Top 5 Cryptocurrencies Other Than Bitcoin
The very first mode of exchange know to man was the barter system wherein people would exchange goods for other items or services they mutually agreed to be of equal value. Eventually, money was introduced which could be used for purchasing products and its value began to be regulated by a centralized banking system. Today, the world is witnessing a shift with the advent of cryptocurrencies that are a form of digital money without the centralized control. The system, we have so heavily relied upon for ages, has been turned upside down with the coming of Bitcoin. The most recognized of all cryptocurrencies, Bitcoin does have a lot to offer but is it all that’s out there? Or are there any better alternatives to choose from? Well, that’s the purpose of this blog; there are some great alternatives of Bitcoin.
Keep reading to find the answers to these intriguing questions.
Top 5 Alternative Cryptocurrencies of BitCoin
The widespread success of digital currency led to the creation of numerous cryptocurrencies that are today becoming a popular mode of transactions. Some of very best among these other than Bitcoin are discussed below:
1. Litecoin: For the concept of cryptocurrencies to work, volunteers commonly referred to as miners are required to maintain ledgers of each transaction, made the world over. These ledgers are known as Blockchains in the world of digital currency and contain data about all transactions that have been made till date. Litecoins were introduced in 2011, by Charlie Lee and are based on a model that is similar to Bitcoins in most respects. Both of them have a decentralized system and provide a certain level of anonymity that is of great importance in the online world. The only difference between these currencies is that blocks are formed much faster in Litecoins compared to Bitcoin making the former a preferred choice the world over.
2. Ethereum: Coming in at a close second, right after Bitcoin, is a cryptocurrency that is quite similar to it and provides users with a decentralized, peer to peer mode of making transactions. Ethereum uses a cryptographic token called “ether” for trade and allows distributed applications along with smart contracts to be created without incurring any downtime. The currency was introduced in 2015 and has ever since witnessed a huge following across the globe. This currency is available in two parts, namely Ethereum classic and Ethereum.
3. Zcash: For those of you in search of a cryptocurrency that offers more in terms of privacy and security, Zcash is your best bet. Defining itself as the https to Bitcoin’s http, Zcash was introduced in 2016 and provides users with a medium to perform shielded transactions as well as transfer data in an encrypted format. This data may include information about the recipient, the amount involved in the transaction and the sender. Additionally, this digital currency also allows selective disclosure which may be required during audits. First appearing as Zerocoin, Zcash was formed after making a number of modifications to the former. Today, the level of privacy provided by this cryptocurrency is unmatched in the market owing to which, it has emerged as a preferred choice for many.
4. Dash: Bitcoin has recently been in the news owing to Ulbritch’s Silk Road debacle and the anonymity it provides to users. Dash takes being anonymous to a whole new level by providing users with a means to make untraceable transactions. Commonly referred to as the dark coin, the currency appeared in 2014 and has since become a popular choice in the online market. Today, dash ranks of 5th position when it comes to value in the cryptocurrency market and is witnessing a surge in popularity owing to the level of secrecy and security it provides.
5. Ripple: Introduced in 2012, Ripple has seen a rapid rise in the number of followers over the years owing to a fundamental difference that sets it apart from all other popular cryptocurrencies. Ripple does not require miners and thus does not need the huge computing power that Bitcoin demands in order to break SHA 256 encryption. This means that transactions using Ripple are faster, low cost and provide the same levels of security as many others. Ripple, today, has a market capitalization running into well over a billion dollars and is set to consistently grow in the years to come.
Verdict: Bitcoin sure did bring about a revolution by challenging the very system upon which the world functions. The convenience provided by digital currencies far surpasses that of real money and have successfully brought about a change in the way we perceive money and the banking system. Even though it leads the market when it comes to popularity, other cryptocurrencies are gaining ground and are poised to take on Bitcoin and rule the world of cryptocurrency.
I hope you liked my post. If you found this article informative and to your liking, feel free to share it with your friends and introduce them to the world of cryptocurrency and the best five cryptocurrencies other than Bitcoin.