All you wanted to know about Bitcoin’s contenders

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All you wanted to know about Bitcoin’s contenders
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Blockchain currency has brought about revolution in economics. Since the inception of cryptocurrency in 2008, we have seen a rise in digital cash companies and codebases. Utilizing this public distributed ledger, many currencies have come into existence. However, only a few have proven their worth over time.

Here is a list of top ten altcoins on CoinMarketCap but one must keep in mind that this list is subjected to change with other altcoins coming into the larger picture. Nevertheless, have a look.

Ethereum

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Ethereum is one of the bitterest rival of bitcoin in today’s day and age. Microsoft, Intel and J.P Morgan Chase signed an alliance together to come into the digital currency market. The main purpose was to program binding agreements into the Blockchain itself.

Surprisingly, it is just not a currency. It is a Blockchain platform pioneered by Ethereum currency.

Ripple

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Since the inception of Ripple, it has managed to get a great deal of capital. This is backed by Google, gathering a total of $90 million in funding. It is distinctive in a way that allows to transacting with any unit of value.

Ripple has managed to gained momentum in the digital currency market. In fact it has experienced 100% increase in value within a 24 hour period.

Litecoin

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Charles Lee who was a former Google engineer created this altcoin to improve upon Bitcoin. The speed hereby to generate has improved dramatically. Transactions are much faster.

Dash

The name came into being by combing two words ‘digital’ and ‘cash’. It is the Internet’s cash-in-hand. The transactions are instant hereby confirming payments in less than a second.

NEM

NEM is coded in Java which is built on a completely new codebase independent of Bitcoin’s open source code. However, there are few other major distinctions as well. The essence of mining is the same. It introduced the proof-of-importance algorithm to digital ledger.

Monero

One who are tempted by greater anonymity must go for Monero. This cryptocurrency allows you to send and receive funds concealing your transactions publically on Blockchain. Transactions are absolutely untraceable. However, this privacy has led to a variety of cyber-crimes.

Zcash

It is similar to Monero offering greater privacy. But the transactions are shielded rather than making them completely private. The details are hidden but not the transaction in itself.

Decred

The primary objective of this altcoin is to target community’s input and sustainable funding and development. It ensures that minority of users do not possess majority of funds and the decision making is in hand of the community, through adopting certain mechanisms.

Ethereum classic

It is a parallel platform to Ethereum. It came into existence due to a fracture in community due to a disagreement over certain technical issues. This minority created classic version still operates successfully.

PIVX

Private Instant Verified Transactions is an open-source decentralized currency which focuses more on privacy and security. It is a highly volatile platform experiencing major spikes in trading volume and valuation. Again, due to privacy, it is vulnerable to criminal activity.

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