What are the Best Alternatives to Bitcoin?
While Bitcoin has become a global trending topic over the past few years, together with the phenomenal rise of blockchain technology. What are the best alternatives to Bitcoin? Well, there are many alternative cryptocurrencies known as altcoins. The altcoins are basically digital currencies modelled after bitcoin in some way. Some of the are exact copies of Bitcoin and some of them are entirely new coins.
Many of the altcoins have attempted to present themselves as adjusted or improved versions of Bitcoin playing on the fact that they “are better, faster or more secure” than Bitcoin. Although, it would be impossible to make a detailed list of every altcoin as there are currently more than 1600 cryptocurrencies and the number of them is growing rapidly.
This quick guide to examine some of the major competitors and best alternatives to Bitcoin.
Litecoin was released in 2011, it was the next cryptocoin after Bitcoin and it has been referred to as silver to Bitcoin’s gold. Litecoin was created by Charlie Lee, who is an MIT graduate and worked at Google as an engineer. Litecoin process is based on an open source worldwide payment network that is decentralized meaning there is no central authority to control it. Additionally, Bitcoin uses HashCash as a proof of work, while Litecoin uses Scrypt as proof of work. Litecoin is very similar to Bitcoin in a lot of ways, but Litecoin has a rapid block generation rate, therefore, it has a faster transaction confirmation. Also, a number of retailers and businesses are accepting Litecoin as a form of payment.
Another altcoin is called Ethereum which was launch in 2016 and is a decentralized software platform that allows smart contracts. Ethereum also runs without any interference from a third party and without fraud, downtime, and control. Ethereum applications are running by a cryptographic token known as ether. Ether is similar to a moving vehicle within the Ethereum and many developers are considering to develop and run applications within Ethereum. Additionally, using ether as a tool to make investors make purchases of digital currencies by using ether.
Zcash, launched in 2016, it is an open-source and decentralized cryptocurrency. Zcash allows secure privacy since it provides an extra layer of security and it keeps all the transactions are recorded and published on a blockchain, however, the sender, recipient, and amount details will stay private. Zcash will give the users the selection of shielded transaction, to allow the content to be encrypted by zK-SNARK which an advanced cryptographic technique that was developed by the team.
Dash is more of a mysterious and secretive version of Bitcoin, as it was previously known as Darkcoin. Dash provides secrecy since it runs on a decentralized network that makes the transactions virtually untraceable. Dash was launched in January 2014; however, it was known as Darkcoin back then, in a short amount of time there was an upsurge of fans Addition to this, Dash was developed and created by Evan Duffield also when you are mining it can be done by using a CPU or GPU. A year later after the release, Darkcoin was renamed and rebranded to Dash this stands for digital cash which functions under the ticker DASH. When it got rebranded the function of the digital technological features did not change, this includes DarkSend and InstantX.
Ripple, was launched in 2012, it is run on a real-time global settlement network that provides immediate, precise and affordable international payments. Ripple has partnered with banks which means they can permit cross-border transaction meaning it is fast and cheap international transactions. Ripple is unique, as it does not even require mining due to its consensus ledger, so this separates itself from Bitcoin and all the other different altcoins. As Ripple’s platform does not require mining, therefore no mining hardware will be required meaning lesser usage of computing power this also reduces network latency. Ripple plans to sell XPR to institutional buyers that are interested in investing in XRP, also primarily to liquidity providers that provide a secure range of payments. As of now, Ripple has been seen with success since it stays one of most appealing digital currencies amid traditional financial institutions that are seeking for ways to revolutionize cross-border payment.
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