There is no doubt that Bitcoin is the oldest and the most famous cryptocurrency of them all and to many people, it is a name that’s almost synonymous with the term cryptocurrency itself. However, it isn’t the only digital currency that’s worthy of your attention because here are five that are fast becoming the next big name in blockchain.
While Bitcoin continues to be the dominant name in blockchain, if there is one other name that people know of in the world of cryptocurrencies, it would be Ethereum. Aside from its popularity, Ethereum is also the second most valuable cryptocurrency that is estimated to grow to great heights in the next five years. Keep in mind that Ethereum was only launched three years ago in 2015 and has since managed to outperform almost every other cryptocurrency out there.
Coming into existence two years after Bitcoin, the most prominent name behind Litecoin is that of Charlie Lee, an ex-Google employee. The fully decentralised currency has actually played a role in reducing the severity of fluctuations in the value of cryptocurrencies through diversification. Litecoin is also easier to exchange and the transaction costs are among the cheapest. In Australia, CoinSpot is the number one cryptocurrency exchange that supports more digital currencies than any other legal exchange in the country. Check the review on Crypto Head first to know all about the pros and cons before signing up though.
A big name in the world of cryptocurrency recently, Ripple is an open payment network and a product of OpenCoin. The two prominent names behind Ripple are Jed McCaleb and Chris Larsen, who are also the founders of OpenCoin. However, the most important feature which makes Ripple stand out from the likes of Ether and Bitcoin is the fact that there is absolutely no need (or way) to mine Ripple at all. Ripple is also the more accepted form of payment in banks, as compared to other digital currencies.
Zerocoin was a project that was created to keep the identities of the Bitcoin users a secret from prying eyes, and it was successful at doing that. In 2016, however, Zcash came into existence, right out of the Zerocoin project, and it has turned out to be a success as well. The CEO of Zcash has made it clear that the currency will not exceed 21 million units at any time. What makes Zcash unique is the fact that it allows users the choice between complete anonymity and remaining public with their transactions. The privacy features of Zcash are unmatched and it offers more customisation options than any other currency.
The least heard of coin on this list is the IOTA, a digital currency used primarily for IoT transactions. Everything about how the IOTA works is different, and it doesn’t even use the traditional blockchain technology. The main advantages of IOTA include zero transaction fees and zero network latency. A lot of experts are of the opinion that in the future, IOTA will surpass every other coin in the market, but that future might still be a long way off, given that the Internet of Things still has to evolve a lot more.
Despite the unstable nature of cryptocurrencies, exchanging any one of these five can be a lot more profitable than trying your luck at the stock exchange.