Many people are nowadays using Bitcoin to pay for different goods and services online. For example, many software companies now allow customers to pay for their products using Bitcoin. However, Bitcoin is not the only form of cryptocurrency that you can use. There are very many other types of cryptocurrencies that you can use instead of Bitcoin. Here are five of the best alternatives to Bitcoin:
Litecoin is one of the best alternatives to Bitcoin. If Bitcoin is gold, Litecoin is silver. This means that when you compare Bitcoin and Litecoin, you will see that Litecoin is more functional than Bitcoin in several ways. For example, when it comes to confirmation of transactions, Litecoin has the edge over Bitcoin. The reason for this is that Litecoin has a faster rate of the confirmation process than that of Bitcoin. Second, if you choose to use Litecoin as an alternative to Bitcoin, you will realise that it is also easier to mine. Therefore, when you use Litecoin, you do not have to use a supercomputer for you to mine your currency.
Interestingly, Litecoin has a current market capping off of more than $353 million. Also, its current price value is about $13.53. Lastly, given that 25 batches of the coin are mined every hour, it means that Litecoin is one of the most important alternatives to Bitcoin.
This is one of the cryptocurrencies with the highest market capitalization right now. Compared to Bitcoin, this type of cryptocurrency has several advantages. For example, you can transfer it within an instant. The immediate transfer makes it easy for you to transact online when using this service. Another advantage is related to the ability to use this type of cryptocurrency for any payment without using any local bank account. There are no charged fees when transacting with Ripple. Lastly, Ripple can accept other currencies and commodities such as air miles.
These advantages make Ripple a very important alternative to Bitcoin. You can use it to pay for some other services online as well.
Namecoin was created in 2011 to explore some concepts of Bitcoin such as record-keeping. It has its own .bit web addresses. The good thing about these addresses is that regulatory bodies such ICANN can control the addresses as well as the domain names. This makes the service quite reliable to many people.
The advantage of that is the freedom it affords traders to secure their data in small amounts. Although it is not considered a real currency, it functions exactly like Bitcoin. Therefore, you can use it to carry out some of your online transactions. You can also use it to secure your data in small amounts.
Primecoin generates its currency by finding Cunningham chains. Cunningham chains are very long and complicated chains of prime numbers. The implication of this is that you are carrying out a scientific task any time that you create a Primecoin block.
One of the most important features of Primecoin that make it an important alternative to Bitcoin is the speed of setting up a block. In general, you can create blocks of Primecoin faster than those of Bitcoin. In practice, you may do it ten times faster. Furthermore, payments with Primecoin can also be process quicker than those of you make when using Bitcoin. However, you need to remember that the number of Primecoin in existence cannot be determined, unlike Bitcoin.
Dogecoin came to existence after the Doge meme as a joke. It exceeded all expectations by gaining popularity over time, rising to a market cap more than $60m. In general, the coin is uncapped. This means that miners can create an infinite amount of the currency at a faster rate than any other currencies at the rate of 1 Dogecoin per minute. These features make it one of the most used cryptocurrencies for fundraising, for charities and NASCAR sponsorship.
In conclusion, the extent to which these Bitcoin alternatives are useful varies considerably. You can use any one of them for specific purposes. For example, you may choose to use Dogecoin because of the capping freedom that it has. You may use Litecoin because of the speed with which you can mine the currency. Regardless of your choice, you may use these types of cryptocurrencies as alternatives to Bitcoin.