Cryptocurrencies luring investors other than Bitcoin.
Bitcoins have gained huge popularity over years. Inspired by bitcoins several countries have introduced their own coins. The alternative cryptocurrencies in short “Altcoins” drew the attention of investors. With the Bitcoins prices shooting high the altcoins gained popularity. The competitors of Bitcoin were born across the globe as they noticed many bugs/ issues in the coin. These shortcomings were handled and fixed in later cryptocurrencies. The currencies that followed used blockchain technology which was the foundation on which Bitcoin was based in the more efficient way. There was is no guarantee that bitcoin will remain the king of the cryptocurrencies in the near future. Past performance of the cryptocurrency does not guarantee future results.
1)Litecoin (LTC) (Market cap $9,823,050,575): was created by MIT graduate and former google engineer Charles Lee. Litecoin share similarities to Bitcoin based on blockchain system. The Litecoin blockchain generates block 7.5 minutes faster compared to Bitcoin. Merchants looking for faster transactions saw a better option than Bitcoin. The Litecoin scrypt hashing algorithm made it easier for miners to access the system and got involved in mining over Bitcoins SHA-256 hashing algorithm. The fifth biggest currency in the race of hundreds of cryptocurrencies with the market cap of $9,823,050,575 billion has gained popularity over the years. This currency can be used globally, allowing the user to do transactions across the globe without any additional charges.
The speed, volume, and algorithms are the factors which made it popular. There is growing number of merchants that accept Litecoin because of its popularity.
2)Etherum (ETH) ( Market Cap $97,272,471,137): was created by Vitalik Buterin in 2015 developed a potential alternative to Bitcoin. Ether acts as fuel to run the etherum network. With its ease to manage it is preferred to make regular transactions, to pay for goods or services, or send currency across the globe. The benefits of Ethereum decentralized Platform keeps the applications well secured protected against hacking attacks and fraudulent activities. No changes can be made by the third party to data. Zero downtime of Apps. It has been ranked second after Bitcoin among thousands of cryptocurrencies.
3)Ripple(XRP) Market Cap $53,187,759,875): was created by Ryan Fugger, a web developer, Chris Larsen, a businessman. Jed McCaleb, a programmer in 2012. Unlike other currencies, it is it is under the control of Ripple Labs and is not completely decentralised. Ripple can carry 1500 transactions per second which are huge compared to Bitcoin’s 7 seven transactions per sec. Ripple that deviates from bitcoin and altcoins are not mined. It allows banks to instantly make low-cost international payments with transparency. Due to its low price, the growth of 200% seen in 2017, growing familiarity attracting the Investors.
4. Bitcoin Cash (BCH) (Market Cap $27,649,775,259): Bitcoin Core’s high transaction fees, transfer hours too long and many other drawbacks resulted in the creation of Bitcoin Cash. The drawbacks were filtered in Bitcoin Cash by various people, organizations, and companies involved in Bitcoin protocol development. Miners can migrate from the Bitcoin chain as desired while providing protection against hashrate fluctuations.
More users are getting drawn into the world of virtual currencies. While there’s vast potential to make your money grow but is risky to pour all your earnings in cryptocurrency. Invest only the amount that you can bear risk.
One can sell alt-coins like Stellar (XLM) or Ripple (XRP) in exchange for more widespread coins like Ethereum (ETH) or Bitcoin (BTC) but you need to have the experience if you are new to cryptocurrency it can be daunting task.
