For many, Bitcoin is synonymous with cryptocurrency. The huge impact Bitcoin has created in society is enormous, and it’s just the beginning. From its beginnings as a storage of value to today’s ubiquity, new uses for this cryptocurrency are popping up almost daily.
In some jurisdictions, you can use Bitcoin to make transactions, get a Bitcoin sportsbook deposit bonus, and even pay taxes. But, even though Bitcoin is the king of cryptocurrencies, there are other worthy considerations once you dig deeper.
In this article, we’ll look at other top currencies using blockchain technology, focusing on the ones that withstood the test of time better than most.
Ethereum
This is often regarded as the most important “second-tier” cryptocurrency. Its creators aim to allow financial products that anyone can access freely. In a way, its goal is to offer an alternative to traditional banking. However, the currency isn’t called Ethereum; it’s Ether (ETH).
The coin was launched in 2015 and is the second-largest digital currency. In July 2023, it traded at about $1,900. This is far below Bitcoin’s value at the time but has much potential. This is thanks to its transition to a proof-of-stake model, which is less energy intensive when compared to Bitcoin’s proof-of-work model.
Cardano
Cardano was co-founded by Charles Hoskinson, a former Ethereum team member. He left the Ethereum project because of disagreements, thus developing Cardano. As such, it’s a cryptocurrency that competes directly with Ethereum, and its blockchain is supposedly more apt than the former one’s.
Even though it competes with Ethereum for dominance in the decentralized finance sector, it’s still in development. As of July 2023, it was the seventh-largest cryptocurrency, and its token ADA traded at $0.31.
Solana
This platform aims at supporting all kinds of decentralized applications, and it’s already more capable than Ethereum in terms of transactions per second processed. It’s also cheaper to use. Its token SOL has enjoyed an incredible increase in its price over time, which started at $0.95 and, in August 2023, sits at $22.95.
It’s the eighth-largest cryptocurrency and is often pitted against Cardano as the ultimate “Ethereum killer”.
Tether
Tether is the first stablecoin, meaning it’s pegged to a specific currency. In this case, the price is the same as the US dollar. Their developers claim there’s one dollar for each circulating Tether (USDT), and it’s one of the longest-running projects, having started in 2014.
Though it’s not a speculative asset, it’s useful because of its blockchain platform. It allows this cryptocurrency for easier use than any fiat currency in the digital realm. It’s also free of the volatility of the other alternatives.
