Are you looking to invest in some alternative cryptocurrencies to Bitcoin? If you have at least some experience with cryptocurrencies, you know that trading can be tricky, so you need to know as much as you can to do everything right and win big.
There is more altcoins than you could name, all of which were created to address one problem or another. Some altcoins, such as Bitcoin Cash and Litecoin, are clones of Bitcoin, while others focus on issues such as privacy, integration, and compatibility.
Altcoins are alternatives to the first great cryptocurrency, Bitcoin. In short, they are cryptocurrencies that use a technology called blockchain that allows secure peer-to-peer transactions, and that logically have some advantages over Bitcoin, to attract different users, and provide greater security measures.
Before telling you which are the best altcoins to consider in 2022, let's delve into the concept of altcoins, I also recommend that you take a look at our article on the best cryptocurrencies.
What will you find here?
- 1 What are Altcoins?
- 2 Where to buy Altcoins
- 3 Top 5 altcoins in 2022
- 4 How to make safe transactions with Altcoins
- 5 Conclusions
What are Altcoins?
Altcoins is the acronym in English for “Alternative coins”. They are the “Alternatives” to Bitcoin, which was the first currency that existed.
Generally speaking, altcoins work in a very similar way to Bitcoin. By using a private key, you can send a payment from your digital wallet to another user's wallet.
In an altcoin there is a blockchain, where transactions are recorded permanently and publicly, so trades cannot be altered or denied after the fact. The blockchain is secured by mathematical proofs that confirm transactions in blocks.
But not all altcoins follow the same rules as Bitcoin. For example, while Bitcoin will only mine or produce bitcoins every 10 minutes, some cryptocurrencies, such as Cardano's ADA, will process payments faster and with less energy use.
By the way, have you heard of Mind Capital?, surely you are interested in our article.
Where to buy Altcoins
- Trade Commission: 0,1%
- Allows you to transfer money from other exchanges/crypto wallets
- You can copy investments from other traders
- No. of Cryptocurrencies: 194 cryptocurrencies
- Security Level: Very secure
- Difficulty for Beginners: Low
- Copy Trader: Yes
- $153 FREE WITH FIRST PURCHASE
- Rating: 9,9 / 10
- Trade Commission: 0,1%
- Bank transfer
- Debit/credit card, Revolut
- No. of Cryptocurrencies: 393 cryptocurrencies
- Security Level: Very Secure
- Difficulty for Beginners: Low
- Copy Trader: No
- Cardano Available?: Yes
- Rating: 9.8 / 10
- Commission for Operation: Free with B2M and 0,95% rest cryptocurrencies
- Bank transfer
- debit/credit card
- No. of Cryptocurrencies: 69 cryptocurrencies
- Security Level: The Safest
- Difficulty for Beginners: Very Low
- Copy Trader: No
- €5 FREE WITH THE FIRST PURCHASE
- Rating: 9,7 / 10
Binance, apart from being the largest exchange in the world and one of the safest, it is the one that has the most Altcoins, a total of 341 today, so if you want buy altcoins, I recommend Binance, it is the one used by the entire Cardaniers team.
Now that we know what altcoins are and where to buy them, let's see which ones promise to stand out in 2022.
Top 5 altcoins in 2022
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Cardano she is on everyone's radar in 2022, in 2020 she was almost a complete unknown. This cryptocurrency is changing the game in the smart contract industry by producing more functionality and making it easier to use. It has a strong team and a passionate community.
Cardano is an incubation platform, like Ethereum, that works with smart contracts and focuses on security. The Cardano architecture consists of several layers, with a focus on safety and is built on a scientific philosophy, with the support of an outstanding group of scientists. The Cardano platform is very similar to EOS and the ETH platform.
Also, in full swing, it is building a peer review research community where scientists can submit their academic papers for peer review. The Cardano network is proudly the home of the ADA cryptocurrency.
The ideas that the Cardano science team is trying to integrate into the community are:
- Separation of accounting and computation in different layers.
- Implementation of core components in highly modular functional code.
- Small groups of scholars and developers competing with peer-reviewed research.
- Intensive use of interdisciplinary teams, including the early use of InfoSec experts.
- Rapid iteration between whitepapers, implementation, and further investigation is required to correct issues discovered during the review.
- Develop the ability to upgrade post-deployment systems without destroying the network.
- Development of a decentralized financing mechanism for future work.
- A long-term vision to improve the design of cryptocurrencies, allowing them to work on mobile devices with a reasonable and secure user experience.
- Recognize the need to account for multiple assets on the same ledger.
- Transaction summaries to include optional metadata for the purpose of better fit the needs of legacy systems.
- Learn from nearly 1.000 altcoins by adopting features that make sense.
Cardano is building a blockchain infrastructure that will allow carry out transactions in a much faster, safer and more sustainable way, by consuming less electricity.
Furthermore, this altcoin has a solution to the quantum computer problem that many other blockchains will face in the future. While not yet implemented, companies have shown significant interest in this capability.
This means that Cardano is well positioned for future growth and could show substantial progress in the next year or two.
Vetchain – VET
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This platform is an enterprise-focused blockchain that provides business solutions and applications in various aspects of the industry, including inventory, tracking and quality control.
VetChain's services come at an opportune time when blockchain adoption is increasing in the business world, as a result of the solutions the technology can provide.
Platform it has two tokens that are used for different aspects of its operations. VET is the token used to transfer value over the network. Therefore, it is traded on various exchanges and is better known than the VHTO token, used to power transactions on the platform.
With the rise in business adoption of blockchain technology, we may see an increase in the value of VET in 2022.
The platform, however, needs to improve its security. Potential investors will only become investors if they are guaranteed the security of their investments within the platform.
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Nominated as the best performing altcoin of 2019, ChainLink is here to stay.
Chainlink offers an interesting service in the blockchain ecosystem as it link smart contracts with external data, off-chain and in the real world. This makes it an essential tool for every platform that requires external data, which is possibly any blockchain platform.
The platform will probably emphasize its importance in 2022, you can see the Chainlink future forecast here.
Ripple - XRP
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Ripple is a company that leverages blockchain technology to enable banks, payment providers, digital asset exchanges, and businesses to send money globally, typically using the company's cryptocurrency, XRP.
In many ways, Ripple is the infrastructure behind cross-border cryptocurrency payments.
As cryptocurrencies gain more traction, Ripple is adding more and more banks and other clients to its network.
More and more banks will partner with Ripple in 2022 as cryptocurrency awareness and demand rises, and as it does, the price of XRP will also rise, for more from the ripple future check this link.
Litecoin - LTC
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In 2011, computer programmer Charlie Lee saw ways to improve Bitcoin. But instead of proposing changes to bitcoin itself, Lee forked Bitcoin, copying the code from it with changes to create a new blockchain, and, as a result, created a promising new altcoin called Litecoin.
On the surface, Litecoin looks very similar to its predecessor: seeks to become a global currency alternative and uses a proof-of-work consensus algorithm (PoW) to secure your blockchain.
Litecoin encryption algorithm consumes fewer resources and is more democratic than Bitcoin, while allowing for much faster transaction times. For these reasons, Litecoin is a cheaper and faster way to transact than Bitcoin, making it more useful for everyday purchases.
Another very interesting Altcoin to invest in is Dogecoin.
How to make safe transactions with Altcoins
Do your research before investing in an altcoin
Most users in chat rooms, social media groups, and discussion forums like Reddit or Facebook have an ulterior motive, so their advice can hurt your game. To become a professional trader and position yourself for long-term success, you must stay ahead of the curve.
Remember, your job as a cryptocurrency investor is conduct your own research, view charts and make accurate predictions. However, if you think you need some advice, consider subscribing to reliable blogs.
Always watch how Bitcoin moves
But wasn't this article about altcoins?
Yes, it is, but the main asset that drives the change in the market is still Bitcoin. It's the gold standard, has a brand so strong that it influences everyone else.
So if you notice the altcoin market undergoing some significant changes, take a look at the bitcoin market first. Most altcoins trade according to their value, so ignoring the underlying asset that holds it all together is simply wrong.
Also, you should know that bitcoins and altcoins have an inverse relationship. This means that if the value of altcoins decreases, bitcoins gain value. Conversely, if bitcoins tend to lose value, altcoins gain. So if the Bitcoin market is especially volatile, you should soon see the change in altcoin trading conditions as well.
Do not panic thinking that you will miss a great opportunity
This is a common mistake among beginner cryptocurrency traders that you should definitely avoid. People who are new to this industry they often use their fear to drive their actions, and most of them lose big.
For example, are you trading on your computer and things are going well, but suddenly a window pops up saying that the trade is almost over and you're not in yet? You can manage to ignore it, but the temptation increases when another window appears trying to entice you to close the deal.
Instead of rushing, just wait. It's the best decision you can make in this case because if you have a game plan, and you should, the chances are high, and it shouldn't include accepting every trade you're invited to. Doing so greatly increases your chances of losing big.
The altcoin market is a rapidly changing environment and needs a lot of attention, but that doesn't mean you should check on your investments all the time.
Of course, checking your cryptocurrencies and seeing them increase in value is amazing, but you also have to remember that you are at great risk of developing an obsession that can bring some serious negative changes in your life.
Letting the thrill of a random gain of altcoin value lure you into checking the market ten times in an hour and making some impulsive investments is a very bad idea.
On the other hand, a fresh mind and reasonable breaks increase the possibility of making the right decisions.
Choose Altcoins with a serious development plan
Do you remember what is the first altcoin on our list? Cardano, and the choice is not innocent.
Cardano is an altcoin based on scientific research and with a development plan in stages. It was not launched unexpectedly, and it wants to revolutionize the cryptocurrency market.
Do not trade daily
If you feel like you need to improve your knowledge of the cryptocurrency market, day trading might be a bad idea. Even experienced traders know that effective day trading takes a lot of time and effort, so increases the chance of making mistakes.
For example, let's say you're day-trading an altcoin of your choice and you're following the rule of closing your position when the price reaches 10 percent of what you bought it for.
This may seem like a good rule of thumb, but there is a good chance that the price will continue to rise by more than 10 percent. As a result, you will lose the opportunity to earn more by closing early.
Instead of trading during the day, consider buying and holding your cryptocurrency for a little longer.
Here are our best altcoins to invest in 2022. However, it is always important to remember that cryptocurrencies are a volatile market. While it's great to think of all the fantastic gains we could make, there's a chance your investments could go down as well.
As with any type of investment, do not invest more than you are willing to lose.
Which of these altcoins will you bet on?