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Cryptocurrencies

13 types of cryptocurrency that aren’t bitcoin

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Cryptocurrencies least called

Postby Zulusar В» 28.01.2020

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Move over, bitcoin. The world of virtual currencies is getting very crowded with so-called altcoins. Meanwhile, companies are betting that blockchain , the underlying technology of bitcoin, could fundamentally change the economy, leading to a surge in blockchain projects.

The following is a list of some of the most prominent altcoins around. You should definitely do your research if you intend to buy.

As with all investments, but especially ones in the crypto space, avoid investing money that you are not comfortable losing given the volatility of the space. Prices and market capitalization of altcoins are based on data from CoinMarketCap. Transactions are recorded on a blockchain, but details of sender, recipient and amount stay private. Similar to bitcoin, Zcash has the ability for users to send public or private payments.

Of all the non-bitcoin cryptocurrencies out there, ether as the currency is called or Ethereum the name for the network is the one most likely to ring a bell.

Companies are particularly enamored with this system because of its so-called smart contract features. Rather than a central entity making decisions, the community of miners vote on things like how to improve the system. In , there was a disagreement within the community over how to address scaling issues.

That disagreement led to a fork and the creation of Bitcoin Cash. Cardano says it is setting itself apart by balancing privacy with regulation with the goal of promoting financial inclusion. Like Bitcoin Cash, Litecoin was also created as a fork from bitcoin. Its main claim to fame is its quicker settlement goal: Litecoin aims to settle transactions in two-and-a-half minutes, compared with 10 minutes for bitcoin.

Litecoin can also be purchased and sold on mainstream exchanges like Coinbase. With the exception of Bitcoin Cash and Ethereum, buying alt coins usually starts with buying bitcoin or Ethereum on an exchange like Coinbase and then going to another exchange. NEM is another blockchain project that is looking to help companies and industries improve things like payments and logistics.

Its trying to differentiate itself by making its blockchain highly customizable. Stellar is eyeing the way people, banks and payment networks move money. Its co-founder Jed McCaleb, a veteran in a still nascent industry. He built and sold Mt. Gox, the first bitcoin exchange and then went on to co-found Ripple. IOTA, which stands for Internet of Things Application, is betting on the future of connected devices , as its name implies. The idea is that as the number of devices connected to the Internet grows—everything from iPhones to smart cars—so will the number of micropayments.

That payments ecosystem will need a system to enable that quickly. IOTA also claims it can deliver this without fees. Of all the altcoins on this list, Dash is one the few that is intended to be used by people to buy goods and services. In this sense, it is a lot like bitcoin, although the founders are trying to learn from the mistakes made in building bitcoin.

Dash, which is a portmanteau of digital and cash, is supposed to be faster and cheaper than bitcoin. While it provides pretty good privacy for its users, Monero aims to be totally opaque. That feature has made it particularly popular on the dark web, where bitcoin has become decidedly passe. Looking to get into investing?

You may also like. How cryptocurrency assets are becoming a new battleground in divorce disputes. Warren Buffett says to avoid these two types of hot investments. Should you buy bitcoin? How to invest in emerging industries. Cookie Policy Bankrate uses cookies to ensure that you get the best experience on our website.

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