The world has been experiencing digitalization for quite some time now, and with the passage of time, letters changed to E-mails and WhatsApp texts, Photo albums turned into Facebook and Instagram posts and even the cinema moved to Netflix. While I type this I can practically hear Baby Boomers rolling their eyes as they go on their ‘its all digital now anyway’ rant.
Anyway, now the human race has reached a point where even our money isn’t only limited to paper or even plastic, it too has been digitized and thus we enter the age of cryptocurrency. And I can bet all my non-existent money, that all you know about cryptocurrency is probably only Bitcoin. Newsflash, Bitcoin is not the only cryptocurrency in the cryptoverse.
Here are 6 cryptocurrencies, other than Bitcoin that you should definitely know about, as they are making some waves in the crypto scene.
Ok, so you might have heard Ethereum here and there, but did you know that instead of giving Bitcoin competition, Ethereum actually complements it. How? Well, while the Bitcoin blockchain network tracks ownership of its own currency, the Ethereum blockchain runs programming codes for its users’ applications. People use Ethereum for the purpose of creating custom yet trustworthy crowd-funding platforms, autonomous online organizations and even their very own cryptocurrencies.
This is a rather interesting one, because it goes against the stereotype attached to cryptocurrencies, which is that they avoid banks at all costs. However, Ripple embraces banks instead. It was actually made for banks in order to help them in carrying out faster, low-cost and on-demand global payments of any size, without the interference of any intermediaries.
Consider Litecoin the silver of the cryptoverse, and Bitcoin the gold. It actually functions quite similarly to its popular counterpart, but it is worth a little less, there are 21 million total Bitcoin in existence and 84 million Litecoin. Then what’s so remarkable about Litecoins anyway? Litecoins are actually easier to mine and quicker when it comes to moving from person to person, owing to its faster block generation.
Zcash takes confidentiality to the next level, as it has been dubbed the first “zero-knowledge” cryptocurrency. It has the ability to actually shield the identities of senders, recipients and values. Furthermore each transaction is completely encrypted. It allows users to enjoy the advantages offered by a public blockchain without the hassle of offering up private information.
This one is for all the PayPal dependent people; Dash just might be the blockchain-powered replacement of PayPal. Dash offers faster transactions, without the prolonged waiting to see the payment charge to your account.
Monero is an exceptional cryptocurrency when it comes to the matters of privacy. Designed to give individual users full control over their money; Monero lets you be your own bank. All the transactions are selectively transparent, meaning you decide who can and can’t see where your money is going.