As a companion piece to our Top Five Worst Cryptocurrencies of All Time article we decided to cover the best ones. These commendable currencies are chosen for the unique features or particular impact on the scene.
Nofiatcoin has been chosen because it was the first cryptocurrency to be backed by a tangible asset, namely gold. This idea was ahead of the curve and others have followed, but Nofiatcoin continues to be the only asset backed currency that is trustworthy and consistently redeemable. The developers must also be commended for going their own way and building their own community and trading platform around the coin whilst still embracing other cryptocurrencies like Bitcoin.
Litecoin is a bit of a dirty word these days, but that is because it has become a victim of its own success. We should remember that when it was released, before it was cloned a million times, the developers offered the cryptocurrency world a way to mine currency without becoming involved in the Bitcoin arms race. It also offered an alternative currency for Bitcoiners to trade against, and while we may despise the altcoin avalanche, there was a period when without it we wouldn’t have had a great deal to do with our Bitcoins. The very fact that Litecoin has suffered so badly from cloning is a testament to its usefulness and popularity.
NXT is another legendary coin that has begun to fall out of favour due to problems with its Proof of Stake algorithm that allows whales to monopolize the network. However, at a time when most developers were cloning Litecoin, NXTs creators went and built an entirely new platform. While the platform has its fair share of downsides, not least its unfriendliness to the non-programmer, it has the benefit of being extremely modular and supporting a whole host of innovations and technology branches. It is this that makes NXT perhaps the most community oriented of the coins here. It is expanded and built upon in all kinds of ways by its enthusiastic devotees who have already given us the wonder of the Asset Exchange. In a sense NXT is the Linux of cryptocurrencies and it is this that will ensure its longevity even if the coin itself never becomes the most valuable.
XRP may be entirely premined and held by a questionable corporate entity. That corporate entity may be unashamedly in bed with banking and government entities, and put far too much of its development focus on excessive regulation, Know Your Customer and all the other things good libertarians hate. But what cannot be denied is that the Ripple software is unbelievably good. It is without doubt the most cutting-edge ledger software on the planet, with the largest and most professional cryptocurrency development team. Ripple is well funded, beautifully conceived, a dream to use and it keeps getting better all the time. If you are looking for an altcoin to make a fast buck daytrading then XRP probably isn’t for you, but if you want an ergonomic supercharged futurist cryptocurrency highway for the management of your total financial affairs then once you learn to appreciate Ripple you’ll never look back.
The number one spot really could not be offered to any other coin. Its mining algorithm might be a menace and its blockchain large enough to squash a herd of elephants, but the Bitcoin protocol remains as solid as a rock. It cannot be hacked, destroyed or stopped, either by government or community. Bitcoin may move slowly, but this monolith doesn’t have to move for anyone, and when it does every other coin is dragged into its orbit. This currency has made more millionaires than can be imagined and although Satoshi’s prototype is now showing its age, it still has plenty of life in it yet. Every day developers are coming up with new ways to leverage the protocol’s intricacies and more companies are embracing it as a serious payment method. We cannot forget that this coin is the one to which all others owe a debt, it is the reason the cryptocurrency scene exists and no other can ever claim that kind of power and influence. Long live Bitcoin.