As a new investor of Cryptocurrency, you would always think of Bitcoins for investing. No, that is not the right approach. Bitcoins offer several options, like you can buy Bitcoins with credit cards and other methods, but the same is the case with other Cryptos.
Bitcoins have gained fame being the first Crypto ever, but after that, there were so many other Cryptos invented that you can consider investing in. As the leader of the market, people think that it is the best investment option, but we are here to change your mind. Here are certain reasons why you should try other Cryptos apart from Bitcoin:
- Better Utility
Since Bitcoin was the first one in the market, it only serves the purpose of being a digital currency, but as you see other Cryptos, they have different uses. Ethereum provides a space to develop models and applications, and Ripple acts as a payment gateway for institutions.
Bitcoin also invented Blockchain technology. However, it takes 12-15 minutes for it to add one block to the chain. In the case of Solana, around 65,000 transactions take place per second, so Bitcoin is lagging behind in the speed aspect as well.
- Higher Growth Potential
It can not be neglected that the other Cryptos have grown more than Bitcoin in the past couple of years. This does not mean that Bitcoin has not grown, but it has not grown enough compared to the other Cryptocurrencies.
Ethereum has seen a growth of 281% as a Crypto with the second-largest market capitalization. Cardano and Solana have reached climbing heights and seen a growth of 1,033% and 8,664%, respectively. Bitcoin has only seen a growth of 42%. However, these numbers should be enough for you to understand why you should try the others.
- Environmental Friendly
Bitcoin requires mining, and that requires a lot of energy. The mining process involves complicated machines and equations, and the miner who solves the equation before the others gets a reward. Studies say that the energy consumed in the mining of Bitcoin is equivalent to the entire energy consumed by the country of Poland.
Bitcoin follows Proof of Work, and the Cryptos that follow Proof of Stake are a lot better for our environment as they are not mining-based. This can be kept in mind, and the Cryptos that are good for our environment should be adopted.
- Staking Rewards
A few Cryptos allow for staking the Cryptos. It means that you are giving it to the blockchain, and for this, you will earn rewards. This reward can be considered as interest on your Crypto investment. Only the Cryptos that use Proof of Stake can provide you with the staking benefit. Since Bitcoin uses Proof of Work, it can not provide this reward.
The Bottom Line
We have given you a list of reasons why you should try exploring the different Cryptos other than Bitcoin. They provide many benefits over Crypto, and you should not think a lot before switching your choice from Bitcoin to other Cryptos.