Cryptocurrencies are not just a fad that will blow away with the wind as it’s here to stay. The same cannot be said of the actual currencies themselves.
No doubt, it would have something to do with the massive amount of media attention Bitcoin got during 2017. However, there are more than 1000 different cryptocurrencies right now. These are modeled after Bitcoin and are classed under the term ‘altcoins.’ You can say they are modified versions of Bitcoin. While most of them are much easier to mine, you will experience some tradeoff, which includes risks such as lesser acceptance, liquidity, and value retention.
What other digital currencies other than Bitcoin will you find. Read on as a prominent Soundcloud – Cryptocurrency exchange shed light on them.
Litecoin saw the light of day in 2011, and was among the first to follow Bitcoin and aptly termed as the silver to the gold we see with Bitcoin. Charlie Lee as a former engineer at Google is the founder. Litecoin is part of an open source payment network that makes use of “scrypt” that can be coded with CPUs. To date, the currency has a market cap of $3.4 billion. The token value is set at $58 currently. Litecoin presents users with a much faster block generation rate, resulting in a quicker transaction confirmation. Various merchants accept it as payment.
Ethereum was launched in 2015 and serves as a decentralized software to enable DApps and Smart Contracts to run without downtime, control, fraud or interference from a third party. Their applications are run on its cryptographic platform, known as ether. You can say it is like a moving vehicle on the Ethereum platform itself.
Many a developer who was on the lookout to run and develop applications within a reputable Cryptocurrency exchange, found ether suitable for their purposes, and so did investors who are keen to make purchases of various currencies.
It was during 2014 that Ethereum launched pre-sales of ether. They got an overwhelming response, which catapulted the age of ICO (Initial Coin Offering). One can use it to decentralize, codify, trade and secure just about anything.
With a market cap of just over $22 billion and a token value set at $224, Ethereum is doing pretty well.
Zcash made its debut during 2016. It sure looks promising in that its way more secure concerning selective transparency and privacy of transactions. Just like https sites, it claims to offer added security where transactions are published and recorded on a blockchain. Further to this, both the sender and recipient’s details would remain private. Also, users would enjoy shielded transactions where the content is encrypted through specialized cryptographic techniques. Currently, Zcash boasts a market cap of just over $633 million and a token value of $128.
Dash that is also referred to as dark coin serves as a more secretive version of Bitcoin. One would experience more anonymity as it operates on a decentralized network that utilizes a master code to make transactions untraceable. Within a short span of time since 2014, dash soon had a considerable following. The founder, Evan Duffield incorporated GPU and CPU to mine the digital currency. In October 2018, Dash experienced a market cap valued at $1.5 billion with a token value of $181.
Another platform, known as Ripple serves as a real-time global settlement network, offering users an instant, low-cost payment portal suited for international use. What is truly fantastic is the ability to settle cross-border payments at lower costs and end-to-end transparency. Another thing that makes Ripple unique is that no mining is required due to its inbuilt consensus ledger. That is how it sets itself apart from other altcoins. Because it does not need mining, users do not have to worry about network latency or computing power. Traditional financial institutions who are looking for ways to ease cross-border transactions using digital currency, welcome Ripple as a cryptocurrency. It is quite popular with a market cap of just over $20 billion and a token value of $0.51.
Bitcoin is leading the pack with regards to the user base, market capitalization, and popularity. Nonetheless, virtual currencies like Ripple and Ethereum, favored by enterprise solutions, are way more popular. Based on the current trend, cryptocurrencies are not going anywhere. The question is which ones would keep on growing and lead the pack?