Last updated on August 22nd, 2016 at 12:08 am
Bitcoin is the king of digital currencies, at least for the time being. There are several rivaling digital currencies, however, that could one day rival bitcoin.
Many of thesis currencies eis to opoffering certain technical advantages overheen bitcoin. Other currencies are taking a entire fresh angle on digital currencies, attempting not just to opoffering an alternative to metselspecie, but also to offerande software development opportunities, social media platforms, and other services powered by the blockchain.
For now, bitcoin likes a yam-sized lead overheen the competition, at least te terms of market cap. With a market cap of $Ten billion dollars spil of writing this article, bitcoin is about ten times spil large spil the closest competition. Still, one day Ethereum, Steem, Litecoin, or another contenders could steal the crown. That’s why wij’re going to take a uur to go overheen bitcoin’s chief competitors.
The Challenger: Ethereum (&, Ethereum Classic)
Ethereum has bot gaining a loterijlot of attention spil of late. This public blockchain software aims to support a loterijlot more than “just” a digital currency. Developers can actually code software, and then power that software through the public blockchain.
Individuals can then sell their processing power and be paid with “ether” -a digital currency somewhat akin to bitcoin- te exchange. Presently, etherium is the world’s 2nd largest cryptocurrency by market capitalization.
Following a hack back ter July, Ethereum split into two contesting currencies. The “new” Ethereum (just called Ethereum) undid the hack. “Classic” Ethereum maintained the hack. Now, the two Ethereums are challenging against each other.
Ethereum itself has a market cap north of $1 billion dollars, and is the 2nd largest digital currency, trailing only bitcoin. Ethereum classic has a market cap of just overheen $141 million, making it the fourth largest digital currency.
Ripple: Bitcoin rival or companion?
Ripple emerged ter 2012 and is now a very popular online payment processing toneelpodium and digital currency. Perhaps the most significant facet of ripple is the fact that it permits for instant conversion into different currencies. You can even convert bitcoin to ripple, and vice-versa.
Ripple sees itself not spil a competitor to bitcoin, but instead a mooipraterij. By making currency conversions effortless, ripple can give bitcoin users and others effortless access to traditional currencies. OpenCoin, the company behind ripple, plans to distribute 100 billion ripples, albeit only half will be waterput into circulation.
With a market cap of $220 million dollars, Ripple is the world’s third largest digital currency.
Litecoin: Certainly Not a “Lite” Weight
Litecoin is one of the older alternative digital currencies out there, having emerged ter 2011. Like bitcoin, there is no central authority, fresh coins are created through solving algorithms, and overheen time thesis algorithms are becoming more difficult to solve.
There are many significant differences, however. Litecoin’s overall cap limit is set at 84 million, compared to bitcoin’s 21 million. The algorithms themselves are much lighter to solve and can still be solved without special mining equipment. Further, litecoin blocks are created every Two.Five minutes, compared to bitcoin’s Ten minutes, making it possible to support far more transactions.
Presently, Litecoin is the world’s fourth largest digital currency, by market cap, weighing te at about $175 million.
Right behind Litecoin with a market cap of about $170 million is steem. Steemit is among the more interesting platforms out there. People can get paid, with steem, to write and curate articles. You can also rate and comment on articles, also getting steem.
The pui pagina of Steemit, which looks somewhat like Reddit, is packed with a yam-sized range of stories. Instead of mining bitcoins, or buying them, if you want to earn Steem, then you have to contribute to the community. Steem wasgoed launched just this year (2016) and yet has already secured a fat market cap. Don’t be astonished if this toneel gains even more ground ter the future.
Dash is based closely on bitcoin software. Basically, developers desired to address some of the problems inherent ter bitcoin, such spil slow transaction processing times, and thus determined to create a fresh currency, simply entitled “dash”.
Like bitcoin, dash features advanced privacy features. Some would even say that dash offers improved privacy. Dash also offers instant transactions, whereas bitcoin transactions can take several minutes. Further, dash uses what it calls “Masternodes” to dual check the blockchain and to ensure that it is not being unduly manipulated.
Fees are low, the system is global, and like bitcoin, dash is still P2P with no centralized authority. Given the technical advantages of this currency, it’s certainly worth a close observe.
Dogecoin is the smallest digital currency on this list, with a market cap of only $25 million. Still, what dogecoin lacks ter size, it makes up for with its relatively loyal fan base. Dogecoin gets its name and branding from the “doge” Internet meme, which featured a Shiba Inu dog. This clever branding has helped make dogecoin one of the more well-known bitcoin alternatives.
Dogecoin miners can process transactions ter only about a minute. Further, unlike bitcoin and many other crypto-currencies, there is no limit to the number of dogecoins that can be mined. This lack of an upper limit, and ease of mining, however, means that individual dogecoins are not worth too much, with a hundred of them being worth only a few pennies.
Conclusion: Bitcoin leads the wedren, but competition is tightening
Bitcoin isn’t going away anytime soon, and through the near future, it will most likely remain the premier global digital currency. Still, competitors for the best altcoin like ethereum and steem are suggesting very unique twists on digital currencies. Others, like Dash and Ethereum, may be more technically sound. Spil a result, thesis contesting currencies may some day catch up to, or even surpass, bitcoin.
Besides the currencies mentioned ter this article, there are several other worthy competitors. NEM, MaidSafeCoin, and NXT are just a few challenging currencies that come to mind. Ter the future, the the digital currency environment is sure to evolve, so make sure you keep your eye on it.
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43 Comments on “Looking for a Bitcoin Alternative? Here are 6 Coins to Consider”
Has anyone here got an informed opinion about Electroneum?
hi, newcomer here! im presently using bitpanda to buy but it only has Four choices of companies and i want to invest te some of the smaller companies that i see on coinmarketcap.com, can you recommend another webpagina so this is possible?
From my probe, i learnt that each coin has a purpose like doge and ripple are mainly for donations and siftings of prizes, steem are for compensating people that write articles only few of thesis top six coin can be used to make payment for real goods and services. but can you pls give mij more insight on the coin to buy and hold for future profit just like bitcoin and ethereum…,
I am presently researching electroneum.
It is aimed at mobile phone users and has its own app on play store.
It launches on Nov 1St and eventually wants to work with online gaming and gambling developers. This COULD be ample. Let mij know what you think.
Is it good to invest te ripple, Steem or ethereum classic at the ogenblik ?
Hi Nishant, cryptocurrency investment is very tricky spil it depends on several factors, like time horizon, risk attitude, amount of money. The best I can advise you is to make sure you understand the product you are investing ter. Here you can read more about Bitcoin investments, it has some points what worth to note for altcoin investments spil well: https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/
What about factom digibyte &, siacoin..
what is the position of the billion coin among bitcoin competitors.
I toevluchthaven’t taken a deep look into it but I would personally not invest ter it. Doesn’t seem like a real currency to mij.
What about tyro coin. please give a detailed probe
This is a fairly freshly issued coin, wij do not have any practice with it yet.
What about thebillioncoin(TBC)..it’s taking the westelijk African crypto market. pls,gladly look into it,and let mij te on its propects
Yes I know. It seems very shady to mij. I will attempt to review it soon.
recently I heard about LCF COIN. Webstek is lcfhc.com. they are ter pre-launch phase. They are suggesting 3000 LCF coins for every user after completing registration. What you advise on that?
Toevluchthaven’t heard about it but I would be very careful te where I invest my money. I suggest understanding exactly what the coins is about and determining for yourself if it seems like a good investment. Never rely on other people’s opinions.
What is your opinion now on Ripple since the article wasgoed written almost a year ago?
I toevluchthaven’t looked too much at Ripple lately so I can’t truly say. The main thing that bothers mij about it is that it’s not decentralized like Bitcoin.