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It goes without mentioning that Bitcoin has not just set a trend but it has opened up a world of opportunities for other cryptocurrencies that are designed on peer-to-peer network. Bitcoin has rather become the existing standard for all cryptocurrencies. Those currencies which are influenced by Bitcoin are given the name of altcoins collectively and they 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, yet there are pitfalls like increased risk brought by less liquidity, value and acceptance retention. As prices of Bitcoin are surging to new levels, here we list down 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’ while Bitcoin was considered as 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 higher grade. Though Litecoin is more like Bitcoin, its block generation rate is faster and hence you can receive confirmation of transaction sooner. Besides developers, there are many merchants too who accept LTCs.
#2: Zcash (ZEC)
Zcash is yet again an open-source and decentralized cryptocurrency which was introduced in the latter part of 2016 and it seems to be indeed promising. As per what Zcash claims, if Bitcoin is considered as the ‘http for money’, Zcash is ‘https for money’. Zcash provides the investors chosen transparency and privacy of transactions. Hence, Zcash claims to give that added security where each and every transaction will be both recorded and also published via blockchain. However, details like recipient, sender information will all stay private.
#3: Ethereum (ETH)
Ethereum was launched in 2015 and it is also a decentralized platform which 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 cryptographic token which is platform-specific. Ether is more like a vehicle for moving around on Ethereum platform and it is sought mostly by those developers who are eager to develop and run apps within Ethereum.
Dash is also known as Darkcoin and it is a secret version of Bitcoin. Since Dash works on some decentralized mastercode, this makes transactions untraceable. This was launched in 2014 and Dash witnessed a hike in fan following in a very short time span. This specific cryoptocurrency was developed by Evan Duffield and this can be mined using GPU or CPU.
Therefore, if you’re eager to invest in few of the cryptocurrencies apart from Bitcoin, you can take into account the above mentioned ones.