Bitcoin is the world’s popular cryptocurrency. People like using it as Bitcoin allows transferring any amount of money by paying a low fee. Moreover, it’s a decentralized system with the top security level. Furthermore, the price of this cryptocurrency isn’t fixed. Therefore, it attracts a lot of investors who want to get profits.
Unfortunately, Bitcoin isn’t perfect. Its primary disadvantage is long queues. It’s not the best solution if you need to make a lot of payments and don’t want to wait one hour or more to get your transaction confirmed. To make a Bitcoin payment transferred faster, users have to pay an extra fee.
In the post below, we’ll review the top five popular cryptocurrencies other than Bitcoin. Scroll down below and discover if it is worth starting using new crypto coins.
It is the second popular crypto coin after Bitcoin. It was launched in 2015 with the help of crowdfunding. However, the funds were raised in Bitcoin. These days, Ethereum is its primary competitor. The average time required to complete a transaction via Ethereum is one minute.
It works by using a decentralized system, like Bitcoin. However, this cryptocurrency has more features. It allows users to create smart-contracts. By using them, both sellers and buyers can make an agreement. When both parties confirm that a contract is completed, payment is transferred automatically.
Using the system, Ethereum allows users to create decentralized applications. Also, it foresees the ability to build autonomous organizations that can ensure safe and secure democratic decision-making.
Ripple is a unique crypto coin. Most coins were created by following the primary idea of Bitcoin and by using its codes. However, Ripple was developed from scratch. Moreover, it’s a centralized system that helps banks make money transferring more secure and faster. Bank of America and HSBC already use the technology.
It’s impossible to mine Ripple as all coins already exist and belong to the Ripple Lab company. These days, only 40% of XRP tokens are in circulation. Anyway, Ripple is the #3 largest cryptocurrency by market cap.
Another advantage of this coin is that its system can make around 1500 transactions per second. It is 500x faster than bitcoin and 100x than Ethereum.
With Visa’s network capabilities’ expected connection, this value can increase to 50,000 transactions per second.
This coin was created in 2011 by a former Google engineer. It allows making peer-to-peer transactions fast and secure. The system is completely decentralized and has no authorities who can have any impact.
A lot of people consider Litecoin as an enhanced version of Bitcoin. Frankly, it works similarly. Nevertheless, this crypto coin allows making transactions 4x times faster than Bitcoin. It’s widely accepted that makes Litecoin a good pick for sending and receiving money all around the world with no hassle.
If you’re an undergraduate who doesn’t like spending free time doing assignments, the question, “Can I pay someone to do my homework by using crypto coins?” may appear.
These days, most paper writing companies accept crypto coins. However, a preferable way of receiving payments is by using Bitcoin.
This one is a popular coin that provides lightning-fast and secure peer-to-peer fund transfers. This cryptocurrency was built by using blockchain technology. However, Dash developers implemented some improvements that made the coin very popular.
For starters, they improved security. Even though all Bitcoin transactions are encoded, they’re public. Therefore, if someone discovers a Bitcoin wallet’s owner, they will trace all the transactions, even if they were made a lot of years ago. Dash has improved security because it doesn’t publish transaction data in blocks.
All Dash miners pay a 10% fee after mining a block to the system. Each Dash network participant has one vote to help the community decide how to use money from the fund in a democratic manner. All the proposals are published on the official website.
This one is a centralized system that helps bring smart-contracts to a new level. A smart-contract can automatically release payment when all the conditions are completed. Otherwise, it returns payments to senders. Chainlink is gaining popularity very fast as it can be easily integrated into any API. These days, it’s the #5 largest cryptocurrency by market cap.
If you’re a software engineering student who wants to learn more about the capabilities of integrating blockchain technology, you should have enough spare time.
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The world changes significantly fast, and new technologies appear rapidly. Crypto coins will be the primary way of sending and receiving money in the future. Information from the post above will help you learn more about the most popular and forward-looking cryptocurrencies.