We all know that Bitcoin is the king of digital currencies, and there doesn’t seem to be any other coin that can dethrone it from the top.
Although not similar, many digital currencies can still be used as a perfect alternative to Bitcoin. Some even claim to be technically superior to Bitcoin. Whether it’s true or not is completely another debate. In this article, we have discussed the top five digital currencies that are closest to what Bitcoin offers and can be used as an alternative to the king of cryptocurrency.
Top Alternatives to Bitcoin – Ethereum:
Bitcoin vs Ethereum is the closest battle when it comes to currencies trying to overtake Bitcoin.
Ethereum is a public blockchain software which promises to offer much more than just digital currency. The developers can code the software and power it through the public blockchain.
The users can then sell their processing power and get paid in “ether” – the second largest cryptocurrency by market capitalization after Bitcoin.
Ethereum has a market cap of $1bn USD.
Emerged in 2012, Ripple has become one of the most popular digital currencies to make online transactions anonymously. The paramount aspect of ripple is that it offers instant conversion into several other currencies.
Ripple considers itself a companion of Bitcoin and converts Bitcoin to Ripple and vice versa.
The market cap of ripple is $220m USD, making it the third largest cryptocurrency in the world.
Litecoin emerged in 2011 and is one of the oldest cryptocurrencies out there. Given below are some highlights of Litecoin:
- Similar to Bitcoin, Litecoin is decentralized.
- Litecoin is also generated through solving algorithms, which become more and more difficult over time.
- A Litecoin block takes just 2.5 minutes, which is much quicker than Bitcoin - where it takes around 10 minutes to generate one block.
- Due to quick generation, Litecoin supports far more transactions than Bitcoin.
- The overall cap limit of Litecoin is set at 84 million, which is relatively higher than that of Bitcoin’s (21 million).
The current market cap of Litecoin is about $175 million – making it the 4th largest cryptocurrency in the digital world.
With $170 USD market cap, Steem is the 5th largest digital currency. “Steemit” is the largest platform that offers the opportunity to earn Steem. The platform is filled with a huge range of stories.
Since there is no mining process, you can only earn Steem by contributing to “Steemit”, either by writing articles or rating/commenting on other’s articles.
The last one on our list is Dash, which, in terms of features is pretty close to Bitcoin software. Here are some unique features of Dash:
- Advanced privacy. Some even say its privacy features surpass the ones offered by Bitcoin.
- Whereas Bitcoin transactions can take several minutes, Dash transactions are quick and instant.
- Low transaction fees.
- Similar to Bitcoin, Dash is P2P and decentralized
Although the competition is tough, Bitcoin is leading the race by a fair margin and isn’t going away anytime soon. However, the other currencies are also there to stay and compete, which will surely play a significant role in the evolution of digital currency environment in near future.