Launched in 2009 with the introduction of Bitcoin (BTC), cryptocurrency was an unknown phenomenon worldwide. Many were unaware of the basics of cryptocurrency and did not know how to invest in it.
Fast forward to 2022, cryptocurrency has come a long way and become the most popular asset to invest in across the globe. Bitcoin has become the world’s largest cryptocurrency by market capitalization, thanks to its enhanced safety, positive adoption, and inflation hedge.
But what would you do if you cannot buy one BTC?
Crypto experts believe that over 10,000 cryptocurrencies are available in the crypto market which provides a variety of options. In addition, there are several other ways too to enter the crypto business like non-fungible tokens (NFTs) if you cannot afford Bitcoin.
Let us find out which are the best alternative cryptocurrencies to Bitcoin in 2022.
Before you start investing in cryptocurrency, you should understand it comprehensively.
Cryptocurrencies are digital or virtual currencies that exist on blockchain technology. They are protected by cryptography which consists of complex mathematical problems that are hard to break.
Each transaction of cryptocurrency is recorded on a publicly distributed ledger permanently. You can buy cryptocurrencies through a crypto exchange platform such as Coinbase, Binance, and more.
Cryptocurrencies offer multiple benefits to their users such as quick and cheap transactions as compared to bank transactions. These digital currencies are decentralized which means that they are free from the regulations of any central authority.
You can make a crypto transaction at any time anywhere across the globe. In addition, the protocols of cryptocurrencies are designed in a way that only a finite number of each cryptocurrency can be transacted which increases the purchasing power of crypto users.
Many global leaders have supported cryptocurrency as the best alternative to fiat or traditional currency. One such global leader is Carl Runefelt, alias, The Moon, who has invested in more than 350 crypto startups.
He says, “Bitcoin is going up year over year, and in times of uncertainty, we’ve seen that people increasingly turn to Bitcoin as a form of money and store of value because Bitcoin is the only money in the world that has no political attachment. Your bank money can get frozen, or your gold can get confiscated but with Bitcoin, you can literally cross a border with your private keys in your head, and you can travel the world with millions of dollars literally stuck in your brain.”
Best Cryptocurrencies other than Bitcoin
Today, there are thousands of cryptocurrencies available in which you can invest.
These cryptocurrencies have withstood the test of time and provide the best way to enter the crypto business if Bitcoin is out of your reach.
Listed below are some cryptocurrencies that you can buy.
Ethereum is the second name that you are most likely to hear in the crypto space. ETH is the world’s second-largest cryptocurrency after Bitcoin which you can buy.
Ethereum is not only a cryptocurrency but also a platform where applications like smart contracts can easily be made.
As of November 2022, you can buy a single Ethereum for $1,583.
Cryptocurrency is often labelled as a volatile asset with multiple price fluctuations. This is true because cryptocurrencies are unregulated and price changes can happen at any time.
To control crypto volatility, some cryptocurrencies have been pegged against fiat like the Dollar or the Euro and these are collectively known as stablecoins. Tether is a stablecoin that you can easily buy for $1 (as of November 2022).
The value of USDT is supposed to be more consistent than other cryptocurrencies and it is favored by investors who vary extreme volatility.
Binance Coin (BNB)
Isn’t it exciting that you can use cryptocurrency for multiple purposes like booking for arrangements or travelling?
Here comes the Binance Coin (BNB) which has many usages.
Launched as a coin to trade and pay fees of one of the largest crypto exchanges in the world, Binance. BNB has expanded its range and passed on from merely facilitating payment processing.
You can use Binance Coin for payment processing, booking travel arrangements, payment processing, etc. In addition, BNB offers you the facility of exchanging it with other cryptocurrencies, for instance – Ethereum for BNB.
As of November 2022, you can buy one BNB for $346.
The crypto market is booming with time and Bitcoin has become the most expensive cryptocurrency in the past few years.
But if you cannot afford Bitcoin, there are thousands of other cryptocurrencies available in which you can invest.
You can select any cryptocurrency from the above-mentioned digital currencies to make handsome profits.