Bitcoin is considered to be the only reason which paved the emergence of so many altcoins, following after it made a remarkable mark in becoming a popular cryptocurrency. Now, what do you mean by altcoins? Now, as the name suggests, it indicates the coins which are alternate choices to Bitcoin. Today there are thousands of altcoins that exist in the financial sector. Now the question arises about the best altcoins that are perfect for investing in the current year, i.e. 2020. So let’s begin our research in finding those altcoins. But before proceeding to our main subject, let us have a brief understanding of the altcoins.
What Are Altcoins?
As mentioned above, altcoins are those cryptocurrencies that came into being after the success of Bitcoin. Mostly they regard themselves as the best alternative to the latter coin. Note that the term ‘Altcoins’ is only used for those cryptocurrencies which are apart from Bitcoin. It is estimated to be more than 5,000 cryptocurrencies by the beginning of 2020. If you have not been updated with the latest Bitcoin cash news, then you will be surprised to know that in February 2020, altcoins were considered around 34% of the cryptocurrencies in the market. Bitcoin, the most popular cryptocurrency, is known to have provided a basic framework for many altcoins. This reason proves that the altcoins are peer-to-peer.
All these altcoins try their best in offering the best and cheap ways for carrying out transactions on the internet. Even though altcoins have many overlapping features, still they are different from each other. The evolution of these altcoins paved the way for new distinct categories. Now altcoins are classified into different types including stablecoins, utility tokens, mining-based coins, and security tokens.
List Of 5 Best Altcoins 2020 For Investment In The Current Year (2020)
Initially, Bitcoin, being a major cryptocurrency, was much considered for investment by those who were earning through trading. After the huge success of Bitcoin, it led to the emergence of alternative cryptocurrencies, which too made a success, until their performance dipped. However, if you have been following the best altcoin breaking news, then there are some altcoins that are showing the potential to be successful for investment in the year 2020. So let’s check out the list of the following best altcoins in 2020.
1. Ethereum (ETH)
If there is any other cryptocurrency or what you say the best altcoin, which can compete with Bitcoin, then it is none other than Ethereum. The brainchild behind this platform is Vitalik Buterin along with his team of skilled developers. The principles which lie behind its whitepaper are modular, simple, non-discriminatory, and agile. Ethereum has been successful in creating ‘smart contracts’ a notable aspect of blockchain technology. However, the platform still needs to upgrade its transaction rates.
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2. Monero (XMR)
Monero was designed regarding transactions, that are made on the platform, not to be traceable and linked. Monero focuses much on security and keeping transactions safe from prying eyes.
3. Binance Coin (BNB)
Among the list of best altcoins comes Binance coin, which is an active trading platform providing competitive rates in the market. It has proved to be the best altcoin by making a stupendous growth on its release. It is showing no signs of coming to a halt. After getting positive feedback from the community during its launch, Binance coin accepts users, globally. So now you can understand that all these factors are making the Binance coin a promising investment option in the current year.
4. Aelf (ELF)
It is impossible to imagine enterprise blockchain without Aelf. It is all because the platform is proclaimed the leader in the specialization of blockchain. Because of its network, it enables distinct industries to adopt blockchain technology with no fear of scalability. The main motive of the Aelf platform is to succeed with its platform, which is efficient and practical too. So no need to think twice when it comes to investing in Aelf.
5. Chainlink (LINK)
Chainlink has proved its mettle by becoming the best cryptocurrency in the year 2019. So it is sounding promising to stay for long. Much credit goes to it for providing the best service to the blockchain ecosystem. It is efficient enough for connecting smart contracts with external and real-world data. It is likely to see Chainlink making a buzz in 2020.
So these are the best altcoins in 2020 that have the potential to make it big in the year 2020. Today in this blog, you have been provided with concise information about altcoins. Altcoin, as the name comes to mind, it simply indicates the merging of two words which are alternative and coins. Now you can think that coins that are alternatives to Bitcoin are called ‘Altcoins’. Even though Bitcoin has laid the basic framework for these altcoins, still one can see the competition brewing between altcoins and the latter. Although not every altcoin has tasted much success, the coins in the list have potential and can be an ideal choice for investing in 2020.