By EWN • 06 August 2021 • 9:36
Bitcoin has been ruling the market for years but there are many altcoins that can give you a better return on investment. However, with time, new cryptocurrencies have emerged and given it tough competition. Altcoins are cryptocurrencies other than bitcoins. In 2017, Altcoin gained a lot of popularity, and coins like Ethereum, Litecoin, Dogecoin, etc., are a part of it. Thus, if you are looking to invest in a cryptocurrency other than Bitcoin, you are looking forward to investing in an Altcoin. The big question is, which one should you invest in?
After bitcoin, Ethereum is on top of the market, and many people refer to it as the silver to Bitcoin’s gold. Anyone who is looking to invest in Altcoin has Ethereum as their first choice. The primary reason is that it is an innovative contract platform and provides a secure decentralized environment. The foundation for decentralized finance was also laid by Ethereum. It gave the digital currency a significant breakthrough in the digital world.
In the coming years, when Ethereum converts to version 2.0, its fees will reduce dramatically, and it will open gateways for new decentralized applications. The ether token is being highlighted more with each passing day, and it is seen as a ticket to ride on Ethereum’s blockchain. You can invest in them using platforms like the britishtradeplatform.co.uk.
Let’s take a look at the advantages of Ethereum closely:
Although Ethereum is the second most popular cryptocurrency, its cost is reasonable. To draw a comparison with bitcoin, take a situation that if you have some BTC units and its price drops by just 20%, you will end up in a financial catastrophe. However, this is not the case for Ethereum as it does not have the massive scale of risk.
Cryptocurrencies are primarily affected by the news speculating about them in the media. People who are not familiar with cryptocurrencies would have heard of bitcoin. The reason behind Bitcoin is so well-known is the limelight provided to it by the media. However, Ethereum does not have this much attention from the press. It leads to less price manipulation of Ethereum.
Benefits for Enterprises
The dealings of cryptocurrency are not as popular amongst lay people as they are with the enterprises. Ethereum is a low-cost, flexible, and open cryptocurrency that proves to be very useful for enterprises. Following are the advantages of Ethereum for businesses:
As mentioned above as well, Ethereum is a decentralized cryptocurrency. Information allocation and trust are better preserved in Ethereum’s network than in other cryptocurrencies. As the network participant does not have to rely on a centralized entity, it is more secure for businesses.
Enterprises can easily manage and deploy their private blockchain due to the all-in-one SaaS platform. It saves a lot of time because you don’t always have to start from scratch to implement a blockchain.
When working in an organization, standards are essential to maintain. Ethereum is all about standards. Protocols are supported for designing tokens as well as token names. Ethereum has a unique Enterprise Ethereum Alliance’s Client Specification 1.0 that defines the architectural components to ensure a compliant enterprise blockchain implementation.
If you are not convinced enough to invest in Ethereum, you can rely on other Altcoins. Chainlink, Uniswap, Stellar Lumens, Binance coin are some other famous Altcoins. These are not all the Altcoins but, traders prefer to choose one of these to invest in after Bitcoin and Ethereum. Each has its advantages and disadvantages. To precisely describe the pros of each:
Chainlink aims to harness the power of smart contracts in the real world, and Uniswap offers the functionality of exchanging Ethereum based cryptocurrencies instantly. Similarly, Stellar Lumens is just a few steps back from becoming the global payment network, and Binance coin has made its blockchain. A thing that is common to all these Altcoins is that they all have a decentralized environment.
Choosing a cryptocurrency can be difficult, especially when you have so many close competitors in front of you. The best Altcoin at the current time is Ethereum but, we recommend you to conduct a market analysis before investing in a cryptocurrency as market trends change rapidly.
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