Understandably, there has been a lot discussion, debate and speculation about Bitcoin. The digital, virtual, crypto-currency has been a real game-changer – creating a currency that is beyond the restrictions and regulations of government agencies and central banks.
While Bitcoin clearly has its limitations – primarily being the low-volumes are limiting the momentum required for retailers to build the payment processing capabilities to increase transaction opportunities for Bitcoin holders – what Bitcoin has demonstrated that there is the potential for a virtual, digital cryptocurrency to be a sustainable alternative to the traditional forms of currency that the world has operated with in living memory.
So are there any viable alternatives to Bitcoin on the horizon? In this article we take a look at some of the other crypto-currencies (altcoins) to keep an eye on.
Created in 2013, Ripple operates in a different way to most other crypto-currencies – it doesn’t require any mining. Instead it delivers an automated payment system for currency trades of all types.
Litecoin was created in 2011. Operating in a similar way to Bitcoin it offers a quicker processing time on transactions, and a slightly easier mining process.
Monero was first created in 2014. It’s point-of-difference is that it claims to be more focused on fungibility and decentralization.
Dash Created was created in 2014 as a fork of Bitcoin and it’s referred to as an open source peer-to-peer cryptocurrency and decentralized autonomous organization.
Dogecoin was apparently created almost as a joke. It is an uncapped currency, so unlike Bitcoin there is potentially no limit on the number of Dogecoin that can be created. Another feature of Dogecoin is that the mining of coins is a lot quicker than other crypto-currencies. It’s low unit value is helping it to deliver a high volume of trades – it is also becoming popular for charity and fund-raising activities.
The world of digital and virtual crypto-currencies is a fascinating one with many altcoins to choose from. Bitcoin has clearly set the pace but it is not the only game in town.