The Best Cryptocurrencies to invest in 2020 – Bitcoin vs Altcoins
Now that the focus of the general public is off the US elections, things are slowly coming back towards Cryptocurrency. Just like any other industry, the world of cryptocurrency is filled with market leaders and brands. Even the popular social media platform, Facebook has thrown its hat into the crypto world with its attempt at Libra. Bitcoin, the king of cryptocurrency has long enjoyed the limelight since its inception, but today there are many players in the field. According to the precise market aggregator CoinMarketCap.com, there are 7615 different cryptocurrencies with a total market capitalization of approximately USD 430 billion and Bitcoin holds 64.4% of that value. (as of November 9, 2020). The well-known alternative currencies (Altcoins) to Bitcoin appear to be ETHEREUM, DASH, RIPPLE, CARDANO, TYSLIN, STELLAR, EOS and LITECOIN. They may sound like some alien names from science fiction movies but they use similar decentralized technology as Bitcoin while offering numerous unique features of their own. In this list we will discuss the Best Cryptocurrencies to invest in 2020.
“Bitcoin is a technological tour de force.” Bill Gates
Bitcoin, the leader of cryptocurrencies has witnessed prices shoot the sky throughout the years including a major boost right now during the 2020 US Elections. This crypto was built as an alternative to fiat currency like Dollar and Pound but it is not fully regulated by any country. It has since then paved the way for altcoins as it is the first one to be pillared upon a vast public ledger called blockchain. It uses peer to peer technology to conduct payment transactions.
Did you know? Bitcoin isn’t the world’s most widely used crypto currency. Statistics from coinmarketcap.com show that Tether has a higher trading daily and monthly volume than Bitcoin.
Altcoins are digital currencies that have similar but not all characteristics of Bitcoin. It is a combination of two words ‘alt’ and ‘coin’, alt stands for alternative and coin implies crypto currency. These are based on similar fundamental building block as Bitcoin mainly because it is an easily available, open-source platform. The first altcoin, Namecoin, forked from Bitcoin software, appeared in 2011.
After Bitcoin became successful, many cryptocurrencies emerged as an attempt to get to the same level of success. Among them, there are many cryptocurrencies no longer in the market. There have been some that have hit it off pretty well with Ethereum being the number two on the list of valuable cryptos.
Bitcoin versus Altcoins:
Bitcoin dominance is not without a reason. Its reliable infrastructure, massive usability, and popularity contributed to earning it a superstar status whereas altcoins have a relative lack of exposure and acceptance. In terms of functionality, altcoins own several unique features. For example, Po.et (POE) allows publishers and content creators to simply manage their license. Similarly, Ethereum smart contracts can be used in areas such as national bonds and Insurance claims etc. Nevertheless, Bitcoin is mainly a payment system with limited use cases. With time, Bitcoin underlying technology is showcasing massive improvement to beat the newcomers. In comparison of transaction fee, Bitcoin has a higher transaction fee than other crypto currencies. Devan Calabrez acknowledges:
“Bitcoin is definitely useful as a means of payment, especially for higher price items and across borders. On the other hand, few people are using Bitcoin to buy cheap items like paper plates, for good reason. The weaknesses include high volatility, transaction times and fees that are paid by the buyers which create barriers to conversion. The weaknesses tend to put a damper on sales by Bitcoin for low-cost items.”
Bitcoin is well known, but it isn’t a cheap way to purchase goods. Even though its transaction charges have gradually declined after SegWit upgrade emerged in February, a sudden flow of congestion can increase it again. Storing crypto currency requires a digital wallet. One of the most highly functional Digital Wallets in operation right now is the in built one that comes with Tyslin. Want to try it out for yourself? Click here to check it out and register to start trading on our platform.
Cryptocurrencies to Invest in:
I am sure you would be tired of hearing everyone’s self-proclaimed statements about why they are the best Crypto to buy and hold. My reasoning is going to be based on pure fact and that is that.
- Bitcoin: We knew this was going to be up there. If you can, just buy and hold.
- Ehtereum: Another one that has big plans with ETH 2.0 about to be launched.
- EOS: If Ethereum ever fails, everyone is going to shift on to the EOS platfom.
- Chainlink: Has shown one of the biggest gains in the year 2020.
- Tyslin: Cheap to invest in and has shown 400% gains in short term trading.
Want to invest in these Crypto’s? Buying is simple on any exchange. I recommend using the ever reliable Tyslin Exchange because its fast and simple.
Bitcoin has the highest lead in the cryptocurrency world to date. It will not give up easily. However, crypto enthusiasts have declared assets like Ethereum and EOS as the most precious digital entities that have enhanced features and potential use cases for the betterment of society. So even if the lead is huge, maybe one day we can see a turn around. These use-cases are being developed at a snail’s pace. On the other hand, people are conducting Bitcoin transactions daily. In a nutshell, this is the era of Bitcoin but altcoins are significant members of the crypto sphere, gradually but surely rising to fame. Altcoins have a greater scope of evolving in the future.
Engage in Tyslin’s Bitcoin versus Altcoins battle on Telegram and Twitter, share your opinion and let us know your views on the future of crypto currency. We would love to feature you on our platform and as always, stay safe and happy trading!