Ok, so we’ve all read the news stories about the crazy fortunes that some people have, allegedly, made through their investments in Bitcoin over the last few months. But, equally, we’ve also read all about how volatile a currency it could be as well as a bubble set to burst.
As this is a website dedicated to giving tips on making and saving money, the last thing we’re going to do is promote Bitcoin. That’s not to say, by the way, that there aren’t ways to save money with Bitcoin, because there are – and it all depends on what you're looking to use it for. One example would be to use it to play at Vegas Casino where new players using the cryptocurrency qualify for introductory bonuses and free plays. So what we’re going to do is introduce you to five other cryptocurrencies that are tipped to challenge Bitcoin over the next few months.
Unlike other cryptocurrencies which are intended to be alternatives to the traditional financial system the idea behind Ripple is to work with it – and that’s why some banks have started to show an interest in the technology behind it. There are also far are more Ripple available than Bitcoin. Nor does it need to be mined as it can only be bought from exchanges.
The developers behind Ethereum have always intended it to be more than just another cryptocurrency. The technology behind it makes it also possible to use for any kind of secure exchange of information not just financial transactions so it’s also attracting a great deal of interest in organisations who see its potential to transform the way that they work.
Monero is undoubtedly the cryptocurrency that’s going to appeal to people who want maximum anonymity. It uses the cleverly-named CryptoNight algorithm that scrambles all the information relating to a transaction making it virtually untraceable back to any individual or even an IP address for either the sender or recipient.
Dash stands for “digital cash” and the unique feature of this is that it offers more incentives than other cryptocurrencies to the developers for their contributions of time and effort. As a result, many of them have also contributed to adding extra features like a service called “instantSend” for extra speed and “PrivateSend” for extra anonymity.
You may also have been reading about how the Internet of Things is set to transform all our lives by giving us fridges that can order extra milk and other technological wonders. The Iota is a cryptocurrency designed specifically with this in mind and it’s great selling point, and clear advantage over Bitcoin, is that the more people who are using it the faster the transactions will become.
What all these five cryptocurrencies have in common is a unique element that makes them stand out from the many hundreds of alternatives that seem to multiply almost every day. So keep a close eye on the technology and financial pages for any more news about them in and, armed with these tips, you could soon find yourself well ahead of the curve!