- Bitcoin (BTC) is considered the world’s most popular cryptocurrency along with the largest market capitalization.
- Since November 2021, this is the top coin that has been in a downtrend but at the same time, it also has a number of limitations most notably a lack of support for smart contracts.
It is also known by all of us that a growing number of projects are now building on Bitcoin to just expand its utility along with charting a new future for the original crypto. Also, you should ensure that these high-risk new Bitcoin alternatives can sometimes have more upside potential along with offering faster, greener, and cheaper transactions.
5 New Bitcoin Alternative Projects Emerging in 2023
Without wasting much time, let us quickly get to the point of taking a closer look at five new Bitcoin alternatives that are bringing Bitcoin into the future.
- Bitcoin BSC (BTCBSC)- Moving of Bitcoin onto BNB Smart Chain for Faster and Cheaper Transactions
This is the first and the newly launched Bitcoin alternative project that always retools Bitcoin for Binance’s BNB Smart Chain. Bitcoin BSC is also the one that has advertised to be far greener than Bitcoin. It has also been noted that it will use less than 0.01% as much energy.
Also, you need to make sure that the protocol is secured by a proof-of-stake consensus mechanism rather than Bitcoin’s proof-of-work. This is just because there is no computationally expensive mining required for this project. All BTCBSC investors are always promised the option to stake their tokens to the project to validate transactions.
- BTC20 (BTC20)- Ethereum-based Bitcoin alternative project with wide compatibility for DeFi and More
Now, BTC20 is another emerging Bitcoin clone project that is migrating BTC onto a faster and cheaper blockchain. It is also supporting proof-of-stake validation along with smart contracts. Also, in this case, the blockchain underlying BTC20 is the one that is widely used Ethereum blockchain.
You should ensure that there are several benefits to reinventing Bitcoin on Ethereum. Also as an ERC-20 token, BTC20 is the one that is compatible with almost all major crypto wallets.
- Bitcoin SV (BSV)- Greener Proof-of-work blockchain processing 50,000 transactions per second
We all know about Bitcoin Satoshi’s Vision which is better known as Bitcoin SV or by its particular token BSV. This is the project that will recycle the original Bitcoin code just to try to build a newer, faster, and cheaper blockchain.
Also, let me tell you that this is the biggest and the most consequential change that Bitcoin SV made and is allowing larger block sizes. This also has a very massive impact on the protocol’s throughput. Bitcoin SV can also process up to 50,000 transactions per second which is compared to around 7 transactions per second.
- Bitcoin Cash (BCH)- 2017 Bitcoin hard folk held by Grayscale Investments
So, Bitcoin Cash was an early fork of the Bitcoin blockchain that is still ongoing and very strong today. This is also the project that adopts the same principles of Bitcoin SV of using larger block sizes with more transactions to just reduce costs and speed up processing.
Around 200 transactions can be carried out by Bitcoin cash per hour.
- Bitcoin Gold (BTG)- Bitcoin hard fork that makes mining accessible to all
From the year 2017, Bitcoin gold arose hard fork of the Bitcoin blockchain. Also, at the time ASIC processors were making Bitcoin mining increasingly challenging and boxing out some individual miners.
In the whole new world of ultra-heavy-duty mining equipment, only VC-backed miners could make money from Bitcoin mining. Bitcoin Gold is also something that is addressed by modifying algorithms to make it easier for transaction blocks to be mined.
Last but not least, there are many more Bitcoin alternative projects that are emerging in the year 2023. Also, there are some projects that are limited mining to GPU processors which are relatively very affordable and have already been installed on many modern gaming computers and consoles.