Despite a thorough 2023 crypto watchlist, the market had a slow start to the year after a plummeting 2022. However, it has somehow clawed its way back up, with Bitcoin’s price up to $37,734 as of November 2023.
Yes, multiple factors affect the financial markets, but cryptocurrencies have stood their ground for their efficiency in solving real-world problems across various sectors. From borderless transactions to smart contracts, cryptocurrencies are offering more than fiat.
And it’s not just Bitcoin; multiple blockchains and projects offer value to individuals and organizations. As we head into 2024, these are the best cryptocurrencies to use.
Bitcoin
Accounting for about 40% of the total crypto market cap, Bitcoin is one of the most dominant crypto coins as we head into 2024. Its qualities make it well-suited for various use cases, hence its strong market position.
Bitcoin users are identified by the private and public keys and not by their real-world identity. It helps to conduct private transactions, which is quite handy in various sectors. One such area is in the online gambling industry, where players worry about payment security and traditional bank payments to casino sites being declined. With Bitcoin being one of the most accepted cryptocurrencies across multiple gambling platforms, you could circumvent this problem by maintaining an anonymous persona on gambling platforms without missing out on the fun.
In addition, Bitcoin can serve as a reliable form of payment for goods and services across borders. Compared to traditional payment methods, it is cheaper, faster, and requires no intermediaries.
On top of all these, Bitcoin is considered “digital gold” due to its capped supply and market value. So, it can serve as a form of financial investment.
The list goes on, and it is left to you to make your choice. But as 2024 approaches, Bitcoin is one of the top cryptocurrencies you can use for various purposes.
Ethereum
Although Bitcoin is the first decentralized digital currency, Ethereum takes things up a notch by serving as a link between users and a marketplace of decentralized applications (dApps).
Features like smart contracts allow developers to establish decentralized autonomous organizations (DAOs). These organizations operate without central authorities but are governed by rules coded in software based on the Ethereum blockchain. DAOs can also be adopted to develop democratic and transparent voting systems.
Ethereum’s smart contract feature makes it a viable option for creating, maintaining, and executing agreements without alteration. So, in 2024, if you’re looking to establish an organization managed by a bottom-up entity management structure, Ethereum is a solid choice.
Solana
Solana is one of the major cryptocurrencies offering multiple use cases for traders and developers, and we expect that to continue in 2024. It boasts features like proof of history, proof of state, an open-source code nature, turbine protocols, etc. These features make the Solana blockchain highly scalable, interoperable, blazingly quick, and highly censorship-resistant.
As such, Solana should be highly considered for multiple use cases in 2024.
Firstly, although Bitcoin and Ethereum are fast, Solana is on a whole new level. Its proof of stake functionality helps it handle multiple transactions at once, allowing users to stake coins for faster and more efficient transactions. You can also use it for managing applications in real-time.
Furthermore, being an open-source application, developers could download the source code and apply it for personal or commercial use. Such use cases include leveraging its layered service nature to build decentralized financial institutions (DeFis) and decentralized applications (dApps).
Developers can also apply it in developing lending protocols and NFT marketplaces and build games using the play-to-earn (P2E) model on the blockchain.
VeChain
VeChain tokens —VeChain Token (VET) and VeChain Thor Energy (VTHO) have immense use cases in 2024. VeChain is a blockchain platform focused solely on processes and information flow associated with supply chain management and other business operational activities using the Proof of Authority consensus protocol.
This cryptocurrency can be used in 2024 by companies in industries like pharmaceuticals where supply chain management is paramount. For instance, pharmaceutical companies can leverage the VeChain platform’s Radio Frequency Identification tags and sensors to track all medicine parameters, vaccines, or products in transit. These sensors can help one know the exact condition and location of the package at every point.
Automobile owners can also use this to their advantage by knowing all the details about their vehicles when negotiating terms with insurance companies.
Chainlink
Chainlink provides aggregate values of market pricing information from multiple reputable sources using a decentralized Oracle network. It connects smart contracts to these accurate data sources to get authentic details. With smart contracts, the conventional centralized arbitrators that mediate the terms and obligations of an agreement can be replaced with a decentralized blockchain infrastructure. This development boasts speed, authenticity, and operational efficiency.
With all these on the table, Chainlink is one of those cryptocurrencies to use in 2024. It is built on the Ethereum network and uses the proof of work operating protocol. As such, DeFi platforms should consider using Chainlink to access authentic financial data about assets and markets. Other possible use cases in the finance sector for 2024 include getting authentic data for powering futures contracts, options protocols, credit default swaps (CDS), etc.
For more leisurely use cases, developers can also leverage these Oracle networks in gaming for randomized matching during the game to verified environments. This random matching to authentic environments improves the gameplay and overall excitement.
Conclusion
In 2024, cryptocurrency will be more than just “alternatives” to fiat currencies as they will likely plug more holes in our everyday lives with their ever-evolving technology.
Bitcoin is your pick if you like the sound of “digital gold.” If you’re all about decentralized activities, you should use Ethereum to establish bottom-up entity management structures.
For more niched-down applications like DeFi in finance, P2E in gaming, and supply chain management in logistics, Solana, VeChain, and Chainlink are some of the best cryptocurrencies to use in 2024.
