Exploring the many alternatives from the crypto landscape: From the crypto pioneer, Bitcoin, to the development of meme coins

Once upon a time, people didn't have an alternative to fiat money, and this has been felt, especially when the world was dealing with a global financial crisis. But that changed with the introduction of Bitcoin, the first cryptocurrency launched in 2009 by an individual under the name of Satoshi Nakamoto. Since the moment it was first developed, Bitcoin has increased in popularity and reached new heights that no one has ever imagined. Bitcoin is also the one that inspired developers to create other cryptocurrencies that are known under the general name of altcoins. 

However, altcoins are not the online type of digital coins from the crypto landscape, as in this sphere, there are also stablecoins and meme coins. Meme coins, in particular, have become very successful, as they have a dedicated fan base that supports any latest news and changes that their preferred crypto project is going through. Dogecoin is the most popular example of meme coin, showing that this crypto category has great potential. The future of Dogecoin also looks positive, as this digital currency can attract even more investors thanks to the Dogecoin prediction, which looks bright. 

Even though there was only one cryptocurrency people could invest in at first, things have greatly changed, and now the crypto sphere is home to endless alternatives investors can consider. However, to make the right decisions, investors should know their options. In this article, we will explore a few of them. 

Bitcoin

Bitcoin is the first cryptocurrency ever created and the largest digital coin by market cap, which is why Bitcoin doesn't stand in any category of cryptocurrencies but is viewed as the crypto titan. Bitcoin was launched in 2009 when people didn't have an alternative to fiat money and wanted to protect their finances from the challenges of the market. Even though, at the start, Bitcoin didn't have a value associated with it, things have changed over the years when Bitcoin has risen tremendously and experienced plenty of price fluctuations. Even though many projects were created to dethrone Bitcoin, things have remained the same, as Bitcoin is still  the crypto king and the number one cryptocurrency when individuals want to add crypto to their portfolios. 

When we talk about cryptocurrencies, most people associate them with Bitcoin, which is why it has become the industry's face. Bitcoin is so popular that it has also become a legal tender in El Salvador, which wanted to fix some of the financial challenges it was going through at that moment. This has cemented its position as a powerful asset in the economic landscape, especially since some say that Bitcoin can be the future of money. 

Altcoins

The term altcoins, the shorter version of alternative coins, is used for all cryptocurrencies except for Bitcoin. Most altcoins were created to solve the shortcomings of Bitcoin and add improved functionalities so that they could possibly dethrone BTC. Most altcoins have focused on adding new solutions to the challenges of Bitcoin, which is why they have better functionality, scalability, lower fees, and faster speed. Ethereum is the second largest cryptocurrency by market cap, right after Bitcoin. ETH has brought plenty of innovations into the world, as it has introduced smart contracts, DeFi applications, NFTs, and dApps, and in this way, it has leveraged the entire potential of cryptocurrencies. 

Ethereum also wants to offer its users the best experience, which is why it wishes to introduce constant upgrades to its blockchain and solve some of the problems of individuals. For example, at first, Ethereum used a Proof-of-Work (PoW) consensus mechanism, but it wanted to come up with solutions for people who started to be concerned about the huge electrical consumption this method had. This is why Ethereum has moved to a Proof-of-Work (PoW) consensus mechanism, which is not associated with the same substantial electrical consumption. 

Meme coins

Meme coins are another addition that exists in the crypto space. Meme coins are inspired by jokes or memes that are popular on the Internet, and because of this, they are viewed as a more lighthearted version of the other cryptocurrencies. Although they still exist with the help of blockchain technology (meaning they still have some associated complex notions), they also have a funny appeal, attracting a strong community that supports the most critical crypto projects. Dogecoin was the first meme coin ever created, and it was considered more of a joke in the first moments when its developers thought about launching this type of digital coin. However, even though no one initially expected, meme coins have risen a lot in popularity, attracting a dedicated fan base who is always there to talk about the latest news. 

Stablecoins

Cryptocurrencies at large are characterized by high volatility, which has made some developers think about a way to solve this, and this is how stablecoins have emerged. Stablecoins can bridge the stability of fiat money with the volatility of digital coins, and in this way, it can solve some of the challenges of both parties. Stablecoins have their value pegged to real-world assets, and they don't have the same risk associated with the other cryptocurrencies. Because of this, they can be suitable for daily financial operations. Stablecoins have numerous benefits that individuals can take advantage of, like offering cheaper and faster transactions, bringing more inclusivity to the game, and providing better accessibility. 

The bottom line

The world has overcome an important milestone with the creation of cryptocurrencies, which have become a preferred option over fiat money. This happens because digital currencies bring decentralization into the game, which removes the need for intermediaries and adds more freedom into the game. Even though Bitcoin was initially the only cryptocurrency people could invest in, things are different now, as the crypto space has improved with new additions, like altcoins, meme coins, and stablecoins. All these crypto assets have advantages and disadvantages, so looking at both sides before jumping on the crypto bandwagon is essential.