Bitcoin Versus Altcoins
Bitcoin was the first cryptocurrency. But does it perform better than most altcoins?
The competition is fierce. Over 800 cryptocurrencies boast a market capitalization of more than one million dollars. Only time will tell which one of them will earn the greatest worldwide adoption. As it stands today, Bitcoin is king of the hill.
To help guide you with the alternatives, CryptoAsia has prepared a brief analysis of the top altcoins on the market today (October 2018). We’ve already devoted articles to Bitcoin, Ethereum and Bitcoin Cash. Now, we present 10 more of the biggest digital currencies, ordered by market cap.
What is Ripple? Market Cap: $15.9B
XRP is a cryptocurrency created by payment company Ripple Labs. This altcoin was created for banks to use as a streamlined method for cross-border transactions.
Today, XRP is the third largest cryptocurrency in the market and they are working closely with many large banks. However, Ripple Labs has been criticized because they control more than 60 percent of all XRP.
What is EOS? Market Cap: $4.6B
EOS is a blockchain platform for the development of decentralized applications (dapps), in some ways similar to Ethereum. The project aims to simplify decentralized applications with smart contracts.
According to their website, the EOS project has implemented the best features of Bitcoin and Ethereum. At the same time, they claim to have solved the problems of speed, scalability, and flexibility that plague many major cryptocurrencies.
What is Stellar? Market Cap: $4B
Stellar is a blockchain network for storing value and cross-asset transfers of value, including payments. The Stellar network is powered by a cryptocurrency called lumens (XLM). Stellar is competing with Ethereum as an ICO platform (more info on ICOs here) and with Ripple’s XRP for fast and cheap transactions.
Stellar was originally based on Ripple’s XRP protocol and there are many similarities. In a way, Stellar is a more open source and decentralized version of Ripple.
What is Litecoin? Market Cap: $3B
Litecoin is a cryptocurrency like Bitcoin. It was founded by Charlie Lee, an ex-Google employee who had the vision to create a lighter version of Bitcoin.
Bitcoin is often viewed as “digital gold” and a store of value for the long-term. Litecoin was created to be “digital silver,” a payment method with cheaper and faster transactions for regular use.
21 million Bitcoin will ever exist. The time the network takes to update blocks (confirm transactions) is around 10 minutes. Compare this to Litecoin, where 84 million coins will exist with an average time of 2.5 minutes to update blocks.
What is Tether? Market Cap: $2.8B
Tether is cryptocurrency with the short name USDT. The currency is intended to reflect the estimated price of the U.S. dollar, a stable altcoin with minimum volatility. This class of digital currencies is called “stable coins.”
Today there are more than 2,8 billion USDT in circulation. The cryptocurrency is one of the most frequently traded on most crypto exchanges.
What is Cardano? Market Cap: $1.9B
Cardano is a smart contract platform, similar to Ethereum, with a focus on security. In their own words, Cardano is a third-generation cryptocurrency and smart contract platform that solves the scaling problems with Ethereum and Bitcoin.
The cryptocurrency improves transaction scalability by employing a layered architecture. Many people claim that this innovation makes Cardano a better platform then Ethereum for smart contracts.
What is Monero? Market Cap: $1.6B
Monero (XMR) is a secure, private and untraceable currency system according to their website. Monero uses a special kind of cryptography to ensure that all of its transactions remain 100 percent unlinkable and untraceable.
The name Monero comes from the international language Esperanto and means coin. The cryptocurrency gained a lot of traction in 2016 after being used on the darknet market AlphaBay.
What is Dash? Market Cap: $1.3B
Dash is a cryptocurrency just like Bitcoin. It was created in 2014 and called Xcoin at the time. In March 2015 the name was changed to Dash, which stands for digital cash.
The Dash altcoin offers you fast transactions with the option of making them 100 percent untraceable. Dash accomplishes this by using Masternodes, mixing, and innovative encryption algorithms.
What is Binance Coin? Market Cap: $1.1B
Binance Coin (BNB) is a cryptocurrency token that exists on Ethereum’s blockchain. It is issued by Binance, one of the largest cryptocurrency exchanges in the world.
Customers are often rewarded with BNB for using the Binance trading platform. Additionally, BNB trading pairs have discounted fees. Plus, Binance has declared that they will buy back the cryptocurrency with profits from their exchange.
What is NEO? Market Cap: $1B
NEO is a blockchain platform and cryptocurrency designed to build a network of decentralized applications. It is often called “Chinese Ethereum” because of similarities with Ethereum and the fact that NEO is supported by the Chinese government.
NEO uses a cryptocurrency called Gas to pay for transaction fees. Gas is earned simply by holding NEO in a blockchain wallet. Small sums of Gas automatically get credited to your wallet regularly. Here you can calculate how much gas you will make by holding your NEO.
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