Bitcoin has lead the crypto world for such a long time, and so dominantly that the terms crypto and Bitcoin tend to be used interchangeably. However, the simple truth is, the digital currency does not just comprise of Bitcoin. You’ll find so many other cryptocurrencies which can be the main crypto world. The goal of this post would be to educate our readers on cryptocurrencies apart from Bitcoin to offer them with a wide selection of options to pick from – when they intend on making crypto investments.
So let’s get started with the first name on our list, that is:
Launched in 2011, Litecoin is often referred to as’silver to Bitcoin’s gold.’ Charlie Lee – MIT graduate and former engineer at Google – is the founder of Litecoin.
Similar to Bitcoin, Litecoin is just a decentralized, open source payment network which functions without a central authority.
Litecoin is similar to Bitcoin in many ways and often leads people to think: “Why don’t you go with Bitcoin? Both are similar! “.Here is a catch: the block generation of Litecoin is even more quickly than that of Bitcoin! and that is the main reason why merchants around the world are becoming more open to accepting Litecoin.
Another open source, decentralized software platform. The currency was launched in 2015 and enables Smart Contracts and Distributed Applications to be built and run without the downtime what is ethereum mining.
The applications on Ethereum platform require a certain cryptographic token – Ether. According to the core developers of Ethereum, the token may be used to trade, secure, and decentralize almost anything.
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 most widely used and is directly behind Bitcoin.
Zcash arrived on the scene in the later part of 2016. The currency defines itself as: “if Bitcoin is similar to http for cash, Zcash is https “.
Zcash promises to offer transparency, security, and privacy of transactions. The currency also offers the possibility of’shielded’transaction so the users can transfer data in the shape of encrypted code.
Dash is originally a secretive version of Bitcoin. It can be known as’Darkcoin’because secretive nature.
Dash is popular for offering an extended anonymity allowing its users to produce transactions impossible to trace.
The currency first appeared on the canvas of digital market in the entire year 2014. Ever since then, it has experienced a big fan following over an extremely short span of time.
With a market capitalization of over $1bn, Ripple is the final name on our list. The currency was launched in 2012 and offers instant, secure, and low-cost payments.
The consensus ledger of Ripple doesn’t require mining, a characteristic rendering it distinctive from Bitcoin and other mainstream crypto currencies.
Having less 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, another cryptos are here to stay and will undoubtedly be giving Bitcoin an actual tough time to keep up its stature.