While Bitcoin is getting most of the media attention currently, other cryptocurrencies also exist. While this website is dedicated to the basics of Bitcoin, we understand that some people might also be curious about alternatives that exist online. This is why we’ve put together some information about the various Bitcoin alternatives that exist.
Here’s a look at some of the major alternatives to Bitcoin that we’re going to talk about:
LiteCoin (LTC) – This is currently one of the major alternatives to Bitcoin. While similar to Bitcoin, there are differences, including the face that 42 million LiteCoins will be created – more than the 21 million BTC. Other differences exist, so be sure to check out the LiteCoin page for more information.
Ripple (XRP) – Created by Jed McCaleb, it’s interesting to note that Google has invested in this cryptocurrency startup. While not as big as Bitcoin currently, there are signs that it’s growing in popularity. A lot of people are wondering if Ripple will eventually knock Bitcoin from the top cryptocurrency spot.
PeerCoin – (PPC) -Known as a “sustainable and secure cryptocurrency,” this is another Bitcoin clone that is similar in a lot of ways, but it also has its differences that you’re going to want to know about. What’s most interesting is that it’s the first cryptocurrency to use both a proof-of-stake (PoS) as well as a proof-of-work (PoW) system for added security.
NameCoin (NMC) – The big difference with Namecoin is that it is a cryptocurrency that also serves as an alternative, decentralized DNS, which can help fight Internet censorship. It’s based on the original Bitcoin software, so there’s a limit of 21 million NMC that will be created.
TerraCoin (TRC) -Terracoin uses the SHA 256 algorithm just like Bitcoin, but as with the other alternatives, there are also some differences. For one, there will be 42 million TRC created for this cryptocurrency. However, it’s not gained as much traction as some of the others we’ve talked about.
Other Alt Coins – On this page, we’re going to go over some of the smaller alternatives to Bitcoin that exist.
Before you rush off and start trying to collect these virtual currencies, it’s important to make sure you do your due diligence. This means researching each completely so that you can make a wise decision about whether or not to invest your actual money into these other virtual currencies that may or may not have value today or even tomorrow.
For even more about cryptocurrencies – like Bitcoin – be sure to check out our ebook about Bitcoins that covers all the basics and more. If you’re new to the world of Bitcoin, this is a great way to get up to speed quickly. By the time you’re done reading, you’ll have a better understanding of the various aspects of Bitcoin, including how it all started, how it works, how to get your own bitcoins, and much more.