From as far back as you remember, you liked to buck tradition. You never liked when people told you what to do. It’s no surprise that now that you are an adult that you like to circumvent the middlemen—i.e. the bank. We’re guessing that’s why Bitcoin appealed to you. Never heard of it? Where have you been?!
Bitcoin was invented in 2009 by an anonymous person using the alias Satoshi Nakamoto. Some people immediately loved it, as on top of keeping the banks out of the loop, it’s also anonymous and there are no transaction fees. In addition, international payments are inexpensive and simplified because Bitcoin is not tied to any country or subject to regulation. Some have decided to invest in Bitcoin as opposed to using it as a currency, per se, as they think it’s the wave of the future.
In recent years, competitors have sprung up and have been dubbed “altcoins”. Many of them claim to have a competitive edge over Bitcoin. And as this Investopedia article points out, “The success of Bitcoin as the first peer-to-peer digital currency paved the way for many to follow. Many altcoins are trying to target any perceived limitations that Bitcoin has and come up with newer versions with competitive advantages.”
While Bitcoin hasn’t gone the way of flip phones just yet, there are three altcoins we’d bet on 2in 017. Want to know what they are? Read on!
Worried about your cloud security? Who isn’t? It seems like everyone and your neighbor can access the cloud these days. Enter Sia. This product leverages the capacity of blockchain technology to allow distributed networks to come together in a “secure and trustless way.” The reason this is new is that most cloud storage platforms are owned by one company. Sia allows anyone to make money by renting out their hard drive. The integrity of the data is protected with the use of cryptography and redundancy. As Sia’s own website notes, “We believe data should be free. We aim to liberate the unused bits of the world and construct the largest storage superserver on the planet.” Talk about circumventing Big Brother.
Like other altcoins, the focus of DigiByte (DGB) is cyber security. The main reason people use this type of security, and you can’t get more secure than this. Its focus is on secure payments, secure commonuications, and on blockchain cybyersecurity. Whoa, right? DigiByte has been fighting the rise of cyber threats and has emerged as a FinTech leader. Many find DigiByte to be the most efficient of the altcoins, as it has speed, scalability, and security to enhance overall efficiency. Wondering how to buy DigiByte? If you’ve got Litecoin, you can exchange it for DGB or purchase DGB with Euro here.
Formerly Antshares, NEO was founded in 2014 and is China’s first-ever open source blockchain. NEO truly believes they are on the cutting edge and will use technology to drive the traditional economy into the new era of what is called the “Smart Economy”. As with all the altcoins, the focus seems to be on securing purchases, so if cyber security (or lack thereof) is on your radar, NEO—or one of the other altcoins mentioned here—could be for you. The masterminds behind NEO say that this term means “new”, “modern”, and “young”, so they say they like that it links the physical world with the digital realm.
Not feeling safe these days with your money in a bank? Growing more and more concerned with the number of cyber attacks on them along with America’s biggest corporations? I might be time to consider going with altcoins, and these are three we’d bet on soon enough.j