A cryptocurrency is a digital, virtual or alternative currency with a decentralized control system that operates through a blockchain translating into a database for public transaction, which functions as a distributed ledger. Bitcoin is the pioneer in the cryptocurrency market and has since encouraged other players to join the market. Being the trendsetter, Bitcoin is the measuring standard for other cryptocurrencies. This makes other cryptocurrencies altcoins, which is an abbreviation for alternative coin. Although Bitcoin has had high price issues and developer wrangles, it is still the most popular cryptocurrency. These other cryptocurrencies try to show themselves as the new and improved versions of Bitcoin. While altcoins are easily available compared to Bitcoin, they may cause you huge risks through acceptance, less liquidity and value retention. There are growing cryptocurrencies that are worthwhile though.

These are the 5 new interesting cryptocurrencies.

Ethereum.

It is majorly a platform for decentralized applications. Its decentralized platform allows distributed applications and smart contracts to run and develop without any fraud, interference or control from third party or downtime. Ethereum (ETH) applications run through its specific cryptographic token platform, ether. Ether is the wheels of the Ethereum vehicle. It can secure, trade, decentralize and codify anything.ETH has a huge market capitalization and comes second to Bitcoin. Their difference comes from their blockchain. ETH’s smart contracts are capable of achieving a wide range of uses and their scripting language is superior. Ether, the currency for Ethereum is not widely used as a payment method like Bitcoin. Mining ether requires you to install Etherium, which is their mining software, and join a mining pool that does not require a fancy network or equipment but rather your home computer or laptop. Due to the loss of fair amount of ether by a hacker, Ethereum split into two to form Ethereum (ETH) and Ethereum Classic (ETC), which led to a huge price drop.

Litecoin.

This was among the first cryptocurrencies to follow Bitcoin was commonly known as silver to Bitcoin’s gold. It bases its operations on an open source global payment system that utilizes ‘scrypt’ as verification of work and is free of control by any central authority. It can be deciphered using consumer grade Central Processing Units (CPUs). It has similarities to Bitcoin with an exception of high-speed block generation thereby offering a faster transaction confirmation. It also enhances network capacity and reduces transaction costs. You can buy Litecoin or choose to mine it using mining hardware and software and joining a mining pool so that you generate quick hashes since speed is key in Litecoin mining. Apart from developers, many merchants allow the use of Litecoin. Its price recently went up and it looks to replace Bitcoin.

Zcash.

This is an open source and decentralized cryptocurrency that offers selective transparency and privacy of transactions. All cryptocurrencies publish and record transactions on a blockchain. Zcash presents itself as privacy and security provider for all transactions by not disclosing details like the recipient, amount and sender. It allows users to choose ‘shielded’ transactions that enable Zcash to encrypt their details using zero knowledge of facts, which allows you to verify thehidden information without disclosing it, and advanced cryptographic technique. Zcash global network of computers do mining to get blocks while at the same time they secure their network and validate transactions. As opposed to simply buying and selling Zcash, users support the network by mining using their own computers using mining software, hardware and mining pools. There is demand for this cryptocurrency since people would love to keep their financial affair private by enclosing their transactions.

Monero.

This cryptocurrency is private, secure and untraceable. It launched with a great focus on scalability and decentralization. It promotes total privacy by the use of a technique known as ‘ring signatures’. This technique works in such a way that a couple of cryptographic signatures appear including one real signature of the participant making them to all appear valid hence it becomes difficult for someone to isolate the true signature of the participant. Monero developed majorly through donations and the cryptocurrency community-driven. Due to its cryptographic algorithm that is resistant to Application Specific Integration Circuit (AISC) mining, Monero is possible on your computer after you have installed mining software. You can then join a mining pool as opposed to single mining, which yields little or no results. There are mining pools, which you can use for Monero, and they come at a cost, nevertheless, you get value for your money.

Ripple.

Ripple currency, which goes by ripples or XRP, allows banks to do transactions across the border and settle real time payments. It offers complete transparency and reduces transaction costs. It is an instant global settlement system, which offers certain, and reduced cost on international payments. It has a relatively large market capitalization. Contrary to other altcoins, Ripple’s structure does not need mining, which enables it to reduce network latency and minimize the use of computing power. Ripples perceive that its distributing value is powerful enough to incentivize certain behaviors. It, therefore,plans to distribute ripples majorly from business development deals, selling ripples to institutions ready to invest in Ripple and offering incentives to providers of liquidity who offer tight spreads for payments. Unlike Bitcoin and other cryptocurrencies, you cannot mine ripples. The developers are the only ones who can produce them. Up to date, only 100 billion ripple coins exist and they are not reusable so Ripple may experience shortage when more ripples are used.

The Bottom Line

Despite the presence of all these altcoins, Bitcoin remains the leader of the pack in terms of popularity, market capitalization and its user base. Nevertheless, altcoins are gaining more popularity every day with enterprises increasingly preferring cryptocurrencies like Ripple and Ethereum for their transaction solutions. Enterprises also prefer using other virtual currencies for advanced and superior transactions. Judging from the current cryptocurrency market, altcoins are here to stay due to the growing interest from developers and merchants. Many modern day transactions take place virtually hence, there will always be a huge demand for virtual currencies.

https://i0.wp.com/geekcrunch.reviews/wp-content/uploads/2018/02/BiteMyCoin-Cryptocurrency.png?fit=1024%2C536&ssl=1https://i0.wp.com/geekcrunch.reviews/wp-content/uploads/2018/02/BiteMyCoin-Cryptocurrency.png?resize=150%2C150&ssl=1Mark BrownTechCryptocurrencyA cryptocurrency is a digital, virtual or alternative currency with a decentralized control system that operates through a blockchain translating into a database for public transaction, which functions as a distributed ledger. Bitcoin is the pioneer in the cryptocurrency market and has since encouraged other players to join the...From A Geek to a Geek