Bitcoin Alternatives: Top Emerging Cryptocurrencies

Bitcoin Alternatives - Top Emerging Cryptocurrencies

By Shipra Tripathi

The most interesting technological development of this era – cryptocurrency and the never-ending speculation of its value and future is at a high. The value of Bitcoin saw a steep hike in the last two months and the magic money has been flowing from the elite finance enthusiasts to the common man. The rising popularity of Bitcoin has made it desirable and owned not only by early adopters but also by sceptics and laggards.

Interested in exploring a couple of other cryptocurrencies besides Bitcoin? This article elaborates on Bitcoin and alternate options.

Bitcoinbitcoin

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 13,843.90 January 2009 Millibitcoin, Satoshi Worldwide Decentralized

Bitcoin, the cryptocurrency launched in January 2009 by Satoshi Nakamoto has become the most popular cryptocurrency of the time. As on 5th Jan’18, the market value of Bitcoin stands at $ 15,456.10. Even after a couple of setbacks, every other day there is a hike in the value.

What makes Bitcoin the most popular cryptocurrency?
To begin with, it was the first blockchain which provides complete transparency in the transactions and trading. The currency is not owned by any single governing body, it is owned by everyone who buys the currency. The numbers of coins available are exhaustive, 21,000,000 to be precise, hence the urgency and furore to own this cryptocurrency.

Built on similar models and idea but lesser in value owing to one or the other reason, there is no dearth of cryptocurrencies today. Only a few have found good reception and circulation in the market. Elaborated below are our recommendations.

Bitcoin Cash

Bitcoin Cash

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 2,552.60 August 2017 Satoshi Worldwide Decentralized

Bitcoin Cash (BCH) was created by the occurrence of a fork in one of the Bitcoin blocks 478,559. The fork created two separate coins, Bitcoin and Bitcoin Cash. There is a vast difference in the value of the two currencies because BCH is a separate coin. There are chances that this may develop into a more popular currency than Bitcoin but as of now it’s considered as an alternate option.

The Ethereum Platform

Previously called Ethereum, the tokens in the Ethereum platform are today forked into two versions namely, the renamed old tokens called “Ethereum Classic” (ETC) and “Ethereum” (ETH). The currency used within Ethereum is its native value-token called ‘Ether’.

Ethereum Classic

Ethereum

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 36.55 July 2015 Smallest is ‘wei’. Each denomination has its own name Worldwide Decentralized

Ethereum Classic is an open-source Cryptocurrency based on the blockchain and is relatively less stable as compared to Bitcoin. Ethereum Classics primary differentiating factor is its technology like smart contract (scripting) functionality and Gas – an internal transaction pricing mechanism.

Ethereum

Ethereum Logo

Value (15.03.2018) Launch Year Denomination Demographics Issuance
$ 590.80 July 2015 Smallest is ‘wei’. Each denomination has its own name Worldwide Decentralized

An open blockchain platform, Ethereum was created and designed to be flexible and adaptable. It is distinguished by its own modifications and innovations. The blockchain of Ethereum uses Merkle trees for security reasons, for improving scalability, and for optimizing transaction hashing.

Litecoin

Litecoin

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 254.95 October 2011 Lites, photons Worldwide Decentralized

Litecoin is the fourth most popular cryptocurrency. In the similar fashion as Bitcoin, Litecoin also has an open book ledger. The main difference between the two is the speed. The speed of processing Litecoin transactions is four times faster than that for Bitcoin. However, lack of availability of the currency is one of the primary reasons for the comparative lack in surge of value for this currency. The currency has recently been made available to trade on Coinbase which led to an eventual surge in the value.

Monero (XMR)

Monero

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 383.41 April 2014 Monero, Moneroj Worldwide Decentralized

Monero is an open source currency launched in April 2014. The privacy and anonymity options of Monero are higher than Bitcoin. Monero was born out of the fork of Bytecoin BCN and works on the technology known as ‘Ring Signatures’. One major aspect which differentiates Monero from other cryptocurrencies is the fact that the amount is infinite. Another noteworthy feature of Monero currency is that it creates stealth address for each transaction. For every transaction, the sender creates a one-time random address unique to the recipient.

Zcash (ZEC)

Zcash

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 605.35 October 2016 Worldwide Decentralized

Zcash is a fork of the Bitcoin protocol and same as other cryptocurrencies it allows complete transparency in the transaction. However, its enhanced privacy makes it a more viable option. The functionality asks the miner to use a Z address which cannot be bypassed.

Ripple (XRP)

ripple

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 2.27 2012 ripple Worldwide Decentralized

Ripple is the name given to the currency as well as the the payment gateway for it. Ripple is built upon a distributed open source internet protocol, ledger and cryptocurrency called XRP. Ripple is not a free cryptocurrency, the current minimum transaction cost for the network is 0.00001 XRP. The number of transactions are monitored and fees is managed accordingly.

Dash

Dash

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 1,120.06 January 2014 Dash Worldwide Decentralized

Dash again is known for its faster processing time and accuracy. Instead of relying on one single algorithm, this currency uses 11 different algorithms. Dash also uses a two tier architecture for its network. Miners form the first tier, which is for securing the network and transactions. The second tier is made of Masternodes which earn money for those who operate them.

NeoNeo

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 85.32 2014 Neo Worldwide Decentralized

Neo is the first chinese project in the category. The currency is also known as ‘China’s Ethereum’ and it is an iteration of ethereum. Neo uses a unique blockchain algorithm that enhances upon Ethereum’s model. It has a market cap of over 4 billion dollars. Neo is compatible with Java and C++ and does not require the programmer to learn any other language.

IOTA

IOTA

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 4.02 June 2016 KiloIota, MegaIota, GigaIota, TeraIota, PetaIota Worldwide Decentralized

Another open source distributed ledger but the key point to note here is that it follows crypto exchange. So, in order to avail you need to have Bitcoin or Ethereum. Coinbase, Xapo are good options for buying and exchanging the currency. The smallest unit of this currency is IOTA named after the smallest letter of the Greek alphabet. Higher units of iota are Kiloiota, Megaiota, Gigaiota and so on.

Verge

Verge

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 0.153575 October 2014 XVG Worldwide Decentralized

Verge uses multiple anonymity-centric networks such as Tor and 12P which makes it completely privacy-focused. The mission of the organisation as stated on their website:
Empower people around the world by bringing blockchain transactions into everyday life. Verge currency makes it possible to engage in direct transactions quickly, efficiently and privately. With Verge currency, businesses and individuals have flexible options for sending and receiving payments. With the flip of a switch, we offer helpful integrations and tools that enable them to handle large-scale transactions between merchants and small scale private payments.

Stellar Lumen (XLMs)

Stellar

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$0.493367 2014 XML Worldwide Decentralized

Here Lumen is the name of the currency while Stellar is the name of the network as a whole. The initial supply of Lumen is around 100 billion lumens of which around 18 billion are in circulation. Liquidity, security and ease of use make the currency popular.

Cardano

Cardano

Value (01.01.2018) Launch Year Denomination Demographics Issuance
$ 0.724330 2014 ADA Worldwide Decentralized

Cardano also known as the “Ethereum of Japan”, is quickly rising in popularity to make it to the list of top ten cryptocurrencies. ADA the coin of Cardano was launched in 2015 and it is a decentralized, fully open sourced cryptocurrency. The speciality of this currency is its reputation for a heavily researched base of scientists and researchers.

These Cryptocurrencies are available across all demographics worldwide and their issuance is decentralized.

Here’s a summary of the above-mentioned Cryptocurrencies:

Cryptocurrency Value (01.01.2018) Launch Year Denomination
Bitcoin $ 13,843.90 January 2009 Millibitcoin, Satoshi
Bitcoin Cash $ 2,552.60 August 2017 Satoshi
Ethereum Classic $ 36.55 July 2015 Smallest-wei, Each denomination has its own name
Litecoin $ 254.95 October 2011 Lites, photons
Monero (XMR) $ 383.41 April 2014 Monero, Moneroj
Zcash (ZEC) $ 605.35 October 2016
Ripple (XRP) $ 2.27 2012 ripple
Dash $ 1,120.06 January 2014 Dash
Neo $ 85.32 2014 Neo
IOTA $ 4.02 June 2016 KiloIota, MegaIota, GigaIota, TeraIota, PetaIota
Verge $ 0.153575 October 2014 XVG
Stellar Lumen (XLMs) $ 0.493367 2014 XML
Cardano $ 0.724330 2014 ADA

Wish to learn how to start trading cryptocurrencies? Read our blog on Top 9 Cryptocurrency Trading Platforms.