If cryptocurrency was a musical band or group, Bitcoin would be the lead singer. After all, it gets the most attention and paved the way for the others to get their spotlight.
But a band or group isn’t much without its supporting talent. If you think of the musical trios, quartets and others who introduced a new style or genre to the world, it was based on the strength of all its members, not just the lead.
The same goes for cryptocurrency. Although Bitcoin has enjoyed most of the fame, there are quite a few altcoins that have much to offer the world.
The Supporting Cast: Altcoins With Potential
Yes, this post is dedicated to all the coins out there that don’t get as much love as Bitcoin, but we’ll still mention some of the altcoins you already know. Some of these more recognized altcoins include Ethereum (Bitcoins closest rival) and Litecoin. There’s also Ripple, and a few others that you’re probably familiar with such as Ethereum Classic and Bitcoin Gold.
However, there are some more obscure ones that only the real cryptocurrency aficionados will know about. It’s also important to keep in mind that some of these altcoins have very specific applications that could make them more useful than Bitcoin.
1. Basic Attention Token (BAT)
Basic Attention Token (BAT) is a token that advertisers, publishers and users rely on as a unit of account. The token integrates with the Brave browser, which is designed to deflect malware and ensure user’s privacy while surfing the web.
BAT’s selling point, outlined by its whitepaper, is based on the hope that users will accept the Brave browser so that it blocks trackers and ads which sell personal data. As privacy concerns rise, the Basic Attention Token may very soon secure a place in the hearts of users who demand more control of their information.
2. Tron – TRX
The TRON coin shows promise because of its possible implications on torrenting in the near future. For one, TRON bought BitTorrent, which whether you’d like to admit it or not, was a staple for obtaining music, T.V. shows and movies before Netflix and Spotify took off.
The acquisition of BitTorrent is a big deal because TRON may be poised to tokenize intellectual property (by decentralizing torrenting methods) in the near future. This coin is also showing promise because of its actively running chain, which may in part explain why it has had such massive growth (there are 300,000 TRON accounts in existence).
3. Stellar – XLM
Stellar is the ambitious coin that’s poised to create a fast and cost-effective service for cross-border payments, tailored for people, not companies (like Ripple is). Stellar’s key selling point, to remind you, is speed. In fact, they’re aiming for transaction speeds of 3-5 seconds which would translate to far lower fees such as those charged by Paypal (which stands at 5% in fees per transaction).
The creators of Stellar also want it to be the epitome of efficiency. Since the coin won’t need proof of work (PoW) verification, Stellar’s energy consumption will sit at far lower levels than coins with higher ones such as Bitcoin. And the fact that big tech companies such as IBM have partnered with Stellar suggests that there is an exciting future ahead of it.
Other Notable Coins
There are other coins out there which are gaining much support from various communities and growing in popularity. There are two interesting altcoins worth mentioning here: Monero (XMR) and Zcash (ZEC).
Monero shows promise because it is a privacy coin and has a favourable future in terms value due to its reliance on proof of work verification (like Bitcoin). Generally, communities show plenty of support for Monero because of its strict adherence to remaining decentralized. Zcash also has much to offer in terms of privacy, and its creators claim that it will cut memory consumption associated with transaction privacy by 98%.
What may hold these two altcoins back, at least from a regulatory perspective, is their appeal for darknet markets. There’s a strong likelihood that some people will take advantage of the enhanced privacy these coins offer to make transactions on illegal products and services. Of course, the creators of these coins can allow their offerings to have broader appeal if they take steps to protect their coins from illicit use.
Altcoins Will May Move From the Background to Center Stage
If you’re looking to make a good investment in crypto coins, don’t look only at Bitcoin or its closest rivals. Some of the lesser known altcoins may one day have some serious star power.
This is especially true for the ones mentioned above that have a focus on improving the nature of certain transactions or entire industries themselves. So if you’re looking to make an investment that you will thank yourself for in the future, consider an altcoin. You just might reap big rewards in the future.