Bitcoin has lead the crypto world for so long, and so dominantly that the terms crypto and Bitcoin are often used interchangeably. However, the truth is, the digital currency does not only comprise of Bitcoin. There are numerous other crypto currencies that are part of the crypto world. The purpose of this post is to educate our readers on cryptocurrencies other than Bitcoin to provide them with a wide range of options to choose from – if they intend on making crypto-investments.
So let’s get started with the first name on our list, that is:
Litecoin:
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 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 not go with Bitcoin? Both are similar!”. Here’s a catch: the block generation of Litecoin is much faster than that of Bitcoin! and this is the main reason why merchants around the world are becoming more open to accepting Litecoin.
Ethereum:
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 any downtime.
The applications on Ethereum platform require a specific cryptographic token – Ether. According to the core developers of Ethereum, the token can be used to trade, secure, and decentralize just about 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 popular and is right behind Bitcoin.
Zcash:
Zcash came out in the later part of 2016. The currency defines itself as: “if Bitcoin is like http for money, Zcash is https”.
Zcash promises to provide transparency, security, and privacy of transactions. The currency also offers the option of ‘shielded’ transaction so the users can transfer data in the form of encrypted code.
Dash:
Dash is originally a secretive version of Bitcoin. It is also known as ‘Darkcoin’ due to its secretive nature.
Dash is popular for offering an expanded anonymity which allows its users to make transactions impossible to trace.
The currency first appeared on the canvas of digital market in the year 2014. Since then, it has experienced a large fan following over a very short span of time.
Ripple:
With a market capitalization of over $1bn, Ripple is the last 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 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.
Wrap Up:
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, the other cryptos are here to stay and will soon be giving Bitcoin a real tough time to maintain its stature.
NFTs have the potential to disrupt the traditional models of ownership and distribution in the music industry, allowing artists to retain greater control over their work.