Bitcoin Competitors: What You Should Know About 6 Alternative Cryptocurrencies

Unless you entirely avoided any tech and business news ter the 2nd half of 2013, you’ve heard about bitcoin, the digital currency that skyrocketed ter value and mainstream consciousness. The cryptocurrency is presently trading at a value of $930, and more businesses around the world are accepting bitcoins.

What many people don’t know is that bitcoin is just one of dozens of cryptocurrencies on the Internet. BitInfoCharts shows a side-by-side comparison of the currencies to vertoning what they are worth, how many transactions toebijten each day, and how difficult they are to create.

So putting aside bitcoins for now, which are by far the most well-known and valuable, here is what you need to know about some of the most popular bitcoin competitors.

1. Litecoin – Very first Mined Dec. 7, 2011. Worth $24.95 USD

Litecoin has the distinction of being the most valuable cryptocurrency next to bitcoin, presently trading for around $25. Some call litecoin the silver to bitcoin’s gold, and many investors who missed the bitcoin bandwagon are putting money into litecoin, hoping for a similar explosion ter value. Litecoin is designed intended to be more efficiently mined and swifter to conduct transactions te than bitcoin.

Two. Dogecoin – Very first Mined Dec. 6, 2013. Worth $0.000328 USD

Dogecoin began spil a way to poke joy at the cryptocurrency phenomenon (its name is derived from the “doge” Internet meme, and adopted a popular picture of a Shiba Inu dog spil its mascot), but has quickly gained popularity ter cyber-communities like Reddit. Dogecoin has the distinction of having the most coins ter circulation (more than 28 billion) and being the most traded (Four,183 transactions vanaf hour). Mining dogecoin yields the highest prize, spil each block contains 526,226 dogecoins. Dogecoin also made headlines ter December when it wasgoed hacked, costing owners more than $12,000.

Three. Quarkcoin – Very first Mined July 21, 2013. Worth $0.06607 USD

Another bitcoin alternative, Quarkcoin, calls itself “the elementary currency,” says it is quicker, more secure, and lighter to mine than other cryptocurrencies. According to BitInfoCharts, Quarkcoin is the fastest, spil it only takes 0.5574 minutes for a transaction to be confirmed. Quarkcoin also has the distinction of being the most-mined, spil 548,325 blocks have bot created te just overheen six months.

Four. Peercoin – Very first Mined Aug. 16, 2012. Worth $Five.82 USD

Peercoin separates itself from other cryptocurrencies by not having a limit on the amount of coins that can be created. Instead, Peercoin maintains an annual inflation rate of 1 procent te order to increase energy efficiency and permit for greater scalability ter the long term.

Five. Freicoin – Very first Mined Dec. 21, 2012. Worth $0.06572 USD

Freicoin is based on the same proof-of-work block chain used by Satoshi Nakamoto used to create bitcoin. The difference is that Freicoin has a demurrage toverfee that Freicoin holders pay automatically to ensure the coin’s circulation. According to Freicoin’s webstek, the toverfee “eliminate[s] the privileged position held by money compared with capital goods, which is the underlying cause of the boom/bust business cycle and the entrenchment of the financial elite.”

6. Namecoin – Very first Mined April 17, 2011. Worth $6.17

Namecoin has the distinction of being the most difficult cryptocurrency to mine, besides bitcoin. Namecoin is very similar to bitcoin, and is built of a modified version of the bitcoin software.

To see a utter comparison thesis cryptocurrencies and more — including Feathercoin, Novacoin, and Terracoin – visit BitInfoCharts.

Do you own or use any of thesis alternative cryptocurrencies? Let us know te the comments section.

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