Like most people, your eyes must have widened in amazement when you first heard that there were over 2000 existing cryptocurrencies and counting in addition to Bitcoin. That’s a huge number to keep up with. If you’re also like most people, you probably decided to play it safe by sticking to Bitcoin because its the most popular and first cryptocurrency. Or, maybe you’re like the rest of us, exploring the possibilities that the other 2000+ cryptocurrencies offer. No one ever went into the entire 2000+, at least not any that we know of. So, if you’re looking for some information on which of the other 2000+ cryptocurrency types you should be paying attention to and why? This post is for you.
A Quick Look at Bitcoin
Bitcoin is the giant in the crypto world. It has distinguished itself both as the first cryptocurrency to go mainstream and the first cryptocurrency that most people embrace when they step into the crypto sphere. In addition to this, this is the only cryptocurrency that most people understand. A major reason behind this may be attributed to the success of this cryptocurrency and the sustainability of its entire system. The downside to Bitcoin is its speed and volatility.
A Look at our top 6
What you need to know is that like Bitcoin, there are other cryptocurrencies that have changed the game in their own unique ways. These cryptocurrencies are worthy of note because they are disrupting transaction and remittance as we know it. Some of them have even taken note of certain gaps that exist in Bitcoin and are either working towards bridging those gaps or have bridged them already.
Cryptocurrencies other than bitcoin are called altcoins and here are 5 of them you should know.
With a market cap of $31,690,974,037 as at the time of this post, Ethereum is the second largest cryptocurrency after Bitcoin. The Ethereum blockchain was launched in 2015. It is a decentralized platform that allows for the creation of systems which run without any downtime.
Ethereum’s co-founder, Vitalik Buterin, set out to build Ethereum because of some of the shortcomings he experienced in using Bitcoin. In addition to having a currency called Ether or ETH, the Ethereum blockchain can be used to carry out transactions, build apps and games, and to build other types of virtual currencies.
Like Ethereum, XRP is the token of a more sophisticated agenda. Ripple labs launched in 2012 with an aim to create systems that would disrupt transactions and remittance as we know it. In this light, they have gone ahead to create solutions like Ripple net and Xrapid. These solutions make cross-border transactions seamless, fast and cost-effective. Making it easy for people to carry out both little and huge transactions across borders.
Litecoin is usually referred to as “silver” in relation to Bitcoin’s “gold”. It was created to bridge some of the gaps experienced in using bitcoin for transactions. Thus, as a means of transaction, it is faster and a lot more efficient. It is also a more suitable option for smaller transactions.
The first important fact about Tether is that it is a stable coin. What this means that it has a stable value because it is hitched to other stable financial instruments like fiat currency, gold, or even other cryptocurrencies. Tether is hitched to the American dollar and is meant to mirror its value. It is 100% backed by the US dollar. So, if you’re looking for some stability amidst all the volatility that exists in the crypto space, you might want to check this out.
If you thought Bitcoin was the cryptocurrency that allowed the most anonymity and privacy, think again. Dash was created with a lot of focus on user privacy and anonymity. Like a lot of other altcoins, Dash was created to make of some of the shortcomings experienced in the use of bitcoin such as speed and lower transaction fees.