Understanding Bitcoins PART-6
PART-6
Rivals Of Bitcoins
Despite the growing number of
detractors warning of a bubble, bitcoin mania shows no sign of abating
and its competitors are also gaining traction, all rushing to become the
main purveyor of a future cashless world. Here’s the low-down on five
of the most popular bitcoin rivals, all of which had a market value of
over $5 billion.
1.Ethereum (ETH)
Like bitcoin, ether “tokens” are underwritten by a blockchain network, in this case called Ethereum. Pioneered by a former Bitcoin Monthly writer, Ethereum was launched in 2014 with an aim to pursue further decentralization. It differs from bitcoin primarily in application: Ethereum is an open, decentralized software platform where ether is used to pay for transaction fees and services. As of Monday, it was trading at a rate of more than $472 with a market cap of about $45.5 billion.
2.Ripple (XRP)
Launched in California by former bitcoin developers in 2012, Ripple is considered by some industry experts to be bitcoin’s logical successor, according to the New York Times. It’s already catching on among banks as a worldwide payment and remittance system. Unlike bitcoin, Ripple is not just a currency but a system through which any currency can be transferred or traded. The Times advised to think of it as a Western Union without the heavy fees. As of Monday, Ripple was trading at a rate of more than $0.25 with a market cap of around $9.82 billion.
3.IOTA (MIOTA)
IOTA, with the tagline “Next Generation Blockchain,” is one of the newest contenders in the increasingly crowded cryptocurrency field. Unlike its rivals, IOTA is not reliant on an underlying blockchain network, but uses an alternative, distributive ledger system called Tangle. Partnered with Microsoft, Fujitsu and several other companies, IOTA considers itself the first marketplace powered by the Internet of Things. As of Monday, it was trading at a rate of $2.43 with a market cap of around $6.75 billion.
4.Dash (DASH)
Dash ran through a ringer of names before settling its current epithet. There was XCoin (XCO), the original, in January 2014. Then there was the dubious-sounding Darkcoin. Then finally, there was “Digital Cash” and its portmanteau Dash. Dash differs from its competitors with a focus on privacy and anonymizing transactions, and by operating on a two-tired system: coin “miners” are are overseen by “masternodes,” a decentralized, volunteer network that signs the transactions. As of Monday, it was trading at a rate of $777 with a market cap of around $6 billion.
5.Litecoin (LTC)
The brainchild of a former Google employee, Litecoin has been called the silver to bitcoin’s gold, that is, a slightly cheaper, more readily available option. Litecoin was launched in 2011, as a faster alternative to bitcoin, processing a bloc every 2.5 minutes as opposed to every 10 years. Instead of focusing on hefty transactions, Litecoin targets merchants who need a large volume of small transactions to be processed relatively quickly. As of Monday, it was trading at a rate of $101 with a market cap of around $5.47 billion.
1.Ethereum (ETH)
Like bitcoin, ether “tokens” are underwritten by a blockchain network, in this case called Ethereum. Pioneered by a former Bitcoin Monthly writer, Ethereum was launched in 2014 with an aim to pursue further decentralization. It differs from bitcoin primarily in application: Ethereum is an open, decentralized software platform where ether is used to pay for transaction fees and services. As of Monday, it was trading at a rate of more than $472 with a market cap of about $45.5 billion.
2.Ripple (XRP)
Launched in California by former bitcoin developers in 2012, Ripple is considered by some industry experts to be bitcoin’s logical successor, according to the New York Times. It’s already catching on among banks as a worldwide payment and remittance system. Unlike bitcoin, Ripple is not just a currency but a system through which any currency can be transferred or traded. The Times advised to think of it as a Western Union without the heavy fees. As of Monday, Ripple was trading at a rate of more than $0.25 with a market cap of around $9.82 billion.
3.IOTA (MIOTA)
IOTA, with the tagline “Next Generation Blockchain,” is one of the newest contenders in the increasingly crowded cryptocurrency field. Unlike its rivals, IOTA is not reliant on an underlying blockchain network, but uses an alternative, distributive ledger system called Tangle. Partnered with Microsoft, Fujitsu and several other companies, IOTA considers itself the first marketplace powered by the Internet of Things. As of Monday, it was trading at a rate of $2.43 with a market cap of around $6.75 billion.
4.Dash (DASH)
Dash ran through a ringer of names before settling its current epithet. There was XCoin (XCO), the original, in January 2014. Then there was the dubious-sounding Darkcoin. Then finally, there was “Digital Cash” and its portmanteau Dash. Dash differs from its competitors with a focus on privacy and anonymizing transactions, and by operating on a two-tired system: coin “miners” are are overseen by “masternodes,” a decentralized, volunteer network that signs the transactions. As of Monday, it was trading at a rate of $777 with a market cap of around $6 billion.
5.Litecoin (LTC)
The brainchild of a former Google employee, Litecoin has been called the silver to bitcoin’s gold, that is, a slightly cheaper, more readily available option. Litecoin was launched in 2011, as a faster alternative to bitcoin, processing a bloc every 2.5 minutes as opposed to every 10 years. Instead of focusing on hefty transactions, Litecoin targets merchants who need a large volume of small transactions to be processed relatively quickly. As of Monday, it was trading at a rate of $101 with a market cap of around $5.47 billion.
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