Bitcoin has not only been very influential when it comes to being a trendsetter which also ushers in a huge wave of cryptocurrencies, which is also built on a decentralised peer-to-peer network, but also it has been the de facto standard for all kinds of cryptocurrency all around the world. It has constantly inspired and the ever-growing legion of spin-offs and followers alike. Basically what I’m trying to say is that bitcoin has been copied by a lot of people. Before we start talking about the alternatives to bitcoin, we should understand and properly examine what we mean by terms like cryptocurrency and bitcoin.
Cryptocurrency, when we define it broadly, is a digital or virtual money which takes the form of tokens or coins. Some cryptocurrencies have ventured out into the physical world in the form of credit cards or other projects. The majority of it still remains intangible, and it will undoubtedly continue to stay the way it is. What you need to know about cryptocurrency is very simple. It is the distal form of money. It takes the form of coins, and it can be mined. The value of cryptocurrency or bitcoin keeps fluctuating. They have immense value in our world. In a lot of cases, one bitcoin has been worth $10,000. The field of cryptocurrency is always expanding. The next digital coin could be released tomorrow or next week; we could never be sure of it.
Bitcoin is definitely the leader of the entire pack of cryptocurrencies, when it comes to popularity and any kind of market capitalisation. Cryptocurrencies are also designed to be the free of governments manipulation and control.
It is always expanding, and I would like to point out some other popular cryptocurrencies.
- Litecoin (LTC) was first launched in the year 2011, and it was also one of the first cryptocurrencies have launched. It is referred to as “silver bitcoins gold” and as of 9 February 2019, it has a gigantic market cap of $2.7 billion.
- Ethereum (ETH) was launched in the year 2015, and as of 9 February 2019, it had a market cap of $12.5 billion, which is a gigantic number indeed.
- Dash was initially known as dark coin, and it is a very secretive type of bitcoin. It would interest you to know that it offers complete anonymity and it works properly on a decentralised Master Code network which makes all kinds of transactions completely untraceable. It had a market cap of $640 million by February 2019.
- Monero (XMR) it’s also a very secure and private on traceable currency, and it is open source. It was launched in the year 2014. By February 2019, it had a market cap of $809 million.