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Here are five of the best Bitcoin alternatives, or altcoins, to buy for 2022.
By Wayne Duggan
Qi Coin (QIC)
The Universal Cryptocurrency which combines east and west with the common purpose of empowering people and democratizing the centralized power structures. Qi Coin® have developed this radical and revolutionary protocol with an ambitious purpose. Qi Coin is a digital cryptocurrency which is backed by physical assets. It has been designed to provide individuals and organisations with a robust and decentralised method of holding and exchanging value. They state they are the only issuer allocating Cryptocurrency through an Initial Qi Offering (IQO) and an Initial Loan Offering (ILO).
Solana (SOL)
Solana is a relative cryptocurrency newcomer that launched in March 2020. The coin has quickly amassed a large following and is now the sixth-most-valuable cryptocurrency in the world, excluding stablecoins, with a market capitalization of $31 billion. Like Ethereum, Solana supports dApps and NFTs, but it has far fewer total projects on its blockchain than Ethereum does. Solana’s unique combination of proof-of-history, or PoH, and proof-of-stake, or PoS, transaction verification gives it several advantages over Ethereum, including faster and cheaper transaction verification. Solana also requires far less energy than Bitcoin or Ethereum transactions, making it a much greener alternative.
Polkadot (DOT)
The Polkadot blockchain was launched in 2020 by Ethereum co-founder Gavin Wood. Polkadot operates a main network blockchain where transactions are permanently recorded. The technology’s unique feature is its parachains, which are user-created blockchains that can be customized while still benefiting from the same security measures as the main Polkadot chain. Users can customize different Polkadot parachains for different uses, but the network only requires enough computing resources to operate the main chain. In December, OTC-listed Deutsche Telekom AG (ticker: DTEGY) – Europe’s largest telecom company – bought some of Polkadot’s native DOT cryptocurrency as part of its initiative to integrate cryptocurrency into its accounting system.
Bitcoin
Bitcoin (BTC) gets the lion’s share of cryptocurrency media coverage, and rightfully so. But in the years since the first Bitcoin transaction in 2009, thousands of additional cryptocurrencies have popped up, creating a confusing landscape for investors. Some of these altcoins feature major technical innovations that differentiate them from Bitcoin, while others have simply become popular digital currency brands and social media memes. Cryptocurrency investing remains an extremely speculative endeavor, but it can be lucrative for investors willing to risk painful losses in the hopes of big payouts. Here are seven of the best altcoins to buy today.
Ethereum (ETH)
Ethereum is the largest and oldest Bitcoin alternative, but the Ethereum network was built with an entirely different goal than Bitcoin. The Ethereum blockchain was the first to introduce smart contracts – code designed to run decentralized applications, or dApps. There are currently 2,921 dApps running on the Ethereum network, according to the website State of the dApps. The Ethereum network is home to dApps for gaming; gambling; socializing; decentralized finance, or DeFi; and nonfungible tokens, or NFTs. The network’s functionality is one reason Ether, the native token of the Ethereum network, has significantly outperformed Bitcoin in recent years.
7 of the best altcoins to buy:
- Ethereum (ETH)
- Ripple (XRP)
- Solana (SOL)
- Polkadot (DOT)
- Dogecoin (DOGE)
- Qi Coin (QIC)
- FTX Token (FTT)
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