Handy Looks at Cryptocurrencies Other Than Bitcoin
In January 2018, the market capitalization of cryptocurrencies skyrocketed to around $800 billion from $18 billion just a year before. But the short bubble didn’t last long, and extreme correction led to that value going down immensely over the next few months. Handy believes that cryptocurrencies ushered in inspiration for new Blockchain-related services that can help both private businesses and governments. But other than Bitcoin, nothing really comes to mind when we hear the term “cryptocurrency”.
Here are a few other cryptocurrencies that trail right behind Bitcoin:
1. Ethereum (ETH) - After Bitcoin, Ethereum holds the largest market capitalization among cryptocurrencies. But the unique attribute of Ethereum is that it isn’t just a digital currency, but a platform for much more. Etherium’s blockchain offers opportunities to many entrepreneurs. If you want to develop an application or a project with blockchain technology, for example, smart contracts, then you don’t need to invest in a homegrown blockchain. Etherium’s blockchain will suffice your needs.
As of late November 2019, ETH has a market capitalization of $19 billion with the value of a single unit hovering near $179.
2. Litecoin (LTC) - Litecoin or LTC is one of the few cryptocurrencies that was developed in the heydays of cryptocurrencies right after Bitcoin. People often refer to it as the “silver to Bitcoin's gold.” It was designed by a former Google employee, Charlie Lee, and is based on a decentralized and open-source payment network that spans all over the globe.
One of the key advantages of Litecoin is that transactions with this cryptocurrency are quicker than Bitcoin since it can generate blocks much faster. As of 19th November 2019, the market capitalization of LTC stands at $3.6 billion with a unit being valued at around $56.
3. Dash (DASH) - Formerly known as Xcoin or Darkcoin, this cryptocurrency was rebranded in March of 2015 as DASH which is an abbreviation of Digital Cash. People who want more anonymity can turn to Dash since it works on a master code network that is completely decentralized and also makes transactions made on this network near impossible to track.
As of November 19, 2019, the market capitalization of Dash is around $594 million with each unit having a value of around $64.
4. Ripple (XRP) - Ripple is quite different from the rest of its peers on this list since it offers you the ability to do international payments at a fraction of the cost compared to traditional and centralized payments networks. But it allows that within real-time, something that hasn’t been accomplished by most other cryptocurrencies. Moreover, the Conformation method of verifying its ledger doesn’t require any mining, which is one of the reasons for faster transaction speeds and lower consumption of computing resources.
Bitcoin no doubt leads the pack in terms of popularity and market capitalization. However, Handy suggests that you look into these other cryptocurrencies and their blockchain network since they offer solutions to the problems that Bitcoin fails to address and have plenty of additional advantages.
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