Bitcoin has been running the crypto world for so long and so dominantly that the terms crypto and bitcoin are often used interchangeably. However, it is true that digital currency does not only consist of Bitcoin. There are numerous other cryptocurrencies that are part of the crypto world. The purpose of this post is to educate our readers about cryptocurrencies, other than Bitcoin, to provide them with a wide range of options to choose from – if they intend to make crypto-investments.
So let’s start with the first name on our list, and that is:
Launched in 2011, Litecoin is often referred to as ‘silver in bitcoin gold’. Charlie Lee – an MIT graduate and former engineer at Google, is the founder of Litecoin.
Similar to Bitcoin, Litecoin is a decentralized open source payment network that operates without a central body.
Litecoin is similar to Bitcoin in many ways and often makes people think, “Why not go with Bitcoin? It’s both similar!”. Here’s the catch: Litecoin’s block generation is much faster than Bitcoin’s! and this is the main reason why retailers around the world are becoming more open to accepting Litecoin.
Another, decentralized open source software platform. The currency was launched in 2015 and enables the creation and launch of smart contracts and distributed applications without downtime.
Applications on the Ethereum platform require a specific cryptographic token – Ether. According to key Ethereum developers, the token can be used to trade, protect and decentralize almost anything.
Ethereum experienced an attack in 2016 when the currency split into two parts: Ethereum and Ethereum Classic.
In the race of leading cryptocurrencies, Ethereum is the second most popular and right behind Bitcoin.
Zcash came out in the later part of 2016. The currency is defined as: “if Bitcoin is like http for money, Zcash is https”.
Zcash promises to provide transparency, security and privacy of transactions. Currency also offers the option of a ‘secure’ transaction so that users can transfer data in the form of encrypted code.
Dash is originally a secret version of Bitcoin. It is also known as ‘Darkcoin’ because of its mysterious nature.
Dash is popular because it offers extended anonymity that allows its users to disable transactions.
The currency first appeared on the canvas of the digital market in 2014. Since then, she has experienced a large number of fans in a very short period of time.
With a market capitalization of over a billion dollars, Ripple is a last name on our list. The currency was launched in 2012 and offers instant, secure and cheap payments.
The Ripple Consensus Book does not require mining, a feature that makes it different from Bitcoin and other major cryptocurrencies.
The lack of mining reduces computing power which ultimately minimizes latency and speeds up transactions.
Although Bitcoin still leads in the crypto package, rivals are accelerating. Currencies like Ethereum and Ripple have surpassed Bitcoin in corporate solutions and are growing in popularity on a daily basis. Following the trend, other crypto-games remain here and will soon give Bitcoin a very difficult time to maintain its status.