Bitcoin Alternatives – What Can You Consider?

You might be wondering what the best alternative to Bitcoin is. First of all, it’s important to note that Bitcoin is the most popular cryptocurrency. However, many other cryptocurrencies can get used as a good alternative.

 

It’s also worth noting that even though Bitcoin has by far the biggest market cap and therefore value in the cryptocurrency world. But, it doesn’t necessarily mean this list will only include alternatives with more users or larger numbers than Bitcoin. 

 

Some cryptocurrencies offer additional features which aren’t available on other coins yet. The basic consideration here is, of course, that you have already signed up for some cryptocurrency exchange like OKX (brand). So, if you’re interested in finding out more about these options, keep reading!

 

Dash

 

Dash (formerly known as Darkcoin) is a cryptocurrency that has been around since 2014. It was by Evan Duffield and can get considered the first fork of Bitcoin. However, it got rebranded in 2015 to Dash.

 

In addition to being an altcoin with a market capitalization of over $1 billion, Dash provides users with instant transactions, and privacy features unavailable on many other cryptocurrencies like Bitcoin or Litecoin.

 

Litecoin

 

Litecoin is a global payment network that enables instant, near-zero cost payments. Litecoin got created by Charlie Lee, a former Google employee (and now Director of Engineering at Coinbase) who launched Litecoin in 2011 and left his job at Coinbase to focus on the development of Litecoin full-time.

 

Litecoin can get used as a currency or store of value like Bitcoin. However, it differs from Bitcoin in several ways:

 

  • It has faster transaction times than Bitcoin (2.5 minutes versus 10 minutes). It means that you can complete transactions more quickly if necessary.
  • Its mining process is easier for users. You don’t need specialized equipment or expensive software requirements like those required for Bitcoin mining.
  • Its maximum block size limit is larger (1MB compared with 1MB).

 

Ethereum

 

Ethereum is essentially a decentralized program that processes smart contracts, basically applications that execute as programmed with no censorship, downtime, third-party interference, or fraud. Ethereum is the way the internet was supposed to function.

 

Ethereum and Zcash, the two most popular Bitcoin alternatives, are built on different blockchain platforms and have distinct differences. The former is a public blockchain, whereas the latter employs zero-knowledge proofs (ZKPs) and prioritizes privacy over pseudonymity, as Bitcoin does.

 

Ripple

 

Ripple is the Ripple company’s currency exchange, real-time gross settlement system (RTGS), and remittance network. Ripple claims to be able to facilitate secure, instant, and nearly free global financial transactions with no chargebacks.

 

It accepts tokens representing fiat cryptocurrency, currency, commodities, or any value unit, such as mobile minutes or frequent flyer miles. Ripple differs from Bitcoin in that it maintains its ledgers using a consensus ledger rather than the blockchain.

 

Monero

 

Monero is a cryptocurrency that got designed to be private and secure. The currency, which is on the CryptoNote protocol, uses a technology called ring signatures that make it possible for users to send and receive funds without their transactions being publicly visible.

 

Because of its privacy features, Monero has emerged as one of the most popular cryptocurrencies in dark web marketplaces such as AlphaBay and Oasis Market. The platform also boasts an active community of developers who have created tools such as MXR-Stak. It gets used by miners who want to mine Monero coins.

 

Now let’s take a look at some other interesting facts about Monero.

 

Monero uses a Proof-of-Work (PoW) algorithm, which means that mining can be done using CPUs or GPUs instead of ASICs. The PoW algorithm helps keep mining decentralized among participants rather than concentrating it in one place. It hashes only certain hardware types contributing to solving cryptographic puzzles required for validating transactions on blocks or chains.

 

Zcash

 

Zcash is a cryptocurrency, which is a digital currency that uses cryptography to secure transactions. You can think of it as an electronic version of cash.

 

Zcash is a peer-to-peer payment system that allows users to send money to each other. Unlike what you might have heard, this isn’t the same thing as Bitcoin. It has been around since October 2016, when its first block got mined by Mahnush Movahedi and Andrew Miller.  

 

Zcash is a decentralized, open-source cryptocurrency based on zero-knowledge proofs. Its blockchain supports private transactions between two parties only and not just one party as some cryptocurrencies do. They have encryption with zkSNARKs or “zero-knowledge succinct non-interactive arguments of knowledge.”

 

Dogecoin

 

Dogecoin is a cryptocurrency that got created as a joke. It was launched on December 8, 2013, by Jackson Palmer and Billy Markus, two members of Adobe Systems. It got developed to serve as an alternative to bitcoin and other cryptocurrencies. The name Dogecoin gets derived from the early internet meme Doge.

 

What is the maximum number of Dogecoins that can get created? There is no fixed upper limit for the number of coins that can get mined in total, but there are limits on how many coins can be mined per day or week (it is known as a ‘mining difficulty). At the time of writing (May 2019), there were about 62 billion DOGE tokens in circulation out of a total supply of 100 billion possible units.

 

Many Good Alternatives Available

 

As you can see, there are hundreds of other altcoins out there. Some are better than others, but they’re all worth exploring. Let’s take a look at some that have seen notable success and why they’ve become popular.

 

Bitcoin Cash (BCH) is the result of a hard fork from the original Bitcoin network in 2017. It got created to increase transaction processing speed and lower fees for everyday users.

 

Monero (XMR) uses RingCT technology to encrypt transaction amounts, making it possible for individuals to send money without worrying about being tracked by others or their government agencies like tax departments or law enforcement officers. It also makes it difficult for hackers to steal funds from your wallet since they won’t be able to tell how much money you have unless they break into your computer first!


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    Saborlas

    Or maybe you can realize that they’re ALL SCAMS requiring someone else to pay more than you for you to make money.

    Karl Lewis

    Or maybe you can realize that they’re ALL SCAMS requiring someone else to pay more than you for you to make money.

    I would add: and there’s no reason, at all, to make the assumption that they will. NONE.

    c04x

    There is, actually. If you mined it yourself, and paid nothing for the electricity. But those days are long gone.

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