Bitcoin is not the only currency that has been the trendsetter, but plenty of other cryptocurrencies are decentralized and follow the peer-to-peer network.
The cryptocurrencies developed to inspire and encourage people to come forward and get the maximum benefits of trading and investing in cryptocurrencies.
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Before we learn about a specific cryptocurrency like bitcoin, let us briefly learn about what cryptocurrencies are.
Definition of Cryptocurrencies
A cryptocurrency is a digital or virtual money that is in the form of coins or tokens. The term cryptocurrency is derived from two words that are currency and cryptography.
The cryptographic principles are used to create digital currencies and their processes, and the transactions are completed using the decentralized network.
The cryptocurrencies have a commitment to decentralize, which means that these are developed as code and are not issued by the government and doesn’t include control of others.
The design of cryptocurrencies is set to eliminate the need for government, and in cryptocurrencies, there is no control and manipulation of government or other authorities.
The cryptocurrencies that are developed after bitcoin are given a name collectively that is, altcoins.
Some of these altcoins have followed bitcoin’s footprints, and those are improved versions of bitcoin currency.
The currencies developed after bitcoin even have some better and impressive features than bitcoin that are more appreciated than bitcoin networks.
People have only heard about the bitcoin currency, but there are many other impressive cryptocurrencies after bitcoin.
As of 2021, over 4000 cryptocurrencies ever exist, but some of these cryptos have no trading volume or following, and some cryptos enjoy enormous popularity.
They have a great number of investors.
Beyond bitcoin, the cryptocurrency industry is expanding, and there are always new digital tokens that are being released.
Let us learn about some of the best digital tokens beyond bitcoin, which are as follows:
The very first and most popular alternative of bitcoin is Ethereum.
It is a decentralized software platform that facilitates Decentralized Applications and features of smart contracts built and run without any control, fraud, downtime, and interference of any intermediary.
Ethereum is developed with the goal to produce a decentralized suite of products that are accessible worldwide regardless of faith, nationality, or ethnicity.
All the applications of Ethereum run on its specific platform known as Ether. According to its market cap, this cryptocurrency was launched back in 2015 and is considered the second-largest cryptocurrency.
Later in 2016, the Ethereum currency was divided into Ethereum Classic and Ethereum, and the per coin value of Ethereum is around $1,218.59.
Litecoin is a currency that is similar to Bitcoin because it has followed its footsteps and is also known as silver to gold of Bitcoin.
This cryptocurrency was created by an MIT graduate named Charlie Lee in 2011. It is an open-source payment network that allows making payments globally without the interference of central authority.
This currency utilizes scrypt as a PoW, which can be further decoded using consumer-grade CPUs.
As compared to Bitcoin, Litecoin facilities faster transaction confirmation time and have a quicker block generation rate. Its popularity is increasing, and now a large number of individuals and merchants have started accepting Litecoin as a medium of exchange.
According to the market cap, Litecoin is the sixth largest cryptocurrency.
Bitcoin Cash is known to hold a great place in all the altcoins because it was the earliest and successful copy of bitcoin currency.
Bitcoin Cash is a fork that has taken place because of numerous arguments and debates that take place between miners and developers.
The nature of Bitcoin Cash is decentralized, and it doesn’t involve government or other authorities.
This cryptocurrency is the result of debates, and this has led to a split of digital currency where the original code remains the same. A new version is developed depending on the original code itself, but various changes take place.
Bitcoin Cash (BCH) started its life in 2017, and its creation took place because of limited scalability.
In Bitcoin, the block size was limited to 1MB, and the block size of BCH has been increased from 1MB to 8MB.
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