Bitcoin has ruled the cryptocurrency world for so long and so dominant that the terms crypto and bitcoin are often used interchangeable. However, the truth is that the digital currency is not just made up of bitcoins. There are many other cryptocurrencies that are part of the cryptocurrency world. The purpose of this article is to introduce our readers to other cryptocurrencies besides bitcoins to provide them with a wide range of options to choose from – if they plan to make cryptocurrency investments.
So let’s start with the first name on our list:
Litecoin, launched in 2011, is often referred to as ‘bitcoin silver for gold’. Charlie Lee – a graduate of the Massachusetts Institute of Technology and a former Google engineer – is the founder of Litecoin.
Like Bitcoin, Litecoin is an open source decentralized payment network that operates without central authority.
Litecoin is a lot like bitcoin and often makes people think, “Why not go for bitcoin? They are similar!” Here’s the catch: generating Litecoin blocks is much faster than bitcoins! and this is the main reason why traders all over the world are becoming more and more open to taking Litecoin.
Another decentralized open source software platform. Launched in 2015, the currency allows you to create and run smart contracts and distributed applications without downtime.
Applications on the Ethereum platform require a special cryptographic token – Ether. According to major developers of Ethereum, the token can be used to trade, secure and decentralize anything.
In 2016, Ethereum came under attack, which divided the currency into two parts: Ethereum and Ethereum Classic.
In the race for the main cryptocurrencies Ethereum is the second most popular and immediately after Bitcoin.
It was released in the second half of 2016. The currency is defined as: “If bitcoin is similar to http for money, zcash is https.”
It promises to ensure transparency, security, and privacy of transactions. Currency also offers the option of a “protected” transaction so that users can transmit data as encrypted code.
Initially, Dash is a secret version of Bitcoin. It is also known as ‘Darkkoyne’ because of its unclear nature.
Dash is popular because it offers a broad anonymity that prevents users from tracking transactions.
The currency first appeared on the digital market in 2014. Since then, it has quickly gained popularity.
With a market capitalization of over 1 billion dollars Ripple is the last name on our list. Launched in 2012, this currency offers instant, safe and inexpensive payments.
The consensus book Ripple does not require mining, and this function differs from bitcoins and other common cryptocurrencies.
Lack of mining reduces processing power, which ultimately minimizes delays and speeds up transactions.
As Bitcoin continues to dominate the crypto package, its competitors will gain momentum. Currencies such as Ethereum and Ripple have overtaken Bitcoin in trading decisions and are becoming more popular every day. According to the trend, other cryptocurrencies will not go anywhere, and soon Bitcoin will be very difficult to maintain its status.