Bitcoin Alternatives — Which Cryptocurrencies Are Available and What for?

Bitcoin Alternatives — Which Cryptocurrencies Are Available and What for?

Mary Ann Callahan

Freelance Journalist at Cex.io

Views 1558

Bitcoin Alternatives — Which Cryptocurrencies Are Available and What for?

27.04.2017 07:00 am

Bitcoin may be the talk of the moment, but did you realize that Bitcoin is simply a tip of an iceberg as far as cryptocurrencies are involved? The huge achievement of Bitcoin has evoked the advancement of numerous cryptocurrencies, and which are oftentimes called Altcoins. The entire world of digital currencies is currently getting bombarded with these Altcoins. Many Altcoins now even offer more than one extra unique feature contingent upon the Bitcoin protocol, thereby making them look more fascinating and exciting than bitcoin.

The most interesting thing about these alternatives is that most of them are quite easier to mine and cheaper compared to bitcoin. As per CoinMarketCap, there are around 20 different kinds of Altcoins that are offered for more than just a dollar today. But, perhaps you have been taking a kick at yourself for missing the meteoric rise in the value of Bitcoin to over $1,196 (April 16th, 2017, according to CEX.IO), discussed in this article are 9 great bitcoin alternatives available for you, each of which has its own specialty and advantage.

Ethereum

This popular alternative has been picking up a great deal of people’s attention lately. It is regarded as the second Biggest cryptocurrency after Bitcoin and a standout amongst the most beneficial digital currency to mine. The ETH has proven itself to be more than an ordinary digital currency. It possesses some new concepts and offers a wide range of services that seems impossible with Bitcoin. Such services include rewarding miners for guaranteeing the fate of the normal chain. The coins mined in this network are widely known as Ethers.

Feathercoin                                                 

Feathercoin was created in 2013 and manipulates its mining hardness more frequently than any other Altcoin. Feathercoin refreshes consistently to add new features and upgrades, including a special type of security called forking and abuse generated by grouped mining. Feathercoin is a special cryptocurrency for the internet and it is therefore borderless whenever it is used as a means of payment and can be handled by virtually anybody with a low-cost computer hardware making use of free or open source software.

Novacoin

This is another kind of digital currency which varies from the majority of other kind of Altcoins by incorporating security measures inside the currency core, thereby preventing abuse emanating from grouped mining. This digital currency possesses a huge proficient cap worth 2billion coins, a considerably bigger number when compared to some other digital currencies. The 2bn cap could likewise be expanded anytime it is being achieved thereby resulting in theoretical dynamic inflation of Novacoin.

Namecoin

Launched in 2011 to investigate the Bitcoin's record keeping, Namecoin is another digital currency kind which operates In form of a DNS (Domain Name System) for the domains belonging to .bit domain. Individuals can now buy a .bit domain using this coin and the whole transaction will be tracked in an open ledger called Blockchain. It permits its clients to store secure information in a small measure. Namecoin cannot be completely regarded as a digital currency, yet the addresses attached to this .bit domain names operate and changes simply like Bitcoin. Namecoin has proven itself to be more superior in terms of the longer-term transaction, unlike numerous cryptocurrencies which seem volatile and unstable.

Peercoin

Peercoin, when being compared to many cryptocurrencies available as at present, is likely the safest cryptocurrency and affordable at a lower cost. Created in 2012, It rewards all of its clients for fortifying the network by providing them with a 1% yearly PPC return during its minting. This cryptocurrency is a stand out among other bitcoin alternative. Regardless of the fact that its code dependent on Bitcoin, this alternative is known to be the first kind of coin to integrate POS (i.e. Proof-of-Stake) in order to protect the network and Proof-of-Work so as to elevate fair coin circulation. It consumes less energy and seems to be highly environmentally sustainable when compared to all other Altcoins available.

Litecoin

Created by Charles Lee, a former Google Engineer, Litecoin is intended to be substantially easier and simpler to mine due to the utilization of an algorithm made for Linux backup frameworks. New blocks of Litecoin are now mined at around 25 per hour. With Litecoin, the confirmation of transactions is now handled more rapidly and effectively than Bitcoin. It is more profitable to mine especially when using a computer hardware that is specialized.

Steem

Directly behind Litecoin is Steem. It has emerged to be a standout among the amazing network available. Users can get their pay with Steem whenever they write, curate, comment and even rate blogs and articles. Just like Reddit, the homepage of Steem is loaded with a tremendous array of write-ups. Rather than purchasing or mining the bitcoins, Steem has made it such a way that you need to add your contribution to the group before earning them. Steem, created in 2016, has presently secured a tremendous market cap. Try not to be amazed when Steem increases significantly later in future days.

Safecoin

This is a self-encryption version of bitcoins. Safecoin is built in such a way that enables all users present in the network range to be rewarded for their individual contributions. Safecoin is always recycled whenever clients trade them in exchange for Safecoin network services, making sure there is dependably a provision for users to gain. With Safecoin, you can possess the capacity to login and protect all your information and data without any third party involved and furthermore automatically get rid of unnecessary duplicates.

Dash

Darkcoin, an open-sourced kind of digital currency, was initially created in 2014 and rebranded later in 2015 as what is known as Dash today. It is integrated with quick transactions which permit you to secure your funds private as you carry out your daily transactions without any delay. It turned out to be very popular, just because it provides anonymity in the transaction process.

Conclusion

Bitcoin won't crash anytime soon; it still remains a stand out among its peers. However, contenders like Ethereum, Steem and Dash are showing an exceptionally remarkable twist and may likely become more proficiently sound and intelligent. Thus, these contending cryptocurrencies may one-day meet up and overpower the almighty bitcoin. There are also a few other commendable contenders such as NEM, MaidSafeCoin and NXT to mention but a few. However, cryptocurrencies such as Altcoins is certain to advance and evolve more than this, so ensure you watch out for it. 

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