Bitcoin taxes and their difference from currencies

?What are the top 10 currencies of 2020

Now that we’re nearly a month into 2020, we look back on 2019 and consider how disappointing the end of the year was from a crypto perspective. If we learned anything from the previous year, it’s that you shouldn’t count the chickens until they hatch.

While altcoins as a whole saw a decline, there’s no one thing to point to and say “this is the problem.” Values appear to be returning to points that are healthy for a nascent industry. Of course, there are those who will choose to pout over what might have been. However, we see this return as a chance to reset for the new year.

As a result, we’ve compiled our list of the best altcoins we believe show great promise for 2020. Of course, please remember that this is not financial or investment advice. Otherwise, please enjoy our list of the top-rated altcoins for 2020.

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By Justin CaldwellJAN 31, 2020

10 Best Altcoins for 2020 EDITORIAL, NEWS2951 Total viewsNo commentsEthereum coin

Now that we’re nearly a month into 2020, we look back on 2019 and consider how disappointing the end of the year was from a crypto perspective. If we learned anything from the previous year, it’s that you shouldn’t count the chickens until they hatch.

While altcoins as a whole saw a decline, there’s no one thing to point to and say “this is the problem.” Values appear to be returning to points that are healthy for a nascent industry. Of course, there are those who will choose to pout over what might have been. However, we see this return as a chance to reset for the new year.

As a result, we’ve compiled our list of the best altcoins we believe show great promise for 2020. Of course, please remember that this is not financial or investment advice. Otherwise, please enjoy our list of the top-rated altcoins for 2020.

?What is an Altcoin

If you’re at all familiar with cryptocurrency, then you know that the term “altcoin” comes from combining the words alternative and coin. This term essentially covers all coins that aren't Bitcoin, regardless of how popular or valuable. The name itself doesn't ask any specific cryptocurrency.

There are thousands of altcoins available, with more arriving every day. These coins vary in popularity, price, technology, and lots of other details. As the original cryptocurrency, Bitcoin remains the foremost popular and widely used digital currency on the market. Bitcoin was also the catalyst for blockchain and therefore the technology that drives it.

However, there are limitations when using Bitcoin. These restrictions have led to companies creating separate blockchains. Since these new blockchains have their own set of unique features and capabilities, new cryptocurrencies and tokens are needed. Therefore, altcoins were born.

Types of Altcoins

There are more altcoins than you'll possibly name, all of which were created to deal with one problem or another. Some altcoins, like Bitcoin Cash and Litecoin, are Bitcoin clones, while others specialise in issues like privacy, integration, and compatibility.

The altcoins we like for 2020 all have various technologies and artistic solutions for problems the planet is facing. a number of the coins on our list address similar issues, while others are unique in their industry.

Top 10 coins altCoins of 2020

(Cardano (ADA

Cardano is on everyone’s radar as this cryptocurrency changes the sport within the smart contract industry by producing more functionality and making it easier to use. The Cardano altcoin is taken into account a rival to Ethereum and boasts a solid team and passionate community.

Some suggest that Cardano’s roadmap is extremely ambitious, especially considering the project has yet to understand many of their milestones. However, if Cardano completes their goal, it could turn the whole smart contract world on its head.

The development of the platform itself is consistent, as Cardano boasts a solid team of developers. Cardano’s longer-term plans include creating a blockchain which can be both highly efficient and versatile for its users. Therefore, the potential for the Cardano project features a lot of upside.

We like Cardano because it's the primary blockchain platform that uses scientific philosophies along side a research-driven approach. for instance , the Cardano Point-of-Stake algorithm relies on scientific proofs and is as secure because the more popular Point-of-Work.

Additionally, the altcoin features a solution for the quantum computer problem which many other blockchains will face within the future. While it's yet to be implemented, corporations have shown significant interest during this capability. this suggests Cardano is well-positioned for future growth and will show substantial strides within the next year or two.

 (Tron (TRX

Like a lot of the opposite altcoins on this list, Tron had a rough go of it during the fourth quarter of 2018. albeit its recent performance has been a touch shaky, Tron remains the 13th largest cryptocurrency supported market capitalisation . As a result, the Tron project has high expectations.

While Tron struggled a touch after its initial launch, the altcoin has shaken off those early problems and has begun to return into its own. to start out with, the coin features a new home on Bittrex, one among the most important crypto exchanges within the world. additionally , Tron has began to build up and develop support for decentralized applications (dApps), to be used specifically on its platform.

Tron’s CEO, Justin Sun, has gone out of his thanks to show users just how well the Tron platform is capable of performing. He suggests that not only is his platform a force to be reckoned with now, but it'll still be a high-ranking altcoin within the future also .

Sun has also mentioned the likelihood of integrating a replacement Tron-based token which owners are going to be ready to use on the Tron platform. the first purpose of the token is to offer users the potential of sharing data on the Tron network. Additionally, the target is to determine faster download speeds for all users. The plan is that these features would be available on both Tron’s mobile and desktop clients.

With the goal of adjusting the way we interact as a society, Tron believes it should receive recognition as a top performer within the crypto world. It’s hard for us to argue with this sentiment, so don’t be surprised if you see Tron make significant progress in 2019.

Tron plans to still develop a high-quality system that its users will enjoy through the year. it'd be time for investors to require notice of Tron and provides it the eye it deserves.

(Ripple (XRP

Ripple may be a well-known altcoin and is exclusive therein it focuses on solving a drag inherent to just one industry: International Payment Transfers. The cryptocurrency was created in 2012 with the goal of creating global transactions both cheap and fast.

Since Ripple labs own half the 100 billion XRP tokens which will ever exist, many crypto naturalists argue that they're not a real cryptocurrency. this is often thanks to the very fact that the overwhelming majority of cryptocurrencies alive today don't have a central entity which holds the bulk of their coins. As a result, many suggest that Ripple isn't decentralized and shouldn’t label itself intrinsically .

However, Ripple does a superb job of providing solutions for the industry during which it focuses its efforts. Currently, international transfers may take between seven and ten days. Ripple, on the opposite hand, can perform an equivalent transaction during a matter of seconds. Additionally, fees on the Ripple platform are significantly less than what users experience when employing a traditional financial organization .

Ripple features a particular use case, putting forth all its efforts on international payments. this suggests the Ripple team isn’t distracted by other projects and may deliver the simplest solution catered to a selected industry.

Lastly, Ripple holds a plus over many altcoins therein it's one among the few cryptocurrencies which may brag that companies currently use it within the world . Ripple has developed several strategic partnerships with several key financial players.These include Santander and American Express. Therefore, whether you think Ripple may be a true cryptocurrency or not, it'd be knowing keep your eye thereon throughout 2020.

(Stellar (XLM

Even though Stellar isn't quite five years old yet, it’s ranked toward the highest of the list for market cap for a short time now. This decentralized and open-source protocol gives its users the power to quickly send fiat currencies by making use cryptocurrency as a way of transport. In some ways , Stellar is somewhat almost like Ripple.

Additionally, Stellar positioned itself to be one among the primary cryptocurrencies to realize mass adoption, although admittedly, this might not happen for a short time . More than likely, countries will need to develop cryptocurrency regulations before more widespread adoption takes place.

Along with its potential as an international payment processor, Stellar has also established a partnership with IBM. By forming a partnership with this company, Stellar takes a huge step forward. With IBM, the altcoin assures itself a place in the international payment industry.

Even still, working with IBM has allowed Stellar to form a closer relationship with the Australian government. Therefore, it makes sense that we might see Stellar adopted by the country at some point in the future. Not only that, but it gives Stellar instant credibility as a legitimate player within the cryptocurrency market, which can drive interest among investors and partners alike.

One other feature that makes the Stellar project valuable is the speed with which it processes transactions. This altcoin is one of the fastest available on the market. Where these types of transactions can take days or even a few weeks to complete, Stellar can get it done in a matter of seconds.

The biggest differentiator between the two is that Ripple is more interested in working with large financial institutions and banks while Stellar wants to provide its services to individuals. However, sending money across borders is desperately in need of a change, and Stellar intends to be the altcoin that revolutionizes that process.

So now you know what an altcoin is and how they are trying to address limitations to the original cryptocurrency, Bitcoin, or find ways to solve challenges in a specific area.

With that in mind, here are our best altcoins for 2020.

(Basic Attention Token (BAT

The BAT cryptocurrency was explicitly launched and created with the digital advertisement in mind. Primarily, you can use BAT tokens to create an exchange between those who create content and those who consume it. This makes it an excellent coin to observe throughout 2020.

BAT wants to provide a platform which gives users the ability to eliminate intermediaries when it comes to digital advertising. This happens by paying online users for participating in the BAT community. Basically, those who create content have a place where they can share their content. Simultaneously, consumers browse the web and get BAT tokens as an incentive.

BAT offers its Brave browser, which the token powers and is used to bring the BAT community together in one place. When using the Brave browser, you’ll notice that it can detect and remove advertisements and malware. The browser does this so that users have their privacy and security while they surf the internet.

Even though it’s not yet available, BAT does plan on releasing a feature which will pay its users to browse online. You can view ads which will show up based on your interests, and you’ll earn BAT tokens as you do.

BAT is a solid altcoin in that it connects content creators with content consumers and allows them to earn BAT tokens while browsing. As a result, BAT is making considerable noise in the crypto industry, which is why we put it on our list of the best altcoins of 2020.

(Dash (DASH

Dash could be considered an altcoin with schizophrenia. When the coin launched back in 2014, it was referred to as XCoin. Soon after that, it was renamed DarkCoin. In 2015 the digital currency was finally named Dash, which is a mashup of the words Digital and Cash.

Even though Dash is analogous to Bitcoin, it holds significant advantages over the first cryptocurrency. Dash is, however, built on Bitcoin’s network and is a fork of the Litecoin altcoin. However, Dash offers higher transaction speed and better privacy than Bitcoin.

With Bitcoin, the sender and receiver public addresses are viewable by the whole world and stored on the blockchain. Dash keeps this information hidden from others. This means transactions performed on the Dash network are not traceable back to the sender. Bitcoin transactions, on the other hand, are easily tracked.

Additionally, Dash has a self-funding engine which sets aside 10% of all mining rewards for future use on the Dash platform. These funds are used primarily to grow and improve Dash.With these unique features and capabilities, Dash may be a promising alternative currency in the crypto market and has the potential for collective accreditation by the government or the economy. This makes it an alternative currency to consider throughout 2020.

(Nano (NANO

Nano is first and foremost a digital currency. Likewise Bitcoin, Nano aims to become a universally used currency without offering fast fees and transactions. This altcoin plans to accomplish the sending and receiving of these transactions through a secure and decentralized network. Of course, the question is, if it’s so similar to Bitcoin, why bother with this digital currency at all?

Everyone familiar with Bitcoin knows that the central driver behind the cryptocurrency is to provide sellers and buyers the ability to interact without the need for an intermediary like banks or other financial institutions. The underlying problem with Bitcoin is that it requires solving complex algorithms for mining purposes.

The problem is that as the ledger continues to grow, so does the process for mining. As a result, mining becomes much more inefficient and bogs down. These are the issues which Nano steps in to address.

Nano can solve these problems because its coins don’t have to be mined. Here, a nano coin uses a technique referred to as a block network. It is through this process that Nano has developed a method which allows for instance transactions. In addition, the currency does not incur any fees with its block network technology.

On Nano’s platform, an unlimited amount of transactions can run simultaneously. This capability alone is why many people are so high on Nano.Other cryptocurrencies are required for every transaction to obtain consensus of miners. 

When using Nano, only two transactions are required: the send transaction,which deducts funds,

and the receive transaction, which credits funds

Nano is attempting to solve a significant problem that keeps cryptocurrency from going mainstream. High fees, slow transactions, and scalability are all challenges within the cryptocurrency industry. Nano believes it can go a long way in addressing these problems. Due to its unique technology and ability to address global problems, Nano is a great option for changing the way financial transactions are handled. Therefore, Nano may be a cryptocurrency we plan on tracking throughout 2020.

(Monero (XMR

Monero might not be as popular or commonly referred to as Bitcoin or Ethereum, but it's a big following and community. This cryptocurrency is well-respected in the industry and presents itself as a great altcoin to consider for 2020.

The Monero platform is known for its privacy. There are a significant amount of thefts, hacking scandals, and data breaches within the crypto world, which means the need for privacy is more prevalent than ever before. This is especially true for those performing financial transactions.

Knowing this, Monero offers a wide array of solutions to the lack of privacy that plagues society today. This platform is still growing, and as users realize the value of data and online privacy, we won’t be surprised to see a mass migration to coins like Monero.

Monero’s principal focus is on privacy, protecting the identity of both the sender and the receiving during a transaction. While many argue that this is a breeding ground for criminal activity and hackers, Monero is providing a method which offers anonymity to its users. Some would say this is a rare thing in today’s world.

Due to its appeal to those looking for a way to complete transactions privately and anonymously, we have Monero on our list of best altcoins for 2020. Feel free to add it to your list as well.

NEO

NEO is analogous to Ethereum therein it focuses on smart contracts. However, where Ethereum uses a programming language called Solidity, NEO smart contracts can use Java, Python, or any other popular development language. Additionally, when it comes to programming, Solidity is nowhere near as popular a language like Python or Java.

NEO has a very prominent following in the crypto industry and offers its users two currencies: Gas and NEO. These two currencies are entirely separate from one another but have equal value on the platform. As a matter of fact, the Gas coin is used to pay for the NEO platform fees. You can also buy, sell, or trade both NEO and Gas on the crypto market.

NEO is one of the more prominent and promising digital currencies for 2020. It does have tons of competition though, specifically within the sort of altcoins like EOS, Ethereum, et al. . Don’t forget that NEO is developing its own Smart Economy, which is slowly but surely growing.

From an extended term perspective, NEO is attempting to eliminate the Bitcoin dominance within the cryptocurrency market. More than likely we’ll see this coin as a trading pair in most exchanges, much an equivalent way Ethereum and Bitcoin are.

ZCash

If you’re looking for a coin that’s still relatively new to the world of cryptocurrency, ZCash is a great option. This promising entrant was established in 2016 and currently has 21 million coins on the market. ZCash payments reside on the public blockchain. However, ZCash does provide its users with a level of anonymity by hiding the details of transactions.

ZCash is known for its privacy since it protects the names of both the sender and the recipient on its transactions. However, unlike other privacy cryptocurrencies, ZCash does give its users the option to receive a copy of transactions they performed on the blockchain.

This feature gives ZCash users and companies the ability to comply with taxation and money laundering laws while still having a modicum of anonymity while using cryptocurrency. As a result, users will know that they are adhering to all regulations and rules while performing transactions on the blockchain.

This new coin is an up and comer in the crypto market and has a great following and active community. Users experience low fees and personal transactions which makes ZCash an excellent option if you would like a coin that gives A level of privacy. These features make the ZCash cryptocurrency a coin we’ll keep it up our radar throughout 2020.