Bitcoin is reaching some crazy values right now and shows no signs of slowing down. However, many people look at it as being close to the peak and are afraid to invest in it before a crash. At some point, they feel like it will come back to normal value and they will lose money or have to wait too long to come back up.
This is why there is always interest in other cryptocurrencies. There are so many good altcoins out there that you can choose from a variety to invest in if you feel like Bitcoin is not the right fit for you. The nice thing is that other coins can do other things so you may find some value in holding some of them for practical reasons as well.
Second to Bitcoin is Ethereum as it has a very robust blockchain. In fact, it is such a good coin to have that many people swear that it has much better longevity than Bitcoin. For starters, the blockchain can handle a lot of different functions so it has a lot of uses other than purely for speculation.
Applications can be made on the blockchain that are very secure so it is attracting a lot of attention from online casinos and others. Knowing how to buy Ethereum is not difficult so you can use these apps easily if you need to pay for them.
Businesses are also getting on board as the blockchain is making their systems secure and efficient. There are smart contracts that allow for secure storage of sensitive documents and also a transparent chain of possession that can be monitored and tracked.
This means that the pure practicality of Ethereum is what gives it its value so it is more tangible than Bitcoin.
Cryptocurrency was essentially created as a way for people to have comple anonymity with their finances. Without a central bank or any bank at all that is in control of your finances, cryptocurrency was supposed to even the playing field.
That didn’t last long as there are still ways to have your anonymity compromised when buying and selling most cryptocurrencies. The exception is Monero which is still very focused on allowing people to use a currency in complete privacy.
This alone gives it a value that is not just causxed by speculation that gets out of control. It gives people a reason to buy and creates its own value as a result.
Thjere is a drawback about Bitcoin that Litecoin has resolved and that makes it a good buy. The issue is speed and ability to scale. Because Bitcoin uses Proof of Work as it’s model for verifying transactions and creating blocks, it is very slow. Only so many blocks can be created per second.
Litecoin has allowed people to use it as an actual currency since the transaction times are much faster. In fact, it is widely used by people trading cryptocurrency since profits can be made or lost in the time it takes for a Bitcoin transaction to process.