3 Bitcoin-Like Proof Of Work Altcoins That Could Make You A Millionaire In 2024

2023-12-1 02:00

Bitcoin is still the leading proof of work blockchain and has already made massive moves over the years, with countless millionaires at the same time. However, with the price of Bitcoin having moved so much already, the upside is fairly limited, especially for crypto investors who do not have ample buying power to make a Bitcoin investment worth their while.

In this vein, altcoins offer the best opportunity for smaller and retail investors to make the most money. But not just any altcoins; these coins also employ the proof of work mechanism, just like Bitcoin, making them a good choice, especially when they are newly launched.

QUBIC: A Proof Of Work Coin Like Bitcoin

The Qubic (QUBIC) coin is already making the rounds on social media platforms such as X (formerly Twitter) and with good reason. The blockchain uses a proof of work mechanism like Bitcoin. Led by IOTA co-founder Dominik Schiener, it has already garnered a reasonable following based on Schiener’s reputation.

The coin is still trading well below $0.1 which could make it a good buy in the long run. With a current circulating supply of 71.425 trillion, its current market cap is currently sitting at around $200 million. 16% of the total supply has reportedly been burned already.

Nexa (NEXA) Leads POW Altcoins

Next (NEXA) is another proof of work blockchain, but unlike Bitcoin, it uses the UTXO Layer. This means that Nexa is a proof of work blockchain that is also able to support native tokens and smart contracts. To mitigate the problem of scalability often encountered by the likes of Bitcoin and Ethereum, Nexa employs Signatures and UTXO lookups.

The Nexa token is currently trending below one cent with an around $35 million market cap at the time of writing. Given the kind of run that Kaspa (KAS) had even through a bear market, it puts in perspective the opportunity that lies with this token.

Firo (FIRO)

Firo (FIRO) is another proof of work coin that also holds a lot of promise among the altcoins that fall into this category. It rebranded from ZCoin and is a privacy-first coin, meaning it mixes two of the most sought-after attributes right now in the crypto market.

Its price is $1.87 with a fully diluted market cap of under $40 million. This makes it the coin on this list with the lowest fully diluted market cap. Its price has been relatively stable for the last week, which could suggest that accumulation is happening ahead of a possible breakout.

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