Currently in the world different countries uses a different kind of currencies to settle their payments. Bitcoin is also the same kind of currency as US dollars, Euro, Pounds, Rupees etc. But we don’t have any opportunity to see this Bitcoins physically, and this is known as the Cryptocurrency and value of the Bitcoin decides on the demand and the supply of the currency in the market. This was introduced by Satoshi Nakamoto in 2008.
But other than the Bitcoin there are several alternative Cryptocurrencies available in the market. From this article, we explained about the 5 alternative currencies available other than the Bitcoin.
Unlike of Bitcoin, Ripple originally founded by a single company called Ripple Labs and they are continually developing that coins than the larger network developers of Bitcoin. It is centralized cryptocurrency and it has specific use: the coin was created to enable transfer between financial institutions. This facilitates all over the world and transfer fees are far cheaper than the likes of Bitcoin. Unlike calculations of Bitcoin, Ripple labs independent servers don’t need have to provide proof of works, they nodes simply validate transactions themselves.
Ethereum is the second largest cryptocurrency in the world after the Bitcoin. Its market capitalization is more than $130 billion. Ethereum was created by Vitalik Buterin in 2014 and the purpose of this decentralized cryptocurrency is to be a platform on which smart contracts can be built and run.
Litecoin is the third largest cryptocurrency and which was launched In the year of 2011 by former Google engineer Charlie Lee. Litecoin is often known as “silver to Bitcoin’s gold”. I have much smaller trading volumes which means even more volatility than Bitcoin but Both the Bitcoin and litecoin coin have similarities in many ways, it has a faster block generation rate and hence offers faster transaction confirmations. There are growing merchants and developers who accept litecoin.
#4 Bitcoin Cash
Bitcoin cash is a cryptocurrency is a fork of Bitcoin Classic that was created in August 2017. Block size of the Bitcoin cash are eight times larger than the Bitcoin, it enabling more transactions to be grouped. It also doesn’t use replace by a fee, a way of spending up the confirmation of transactions by raising fee which also creates a potential for double spending.
Monero is secure, private and untraceable currency, which popular among the black market traders. This was launched in April 2014 and soon become more popular among the cryptocurrency community. This currency enables privacy by using a special technique called “Ring Signatures”. Special features of Monero are complete control over transaction and Fungibility. (Fungibility is good or asset interchangeability with other individual goods or assets the same type)