An Altcoin is an alternative cryptocurrency to the traditional and most popular ones, i.e. Bitcoin, Litecoin and Ethereum.
Altcoins are currently on the rise since they do not have the risks associated with cryptocurrencies. Transacting with these alternative currencies is faster, less volatile, offering a higher level of stability in comparison to Bitcoin. In addition, alternative cryptocurrencies have an influence on the process and scope of the blockchain.
Top 3 Altcoins in 2021
Cardano is on everyone’s radar in 2021. In 2020 it was almost completely unknown. This cryptocurrency is revolutionizing the smart contract industry by being easy to use and having high functionality.
ChainLink, nominated as the best performing Altcoin of 2019.
ChainLink is here to stay.
The interesting point about this Altcoin is the blockchain ecosystem as it links smart contracts with external, off-chain and real-world data. This makes it an essential tool for every platform that requires external data, which could possibly be any blockchain platform.
Litecoin seeks to become a global monetary alternative and uses a proof-of-work (PoW) consensus algorithm to secure its blockchain.
Litecoin’s encryption algorithm is less resource-intensive and more democratic than Bitcoin, while allowing for much faster transaction times. For these reasons, Litecoin is a cheaper and faster way to transact than Bitcoin, making it more useful for everyday purchases.