Bitcoin is king in the cryptocurrency world right now, but there are alternate cryptocurrencies that would like to have a word. Becoming a great investor takes time, and learning about different cryptocurrencies will edge us closer to getting better. Here are the top alternate cryptocurrencies:
Ethereum currently has a market capitalization of $28,399,875,956 which places it second behind Bitcoin. It’s an open-source platform which utilizes “smart contract”. But this contract is written in code for the buyer and seller. This code is then put onto the decentralized blockchain. “Smart contracts” promote trusted transaction and agreements with anonymity. The proposer of Ethereum, Vitalik Buterin, suggests autonomy is greater than central authority after a bad experience in World of Warcraft. And now that’s the foundation for Ethereum. With a current price of $293.59, Ethereum might be one of the mainstays of cryptocurrencies.
Ripple brands itself as a fast and efficient low-cost payment. Labeling itself as a “real-time global settlement network”, Ripple allows financial institutions to process customers’ payments efficiently and effectively. Another advantage Ripple offers is having no need for mining. Furthermore, less usage of computing power and lower network latency. But, some question the legitimacy of Ripple. Working with banks counters the main reasons Bitcoin is so popular; decentralizing the financial institution. If Ripple keeps helping banks, their stay can be longer than crypto-enthusiasts want. Nonetheless, if you’re looking for a currency, Ripple might be the one because of free global financial transactions of any size with no fees. Disrupting remittance and global payments is what Ripple is attempting to do and that’s a huge market, which is why Ripple’s market cap is currently at $7,876,476,968.
Bitcoin cash defines itself as a “peer-to-peer electronic cash for the internet”. Differences include replay and wipeout protection. A replay attack is when a transaction repeats itself in another block. For example, if Bob sends 10 Bitcoins to Meredith, Bob then sends 10 Bitcoin Cash even if he never meant to do it. Bitcoin Cash protects users against malicious attacks like this. With limited space in a block, Bitcoin Cash has “Segregated Witness”, also called “SegWit”. Pros include larger transactions, less transaction fees, and scalability of Bitcoin to name a few. But, cons include implementation and increase of resources. Since every wallet needs to implement Segwit, implementation the first time could go awry. Also, resources will need to increase because transaction, bandwidth, and more will increase. Time will tell if Bitcoin Cash is successful or not, but, with a market cap at $6,659,285,564 and $399.97 for each BCH, don’t be surprised if BCH pulls through.
Another peer-to-peer cryptocurrency, Litecoin also has SegWit and the Lightning Network. Both of these elements in combination create faster transactions, leaving less bottleneck, and more volume. Similar to Ripple, Litecoin has zero-cost payments and global reach. More liquidity allows Litecoin to create more transactions, thus making it one of the most active cryptocurrencies in terms of movement. In addition, Litecoin uses “scrypt” as proof-of-work which is decoded with the help of CPUs of consumer grade. Coming in at number four, Litecoin has a market cap of $2,814,518,229 and $52.88 for each LTC.
Dash comes in at number five with a market cap of $2,290,390,697 and $301.35 for each. Branding itself as peer-to-peer system, Dash provides instant transactions along with privacy. On top of Bitcoin’s main features, Dash also promotes itself as a self-funding and self-governing cryptocurrency. Also, the Dash network adds value to businesses and people by performing work. Known formerly as the “Darkcoin”, Dash works on a decentralized mastercode network to make transactions nearly untraceable. The creation of Evan Duffield is a fast-growing currency, and it should continue to rise barring any unforeseen events.