Bitcoin Alternatives With Massive Growth Potential in 2022

Bitcoin was launched in 2009, but a person or group of people called Satoshi Nakamoto. This was the time after the global financial collapse of 2008, and many felt the need for a financial system that did not depend on big banks.

Bitcoin was launched with the promise that it would eventually topple the currently prevalent, centralized global financial system. However, since it has a limited supply of coins and the source code cannot be changed, it is also considered a hedge against inflation.

While Bitcoin remains the main cryptocurrency player by far, other cryptocurrencies are also increasingly popular among investors. Here is a list of five such cryptocurrencies that you should consider investing in if you want to diversify your cryptocurrency portfolio and track them; some alternatives to bitcoin

5 Best Investment Alternatives to Bitcoin with Huge Potential

1. Ethereum: Ethereum is more than just a cryptocurrency. Ethereum is a blockchain platform that allows programmers to launch dApps and smart contracts on its blockchain. The original symbol of Ethereum is Ether or ETH. ETH can also be called a cryptocurrency because it is used to navigate the Ethereum blockchain and to buy and sell assets on the Ethereum blockchain. Ethereum is becoming increasingly popular among decentralized app developers worldwide because it is fraud-resistant and runs without downtime, control or interference from a third party. Because Ethereum encourages programmers to launch smart contracts and dApps on its blockchain, it is quickly becoming a crypto universe with various applications such as Defi and metaverse games. Until now, Ethereum has used a Proof-Of-Work consensus that has been a target of environmentalists because it uses too much energy. But Ethereum plans to upgrade to Proof-Of-Stake consensus in 2022, which will reduce energy consumption by 99% and make transactions on Ethereum much faster than they already are. Once Proof-Of-Stake consensus is finally up and running, participants will be able to stake their Ether to the network. This, in turn, will make the Ethereum network more secure, and the stake participants will be rewarded with Ether. Investors and crypto enthusiasts are eagerly awaiting Ethereum 2.0, which is considered one of the most anticipated crypto developments in 2022. As of March 2022, ETH is trading at $2,565, and its market capitalization is less than half that of Bitcoin. But ETH is still the second largest cryptocurrency in the market, and if you are looking for alternatives to Bitcoin, you need to start with Ethereum.
2. Litecoin: Litecoin or LTC was launched in 2011 and its creator is Charlie Lee, an MIT graduate who also worked as an engineer at Google. Litecoin is made in the same cast as Bitcoin, and the two digital currencies use the Proof-Of-Work consensus mechanism to approve transactions on their respective blockchains. Litecoin is an open source digital payment network that is decentralized and not controlled by any central authority.
   What makes Litecoin different from Bitcoin is that Litecoin delivers a faster transaction speed to its users than Bitcoin. As of March 2022, one litecoin token was trading at $106. Its value has increased more than five times in the last year alone, and this is a good investment opportunity that can provide high returns in the future. As of now, Litecoin is the 21st most prominent cryptocurrency in the market, with a market cap of $7.4 billion.
3. Cardano: Cardano or ADA is a blockchain platform much like Ethereum and it has recently become known as the Ethereum Killer. This is because experts believe that Cardano can do everything Ethereum can, but much better. Charles Hoskinson co-founded the Cardano project. If you’re familiar with the name, it’s because Hoskinson was also one of the five founders of the Ethereum project. But after disagreements with the direction that Ethereum was headed, Hoskinson left Ethereum and co-founded Cardano.
   Cardano is unique because it was created with a research-based approach, and calligraphy experts, mathematicians and engineers have been a core part of the Cardano project. While Cardano is still early days, it has already beaten Ethereum in its Proof-Of-Stake consensus mechanism. Cardano has big plans for the future, and aims to become the world’s leading financial operating system. While no one knows if Cardano will be able to leapfrog Ethereum soon, it has had a great start. With a market capitalization of $26.9 billion, Cardano is currently the eighth largest cryptocurrency. One token of ADA is currently selling for $0.80 and due to this price, ADA is certainly an exciting token to invest in with huge growth potential.
4. Polkadot: Polkadot is a blockchain platform that offers users interoperability between different blockchains. DOT is the original symbol of Polkadot. Polkadot works with a Proof-Of-Stake consensus model to validate its transactions. What differentiates Polkadot from Ethereum is that within Polkadot developers can create their own blockchains and use Polkadot’s security with the concept called shared security. With Ethereum, developers can create their blockchains, but they have to create their security measures because Ethereum does not provide shared security.
   This means that if you are a low-budget developer, Polkadot becomes your ideal choice for creating blockchains, or if you want to stay on Ethereum, you risk security attacks on your blockchain. Another created Polkadot by Ethereum’s co-founder, Gavin Wood. Polkadot also has huge upside potential, with the original token DOT currently trading at $17.59 as of March 2022. The total market cap of Polkadot is $17.4 billion.
5. Bitcoin Cash: Bitcoin Cash, or BCH, is unique because it is one of the earliest hard forks of Bitcoin. As we all know, cryptocurrencies are decentralized. Voting occurs when there is disagreement between the developers and the miners, and the discussions and debates do not lead to satisfactory results. And if the major part of the participant on both sides still cannot agree, the digital currency is divided. Bitcoin Cash was one of the first examples of this hard fork. BCH was created in 2017 and currently one token of BCH is trading at $286.97 as of March 2022. The total market cap of Bitcoin Cash is $5.5 billion.

There are more than 18,000 cryptocurrencies on the market and most of these tokens go unnoticed. But there are still a few that have become popular among investors and crypto enthusiasts, and these are just five of them that have the potential to become the next Bitcoin and add diversity to your crypto portfolio.

Considering that the crypto market is highly volatile, anything that looks good right now can turn crazy the next moment. Therefore, always invest after thorough research and never invest more than you have the appetite to lose.