Litecoin, Dogecoin, Ripple: Which Bitcoin’s Alternative is Best for You?
There is a whole new world beyond skies and Bitcoins. Like an expanding universe, the number of cryptocurrencies are also growing exponentially. For instance, there were once only a handful of virtual currencies in existence. But currently, there are over 100 twisted versions of Bitcoin in circulation, and only a few among them have been able to amplify their market presence among investors.
Taking the enormous success of Bitcoin into consideration, we see that the emerging virtual currencies still lag behind its progenitor, whether it’s in the terms of market cap or price. Although most of these alternate currencies are heavily inspired from Bitcoin’s open code, if not exactly copied. They have given investors a wide range of options, in case they want to move away from Bitcoins. The recent Mt. Gox collapse have also inspired many investors to do the same. With the Bitcoin community reeling over back-to-back setbacks, many investors have preferred to invest in digital currencies that are comparatively cheaper than Bitcoin, even if equally volatile; thus minimizing risks.
But the question is that that among the other 99 cryptocurrencies, which ones are safer to invest in? Look further to know:
If Bitcoin is considered as gold, Litecoin is its silver. The latter is the world’s second most traded digital currency, and is currently riding on the market cap of over $414 million with an aim to generate a total of $84 million units. Its current individual price is around $15 presently, more or less. Litecoin is also often termed as the smaller brother to Bitcoin, as the currency is based on the same cryptographic peer-to-peer protocol as that of the latter.
Litecoin although differs with Bitcoins in terms of technical specifications, especially when one speaks of mining. Unlike Bitcoins, its silver currency is mined and generated faster by using the unused computing power of the graphic cards. It also produces one block per 2.5 minute, which is quite lower than the Bitcoin’ 10 minutes.
For its ability to fulfill the loopholes of Bitcoins, Litecoin can be your number one choice for making an investment into an altcurreny.
Ripple boasts the second largest market cap of over $1.5 billion currently. Although it’s individual price is about only $0.014. Exceptional in its kind, Ripple, in fact, is not just a cryptocurrency, but an ecosystem consisting of a monetary and financial system. Moreover, it is one of the few currencies whose operations are not based on the Bitcoin’s algorithm (or a derivative thereof). For these reasons, many believe that in a few months, it can carve out to a proverbial place.
The name Dogecoin comes from a Doge, a Shiba Inus which quickly became an Internet Meme, after being provided a major push from Reddit and other social networking platforms. There though would be less chance of this currency making you a millionaire in a year, but by far it is the most transparent one has ever seen.
Speaking of numbers, the Dogecoin currently wears a market cap of around $50 million, and is currently valued at an individual price of about $0.00080. As per the speculations, there will be over 100 billion Dogecoins in existence by the end of 2014.
Note: Investing in handful of these coins is not recommended.
In context of market share, Peercoin is among the top cryptocurrency, ever even if its value is infinitely lower than the Bitcoin’s. Unlike the latter, Peercoin is based on an extraction system that is extremely simple, fast and secure. Its name itself defines that the protocol used here is peer-to-peer, which is efficient in exchanging data between network nodes. Peercoin also offers its users with numerous advantages over Bitcoin. When users cash in their Peercoin, they receive an interest rate of 1% per annum.
Peercoin is currently wearing the market cap of around $69 million, while trading at the minimal individual value of $3.28.
Auroracoin is less a cryptocurrency, more a vision. Created by an Icelandic techie Baldur Friggjar Ooinsson to counter a financial disaster his country is facing, the superman-like currency has sky-rocketed by huge margins. It is now wearing the fourth-highest market cap of $2.7 billion, with an individual price of around $25. It had once come second to the grand-daddy Bitcoin, beating other altcoins which included other biggies like Litecoin, Dogecoin and Ripple.
To contact the writer of this article: Jonathan Millet at firstname.lastname@example.org