Home Budgeting Investing Bitcoin is not the only cryptocurrency – here are a few other options

Bitcoin is not the only cryptocurrency – here are a few other options

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It goes without mentioning that Bitcoin has not only set a trend but it has opened up a world of opportunities for other cryptocurrencies that are designed on a peer-to-peer network. As Bitcoin has become the existing standard for all cryptocurrencies, all other cryptocurrencies have been given the name altcoins. This is because they have been influenced by Bitcoin and have always strived hard to demonstrate themselves as improved or upgraded versions of Bitcoin.

Although some of the currencies are easier to mine when compared to Bitcoin, there are pitfalls like increased risk brought by less liquidity, value, and acceptance retention. As prices of Bitcoin are surging to new levels, here are a few of the other cryptocurrencies that are worth taking a look at.

#1: Litecoin (LTC)

Litecoin was introduced in the year 2011 and it was one among the new cryptocurrencies after Bitcoin and it was usually referred to as ‘silver’ to Bitcoin’s gold. Charlie Lee, an MIT graduate created Litecoin and it works on an open-source payment network that isn’t controlled by any federal authority and they use ‘scrypt’ as their proof of work which is easily deciphered with the help of CPUs of a higher grade. Though Litecoin is more like Bitcoin, its block generation rate is faster and you can receive confirmation of transaction sooner. Besides developers, many merchants also accept LTCs.

#2: Zcash (ZEC)

Zcash is yet again an open-source and decentralized cryptocurrency that was introduced in the latter part of 2016 and it seems to be promising. Zcash claims, if Bitcoin is considered as the “HTTP for money”, Zcash is “HTTPS for money”. Zcash provides investors chosen transparency and privacy of transactions. Hence, Zcash claims to give that added security where each transaction will be both recorded and published via blockchain. However, details like the recipient, sender information will all stay private.

#3: Ethereum (ETH)

Ethereum was launched in 2015 and it is also a decentralized platform that enables Distributed Applications and Smart Contracts to be built and operated without any fraud, downtime, interference, or control from any third party. The applications that you find on Ethereum are usually run on the platform-specific cryptographic token. Ether is more like a vehicle for moving around on the Ethereum platform and it is sought mostly by those developers who are eager to develop and run apps within Ethereum.

#4: Dash

Dash is also known as Darkcoin and it is a secret version of Bitcoin. Since Dash works on some decentralized master code, this makes transactions untraceable. Dash was launched in 2014 and witnessed a hike in fan following in a very short time span. This specific cryptocurrency was developed by Evan Duffield and this can be mined using GPU or CPU.

If you’re eager to invest in a few of the cryptocurrencies apart from Bitcoin, you can take into account the above-mentioned ones.

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