Ok, “Bitcoin”. Rang a bell? We all heard about it, and our facebook feed is full of stories about how some random teenager became a millionaire, because they invested their spare $2 on some Cryptocurrency, way back in 2009.
In January of 2009 bitcoins came into the existence. With the value of less than a dollar when it first came out, it did make a huge jump. As of now, a single bitcoin is worth of $9082(while writing this article).
But do you know there are other Cryptocurrencies that exist which is not Bitcoin?. Well! If I have to give a number, There are more than 1,037 Cryptocurrencies exist (Mind blew?) ours too.
Let’s see what are the other
5 Cryptocurrency that is just after Bitcoin.
You may or may not have heard about it, but Ethereum is second most valuable Cryptocurrency. Just after the Bitcoin and as of now you can get yours for a tiny tiny amount of $440. if you compare it with Bitcoin, there’s a huge difference in the value. But, if you compare them in a long-term, Ethereum is actually growing a lot faster than Bitcoin. Where BTC has grown around 300% this year but ETH is up about 4000%.
Monero was created back in April 2014. according to their website, Monero is a secure, private, and untraceable cryptocurrency that is open-source and accessible to all. But the best part about Monero that makes it differ from its rival bitcoin is, all the Transactions are private. You can share your public key with people without the fear of anyone looking at your funds and transactions in a block-scanner somewhere. Your funds and transactions are “dark” so to speak. Right now Monero pierced it’s New all-time high with the value of $158.
Litecoin is another peer to peer based Cryptocurrency that is catching other Cryptocurrencies at a steady pace. It was launched 6 years ago and currently has a value of $75. The different between Litecoin and its rival Bitcoin is, Litecoin’s transaction speed is four times faster than Bitcoin (Source). In the Cryptoland where Bitcoin is known as Gold, the Litecoin deserve the silver place.
Zcash is based on decentralized blockchain just like its rival Bitcoin. But with some added extra security and privacy feature. Where in Bitcoin, if anybody knows your address they can easily track all the transaction that is going on at that address so knowing how much money is traveling is not hard. But in Zcash all the transaction done will be in encrypted form. So, even if you know someone’s Zcash address you can’t look for anything that is not provided to you.
Dash and Bitcoin don’t have much difference in how they work but Dash got some tricks under his sleeves, which makes it a better contender for the real world usage.
1) Transactions on Dash is almost instant, it doesn’t need any confirmation or anything compare to Bitcoin which takes almost 9 to 10 minutes just to create a block.
2) The Instant send feature on Dash is completely anonymous. Which means no one can track the address and see any transaction history wherein Bitcoin transaction history are public.
3) Dash’s blockchain is self-funded. A portion of each block is allocated to development and promotion of Dash.
All the value that is given above for any Cryptocurrency will not represent its current value. Since the market value of every Cryptocurrency always go up and down make sure you know the current value of every currency before making fun out of yourself, in front of your friends from here.
To know more about Cryptocurrencies and how they work, do give a look at this awesome Quora thread. Also, make sure to check out this blog which is basically Encyclopedia for all the Cryptocurrencies. If you’re considering investing in Bitcoins this article by Hogan injury will help you.