Bitcoin has lead the crypto world for so long, therefore dominantly that the terms crypto and Bitcoin are frequently used interchangeably. Nevertheless, the reality is, the digital currency does not only comprise of Bitcoin. There are many other crypto currencies that are a part of the crypto world. The aim of this post is to try to educate the audience of ours on cryptocurrencies other than Bitcoin to provide them with a broad range of alternatives to choose from – if they intend on making crypto investments.
So let’s get started with the first name on the list of ours, that is:
Launched in 2011, Litecoin is frequently referred to as’ silver to Bitcoin’s gold.’ Charlie Lee – mit graduate and Former engineer at Google – could be the founder of Litecoin.
Similar to Bitcoin, Litecoin is a decentralized, open source payment network which functions without a central authority.
Litecoin is much like Bitcoin in numerous ways and often leads people to think: “Why not go with Bitcoin? Both are similar!”. Here is a catch: the block generation of Litecoin is a great deal faster than that of Bitcoin! and this’s the main reason why merchants worldwide are becoming more receptive to accepting Litecoin.
Another open source, decentralized software platform. The currency was launched in 2015 and enables Smart Contracts and Distributed Applications to be made and managed without any downtime.
The applications on Ethereum platform require a specific cryptographic token – Ether. As per the main developers of Ethereum, the token can be used to trade, secure, and decentralize just about anything.
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Ethereum experienced an attack in 2016 which saw the currency split into two parts: Ethereum and Ethereum Classic.
In the race of leading cryptocurrencies, Ethereum is second hottest and is right behind Bitcoin.
Zcash came out in the later part of 2016. The currency defines itself as: “if Bitcoin is as http for money, Zcash is https”.
Zcash promises to provide privacy, security, and transparency of transactions. The currency even offers an opportunity of’ shielded’ transaction so the users are able to transfer data in the form of encrypted code.
Dash is originally a secretive version of Bitcoin. It’s also known as’ Darkcoin’ due to its secretive nature.
Dash is popular for offering an expanded anonymity which allows the users of its to make transactions impossible to trace.
The currency first appeared on the canvas of digital market in the year 2014. Since then, it’s experienced a large fan following over an incredibly short span of time.
With a market capitalization of more than $1bn, Ripple is the final name on the list of ours. The currency was launched in 2012 and offers low-cost, secure, and instant payments.
The consensus ledger of Ripple doesn’t require mining, a feature which makes it different from Bitcoin and other mainstream crypto currencies.
The lack of mining reduces the computing power which ultimately minimizes the latency and makes transactions faster.
Although Bitcoin continues to lead the pack of crypto, the rivals are picking up the pace. Currencies like Ethereum and Ripple have surpassed Bitcoin in enterprise solutions and are growing in popularity each day. Going by the trend, one other cryptos are here to stay and will be giving Bitcoin a real tough time to maintain its stature.