Bitcoin, the cryptocurrency, one of a kind, came in the market in 2009. Ever since then there has been no looking back. Since the last 9 years, Bitcoin has been consistently the number one cryptocurrency even despite the recent shocking fall downs.
However, one must move a little past BTC to know about other cryptocurrencies with similar or even better investment aspects. Here are the top 5 cryptocurrencies which have in them to be the next bitcoin.
Bitcoin Cash came into existence after it was forked from the original Bitcoin in August 2017. With a market cap of $28 billion (£20 billion), BCH’s goal has been to create a newer version of Bitcoin with a larger block size, as the original was limited to 1MB, which in turn limited the network to processing Bitcoin transactions at only seven per second.
Bitcoin Cash can be seen as the next step on in terms of the evolution of the virtual currency, offering the promise of faster peer-to-peer transactions, with lower processing fees. The ultimate goal of Bitcoin Cash is to be actually useful as a digital currency for purchases in the real world.
If Bitcoin were gold, Litecoin would be silver. Litecoin works just like its more popular counterpart, but it’s worth a little less — there are 21 million total Bitcoin in existence and 84 million Litecoin
Litecoin, launched in the year 2011, was created by Charlie Lee, a MIT graduate and former Google engineer. Litecoin is based on an open source global payment network that is not controlled by any central authority and uses “scrypt” as a proof of work, which can be decoded with the help of CPUs of consumer grade.
Although Litecoin is like Bitcoin in many ways, it has a faster block generation rate and hence offers a faster transaction confirmation. Other than developers, there are a growing number of merchants who accept Litecoin.
Litecoin’s wallet can be downloaded from the official Litecoin website, and it’s fully encrypted to prevent accidental spending and computer viruses. This is a super simple network for those who need to move smaller amounts of money fast.
Privacy coins, or virtual currencies that beef up protocols designed to protect the privacy and anonymity of a sender (or receiver) of coins, are suddenly all the rage since they speak to the heart of a decentralized cryptocurrency.
Monero is another excellent cryptocurrency option for those concerned about their privacy. This currency was designed to give individual users full control over their money; with Monero, you are your own bank. Transactions are “selectively transparent,” meaning you decide who can and can’t see where your money is going.
Monero is also resistant to ASIC mining, so it’s not as easily mined by professional mining companies, which keeps it decentralized.
Blockchain has been a driving force for IOTA as well, which has moved to as high as fourth in terms of biggest cryptocurrencies by market cap last year. The big catalyst was an announcement in November from the IOTA Foundation, a German nonprofit that oversees the IOTA virtual currency, that it was releasing its Data Marketplace for a two-month demo.
IOTA is used for the payment. It’s a cryptocurrency which was designed to offer efficient, low-cost microtransactions. Other cryptocurrencies are based on the blockchain, with recent transactions bundled into the new block. IOTA takes an alternative approach via a Directed Acrylic Graph (DAG) which is called Tangle.
The name derives from ‘Internet Of Things Application’
ADA calls itself the first third-generation cryptocurrency and aims to tackle scaling and infrastructure problems that first cropped up in bitcoin, a first-generation cryptocurrency that introduced the idea of digital coins, and ethereum, a second-generation cryptocurrency that expanded use cases for coins to smart contracts. Specifically, Cardano aims to solve problems related to scalability, interoperability, and sustainability on cryptocurrency platforms.
Cryptocurrencies are here to stay but how many of them will emerge leaders amid the growing competition within the space will only be revealed with time.
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