Several cryptocurrencies are ruling the market presently but bitcoin has proved to be at the top of all other currencies. For a long time, bitcoin has been ruling as the number one cryptocurrency in the market. The first choice of most investors and traders is bitcoin, due to its high value.
Even the volatility of bitcoin won’t stand in its way of being the best cryptocurrency for users. However, lately, it has been observed that some cryptocurrencies are giving a tough competition to bitcoin. It won’t be wrong to say that in the coming times we might even see bitcoin being surpassed by some other cryptocurrency.
If you want to invest in the top digital currency bitcoin, it is available on many auto trading platforms like https://bitcoinfortress.io/. Let’s take a look at some of the cryptocurrencies that are putting bitcoin in a difficult position:
As mentioned above, Ethereum is ruling the crypto market after bitcoin and it is likely to see it can beat bitcoin anytime soon. Ethereum is made so special because of its highly developed blockchain and several organizations are working on the testing of its blockchain currently for advancements. The digital ledger protocol incorporated by ETH in their currency is ‘smart contracts’ that can help in verification, facilitation and enforcement of negotiation for contracts.
These smart contracts have attracted a lot of businesses towards ETH as it is efficient from a legal standpoint as well. The blockchain used by Ethereum moves ahead of bitcoin which is for currency-only application. Thus, industries are interested in what Ethereum has to offer for them. People are inclined to it because of its advanced technology and efficient development. There is a high possibility of seeing more advancement in Ethereum in the future because a team is continuously working on it.
Alongside Ethereum, Ripple is being a tough competitor to bitcoin. A close market study has revealed that Ripple only needs to double once or more twice and it will be able to surpass bitcoin easily. Similar to Ethereum, all eyes are on the highly developed and advanced blockchain technology of Ripple that specifically targets big banks and financial institutions. The exceptionally low transactions fees are very impressive for traders and the quick settlement times are a major upgrade in the verification process for payments.
Ripple announced in July 2016 that seven large banks will test its blockchain technology in a limited capacity. Later in November 2017, the American Express and Banco Santander announced that they want to test Ripple’s blockchain in a real-world test. This gave a huge rise to the popularity and growth of Ripple. The partnership of these two highly popular organizations will help in establishing a non-card payment method to send money from US-based American Express to UK Santander accounts and vice versa on Ripple’s blockchain.
It is believed that these transactions will allow a quick cross border transaction as compared to the traditional method that took days due to the verification process.
After Ethereum and Ripple, Stellar is a show stealer because of its outshining blockchain technology. The fast processing time has astonished many users as it can complete most transactions within 2 to 5 seconds. It is yet another improvement in the verification time that can often be visualized in cross-border payments.
The blockchain used by Stellar has its version of smart contracts as well. The blockchain technology used by Stellar implies that it is designed for enterprises and mainly targets cross border applications.
If you are working your way in the world cryptocurrency, you are not only restricted to bitcoin. There are many other cryptocurrencies that are now equally wonderful as bitcoin or even better. The cryptocurrencies mentioned above can be the next number one cryptocurrencies ruling the market.