Bitcoin has led the cryptocurrency world for so long, so dominantly that the terms crypto and Bitcoin are often used interchangeably. However, the truth is that digital currency is not only made up of Bitcoin. There are many other cryptocurrencies that are part of the crypto world. The purpose of this post is to educate 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, which is:
Litecoin was launched in 2011 and is often referred to as “Silver vs. Bitcoin Gold”. Charlie Lee – an MIT graduate and former Google engineer – is the founder of Litecoin.
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Similar to Bitcoin, Litecoin is a decentralized and open source payment network that operates without a central authority.
Litecoin is similar to Bitcoin in many ways and often leads people to think: “Why not deal with Bitcoin? They are both the same!”. Here’s a problem: Litecoin’s block generation is much faster than Bitcoin! This is the main reason why traders around the world are becoming more open to accepting Litecoin.
Another decentralized open source software platform. The coin was launched in 2015 and enables smart contracts and distributed applications to be created and run without any downtime.
Applications on the Ethereum platform require a cryptographic token – Ether. According to the core developers of Ethereum, the token can be used to trade, secure, and decentralize almost anything.
Ethereum was attacked in 2016 that split the coin into two parts: Ethereum and Ethereum Classic.
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In the leading cryptocurrency race, Ethereum ranks second in popularity and is right behind Bitcoin.
Zcash appeared in the latter part of 2016. The coin defines itself as: “If Bitcoin is like http for money, then Zcash is https.”
Zcash is committed to providing transparency, security, and transaction privacy. The coin also offers the option of a “protected” transaction so that users can transfer data in the form of an encrypted token.
Dash is originally a secret version of Bitcoin. It is also known as “Darkcoin” due to its secret nature.
Dash is known for offering extended anonymity that allows its users to make transactions untraceable.
The coin first appeared on the digital market canvas in 2014. Since then, it has seen a huge fan following over a very short period of time.
With a market capitalization of over $1 billion, Ripple is the last name on our list. The coin was launched in 2012 and offers instant, secure and low-cost payments.
Ripple’s consensus ledger does not require mining, a feature that makes it different from Bitcoin and other mainstream cryptocurrencies.
The lack of mining reduces computing power which ultimately reduces latency and makes transactions faster.
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Although Bitcoin continues to lead the cryptocurrency stack, competitors are ahead. Coins like Ethereum and Ripple have overtaken Bitcoin in enterprise solutions and are growing in popularity every day. According to the trend, other cryptocurrencies are here to stay and will soon give Bitcoin a real hard time to maintain its position.