.
3. Litecoin (LTC)
2017 was the year of crypto, and if you knew this at the time, you’d buy a ton of Litecoin. At the start of 2017, this crypto could have been purchased for a mere $4. Fast forward twelve months, and LTC was at $350, which was an astonishing and unexpected growth. We can’t tell if this crypto is going to peak this high anytime soon, but you can take a risk. At the moment it’s valued at $45, and if it comes even near to its peak, you could make a lot of money on it.
If you compare LTC with BTC, you should know its most significant advantage. It’s faster, a lot faster. If you have many transactions, you’ll be glad that it is 75% faster. This is not a negligible number. Because of it, more and more traders and developers are starting to trade in Litecoin. At the moment of writing this article, Litecoin doesn’t have the potential attributed to Ethereum for the future, but considering its longevity; it’s a safe alternative to BTC. If you didn’t know, this crypto was founded in 2011. It’s the reason people trust it as much and why it beats Bitcoin, Ethereum, and Ripple in trade volume.
4. Monero (XMR)
A couple of years ago, Monero’s value stood at $9. This number was quite low price, but it managed to grow, and today it has a cost of $67. Many consider XMR an alternative to BTC, but there are those who disagree. The reason is Monero’s hash algorithm, which is somewhat different from what Bitcoin uses. But, this shouldn’t matter, as thanks to its algorithm Monero excels BTC in terms of privacy. This is enough to make it a substitute for the world’s most accepted cryptocurrency.
This crypto is praised for its privacy by users. It is highly advanced in hiding the data of every transaction, focusing on the amount being transferred and the address of the receiving party. This is what differs it from BTC the most, as Bitcoin is rather public, which is why it’s easy to trace if you have the time needed for it. The only downside is that you can buy it wherever you want. The only sellers are evangelists and a couple of websites dedicated to the sole purpose of trading Monero.
5. Ripple (XRP)
Centralized crypto, in a decentralized world. Ripple has great potential to be the leading crypto in the future because of the growth in value and the support it has in the industry. What makes it unique is that it doesn’t play well with other cryptocurrencies. It has a tendency to rise when others fall. One thing is that it never spikes too high as its most significant value was only $2.50. At the moment it stands at $0.27.
If you are looking to make money from your investment, this is your crypto. Thanks to its transactional protocol (XPR), it gives you a high chance of succeeding. It has the support of some major banks, which is one of the reasons for this. It’s also the reason why it’s considered an alternative to Bitcoin. If you want to know the names of the banking organizations behind Ripple, they are Santander, RBC, and American Express. Ripple’s technology is what attracts the big names, and it should also captivate you.