We all have seen a tremendous growth in Bitcoin from 2-3 years in the market, moreover, its price almost topped to 5k USD thus limiting further investments due to high price. And that’s why, altcoins like Ethereum and Dash are gaining limelight these days. So, here are the five coins which are giving competition to Bitcoin in the market:
Ethereum [ETH], which is like Bitcoin (that’s just a currency), is a decentralized, blockchain app platform that features many of the things which includes Smart Contracts, DAOs, DApps, etc. Ether is the crypto-fuel for Ethereum, i.e., the token which needed to use this platform. In short, you can see it as the world first fastest blockchain computer which can runs all types of services and apps which were built on the technology of blockchain.
Bitcoin Cash [BCH] is the first hard-forked cryptocurrency of Bitcoin, and you can also say it’s the parent coin of Bitcoin. Bitcoin Cash which was launched on 1st August 2017, this currency was born as a result of a civil war among the communities of Bitcoin.
Ripple [XRP] which is a cross-border payment platform for financial institutions including banks, payment providers and digital asset exchanges. As like all of the other cryptocurencies which are available in the market who is far away from the centralized institutions which includes banks, and financial institutions. Ripple has a different motive to help banks and similar organizations to send and receive money with more quickly, cheaply, and certainly way.
Litecoin [LTC] is a digital currency that was born out of Bitcoin’s own shortcomings. The network of Litecoin 4 times more coins just than that of the Bitcoin network, and apart from that also claims to confirm transactions faster, and utilizes scrypt as proof-of-work algorithm. Using the scrypt, Litecoin tries to discourage mining with the help of a GPUs, FPGAs, and ASICs.