Bitcoin has been leading the field of cryptocurrency for a long time, and dominates so much that the terms “cryptocurrency” and “bitcoin” are often used interchangeably. However, the truth is that digital currency includes more than Bitcoin. There are many other cryptocurrencies in the crypto world. The purpose of this article is to educate our readers about cryptocurrencies other than Bitcoin, and if they plan to invest in crypto, they can provide them with multiple options.
So let’s start with the names on the list, namely:
Litecoin was launched in 2011 and is often referred to as “the silver of Bitcoin gold.” Charlie Lee is an MIT graduate and a former Google engineer-the founder of Litecoin.
Similar to Bitcoin, Litecoin is a decentralized, open source payment network that can operate without central authorization.
Litecoin is similar to Bitcoin in many ways, and it often makes people think: “Why not choose Bitcoin? Both are similar!”. There is one thing to note: Litecoin’s block generation is much faster than Bitcoin’s generation! This is the main reason why merchants around the world have become more open to accepting Litecoin.
Another open source, decentralized software platform. The currency was launched in 2015, enabling the construction and operation of smart contracts and distributed applications without downtime.
Applications on the Ethereum platform require a specific encryption token-Ether. According to the core developers of Ethereum, the token can be used for transaction, protection and decentralization of almost anything.
Ethereum suffered an attack in 2016 that divided the currency into two parts: Ethereum and Ethereum Classic.
In the leading cryptocurrency competition, Ethereum ranks second, second only to Bitcoin.
Zcash came out in the second half of 2016. The currency defines itself as: “If Bitcoin represents money like http, Zcash is https”.
Zcash promises to provide transparent, safe and confidential transactions. The currency also offers the option of “shielding” transactions, so users can transmit data in the form of encrypted codes.
Dash was originally the secret version of Bitcoin. Due to its secret nature, it is also called “Darkcoin”.
Dash is popular for providing extended anonymity, which allows its users to make transactions untraceable.
The currency first appeared on the canvas of the digital market in 2014. Since then, it has been sought after by many fans in a short period of time.
Ripple has a market value of more than $1 billion and is the last name on our list. The currency was launched in 2012 and provides instant, secure and low-cost 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 waiting time and makes transactions faster.
Although Bitcoin continues to lead the cryptocurrency group, competitors are accelerating their pace. Currencies such as Ethereum and Ripple have surpassed Bitcoin in enterprise solutions and are becoming popular every day. Following trends, other cryptocurrencies will continue to exist and will soon give Bitcoin a really difficult period to maintain its position.