Top 5 Cryptocurrencies Other Than Bitcoin
Many cryptocurrencies investors are currently hunting for the next big altcoin, hoping to find a new Bitcoin for the right price. The bitcoin prices may have stabilized but, they still hover around $13,000, a price far too high for a lot of potential investors. Of Course, you don’t have to buy a whole bitcoin. The numerous exchanges that trade bitcoin for dollars or any other currency are happy to buy or sell tiny silvers – a 10th of a coin or a 100th, or less.
However, bitcoin does face a number of scaling issues(transaction processing costs, speed, and energy requirements) that will need to be resolved for its longer-term viability. Different blockchains and currencies have different target users, and they are likely to prosper in different applications. Many bitcoin alternatives are designed to tackle those problems, but experts recommend choosing with caution, as features vary and the fever for digital currency could break entirely.
Here’s a brief overview of 5 biggest cryptocurrencies other than Bitcoin:
Launched in 2015 as an open software platform that is based on blockchain technology, it allows developers to build and deploy decentralized applications. Unlike Bitcoin, where miners are rewarded with bitcoins, Ethereum miners work to earn Ether. The currency is just a part of broader Ethereum goal of creating “smart contracts” held on an array of “nodes” rather than a central server, used to settle transaction fees and services on the Ethereum network.
ETH has a market capitalization of more than $127 billion, second after Bitcoin replacing Ripple as of Jan 10, 2018.
Ripple claims to offer frictionless experience to its customers to send money globally using the power of blockchain. Ripple has been integrated into the payment networks of a handful of global banks. It works similar to other cryptocurrencies like Bitcoin and Litecoin. Furthermore, the coins don’t need mining, a feature that deviates from Bitcoin. Ripple simplifies the process of exchanging money with transaction time of 4 seconds approximately.
With both sides having access to a secure channel makes Ripple an incredibly effective, secure monetary exchange. Currently, XRP has a market capitalization of $68 billion approximately.
Although Litecoin resembles Bitcoin in many ways, it has a faster block generation and hence offers a faster transaction confirmation. This is a peer to peer cryptocurrency that allows users to make instant payments worldwide. Currently, miners are awarded 25 litecoins per block. This amount gets halved roughly every 4 years for every 840,000 blocks. Other than developers, there are a number of merchants investing in Litecoin despite its downfall among its rivals.
Litecoin has a market capitalization of around $14 billion with the current price stable at $240.
Dash is considered to be a more secretive version of Bitcoin. Dash offers more anonymity as it works on a decentralized master network that makes transactions almost untraceable. Launched in 2014, this revolutionary digital money system has grown to 4,100 master nodes making it one of the largest peer to peer network. As a result, the platform is able to offer more capacity for end users as well as security services. This cryptocurrency was created and developed by Evan Duffield and can be mined using a CPU or GPU.
DASH, with a market capitalization of more than $8 billion, is meant to be more user-friendly than Bitcoin making it convenient for common people to send currency to one another.
NEM, launched in 2015, is written in Java. Since its inception, NEM has established a goal of wide distribution model. Thanks to improved development, new features have been introduced and they include proof of importance algorithm and encrypted messaging. Currently, the blockchain software is integrated with a commercial block called Mijin. The platform is currently being tested by financial institutions around the world.
NEM has a market cap of around $12 billion priced at $1.36.
Following the current trend, which cryptocurrency is going to last is difficult to predict as it will be revealed only with time. However, these alternative cryptocurrencies are here to stay if you are looking for investment other than Bitcoin although they are still trying to gain value.