Cryptocurrencies have become such a global phenomenon known to most people. While still somehow geeky and not fully understood by everyone, many companies and businesses are aware of how important it is. With over 2000 cryptocurrencies in circulation today and heavily traded, what are the ones that you should look out for?
One of the most well-known and successful currencies, Bitcoin, the digital gold that really gained momentum for the cryptocurrency market. But having said that, the Bitcoin network is so overloaded that there are major delays in transfers, governments trying to regulate it, and its become next to impossible to mine plus the ridiculous transaction fee. If Bitcoin doesn’t tick your boxes, it might pay to take a look at other cryptocurrencies in the market.
In this article, we’ll look at five popular cryptocurrencies in the market and how they match up against Bitcoin.
Litecoin vs. Bitcoin
Litecoin is easy to buy and sell for cash on mainstream exchanges like Coinbase. You can also open a Litecoin debit card for easy use. Litecoin was made with the idea of it being a better and faster version of Bitcoin. It introduced features like SegWit and lightning network, which were supposed to make the transactions faster and cheaper. Litecoin doesn’t really suggest any new ideas but rather refines the ones that are essential to Bitcoin.
Ethereum vs. Bitcoin
Ethereum is the largest, open-ended decentralized software platform that facilitates peer-to-peer contracts and applications through its own currency vehicle, whereas Bitcoin was created as an alternative to regular money. According to Ethereum, it can be used to “codify, decentralize, secure and trade just about anything.” Ether is the currency, Ethereum blockchain is its platform. Miners must work to earn Ether through ‘smart contracts’ whereas Bitcoin is ‘digital money’ that can simply be mined.
Dash vs. Bitcoin
Dash aims to be both cheaper and faster than Bitcoin. Offering instant transactions and private transactions, Dash powers these with its own blockchain and mining system. It may be unfair to compare a cryptocurrency that is 3 years old with one that has been around for 8 years but Dash is well on its way to continuing in growth and innovation.
Ripple vs. Bitcoin
Ripple is a platform that composes 100 billion coins, all of which already exists. This means the consensus ledger doesn’t require mining and is used for fast money transactions. It is not a cryptocoin in a traditional sense of Bitcoin since it is mostly used to back the money transfers. It’s also less decentralized since the company that made it owns over 60% of all coins.
Monero vs. Bitcoin
Monero is a favourite for those who want to keep hidden as it’s designed to allow for an ‘unlimited’ supply of coins while keeping your identity private at every single transaction. While Bitcoin aims to be private and secure, Monero aims to take that to the next level and give users the ability to purchase without associating your name or account with it.
The options are there and it’s worth noting that it’s common for people not to invest in just a single currency but to build portfolios of a few of them. Also, you can always exchange one currency into another, just be sure you’re comparing the rates and getting the best deal for your cryptocurrency.
Here at VYNE we have a number of active Crypto investors and pride ourselves on having a pretty good handle on the scene. Not only do we have a passionate group of investors, but we also specialise in helping new ICOs launch their platform globally. With all the new regulations coming into play limiting the available marketing channels, ICOs find it invaluable having a marketing agency they can trust to navigate the potential minefield. See how VYNE can help you and your business tap into this potential market. Reach out to our marketing specialists at VYNE, visit the contact page.
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