Bitcoin has led the crypto world for so long, and so dominantly, that the terms crypto and bitcoin are often used interchangeably. However, the truth is that digital currency does not consist only 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 non-Bitcoin cryptocurrencies to give them 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, that is:
Launched in 2011, Litecoin is often referred to as the ‘silver to Bitcoin’s gold’. Charlie Lee – MIT graduate and former engineer at Google – is the founder of Litecoin.
Similar to Bitcoin, Litecoin is an open source decentralized payment network that operates 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 the catch: Litecoin block generation is much faster than Bitcoin! and this is the main reason why merchants 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 certain cryptographic token – Ether. According to Ethereum’s core developers, the token can be used to trade, secure and decentralize almost anything.
Ethereum experienced an attack in 2016 that split the currency into two parts: Ethereum and Ethereum Classic.
In the race of leading cryptocurrencies, Ethereum is the second most popular and just behind Bitcoin.
Zcash came out at the end of 2016. The currency defines itself as: “if Bitcoin is to http for money, Zcash is to https”.
Zcash promises transparency, security and privacy of transactions. The currency also offers a ‘secure’ transaction option so that users can transfer data in the form of an encrypted code.
Dash is originally a secret version of Bitcoin. It is also known as ‘Darkcoin’ due to its secretive nature.
Dash is popular because it offers extended anonymity that allows its users to disable transaction tracking.
The currency first appeared on the digital market canvas in 2014. Since then, she has experienced a large number of fans in a very short period of time.
With a market cap of over $1 billion, Ripple is a household name on our list. The currency was launched in 2012 and offers instant, secure and cheap payments.
Ripple’s consensus ledger does not require mining, which makes it different from Bitcoin and other mainstream cryptocurrencies.
Lack of mining reduces computing power which ultimately minimizes latency and makes transactions faster.
Although Bitcoin still leads the cryptocurrency pack, rivals are picking up the pace. Currencies like Ethereum and Ripple have surpassed Bitcoin in business solutions and are growing in popularity every day. In line with the trend, other cryptocurrencies are here to stay and soon it will be difficult for Bitcoin to maintain its status.