Meet Bitcoin and other Alternatives
In the year 2009, the world awoke to a new wave of a currency that, by then shocked governments and financial institutions. Bitcoin it is called. Now fast forward into this year, we have joined the band wagon into helping to create awareness about this digital currency that is currently sweeping the feets of the dollar, Pound Sterling, Euro, and other fiat currencies.
Just as there are alternatives to fiat currencies, there are also alternatives to bitcoin, Examples includes Ethereum (ETH), Litecoin (LTC) Bitcoin Cash (BCH), Dogecoin (Doge) and many many more.
Read below our gathered info about Bitcoin and other crypto currencies the world has ever known.
Bitcoin (BTC) is a consensus network that enables a new payment system and a completely digital currency. Powered by its users, it is a peer to peer payment network that requires no central authority to operate. On October 31st, 2008, an individual or group of individuals operating under the pseudonym “Satoshi Nakamoto” published the Bitcoin Whitepaper and described it as: “a purely peer-to-peer version of electronic cash, which would allow online payments to be sent directly from one party to another without going through a financial institution.”
Ethereum (ETH) is a smart contract platform that enables developers to build decentralized applications (dapps) conceptualized by Vitalik Buterin in 2013. ETH is the native currency for the Ethereum platform and also works as the transaction fees to miners on the Ethereum network.CLAIM
Based on the popular “Doge” Internet meme and featuring a Shiba Inu on its logo, Dogecoin (DOGE) is a cryptocurrency that was forked from Litecoin in Dec 2013. Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. Dogecoin was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia. Both had envisaged Dogecoin as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience.CLAIM
Litecoin is a peer-to-peer crypto currency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.
Bitcoin Cash (BCH) is hard fork (a community-activated update to the protocol or code) of Bitcoin that took effect on August 1st, 2017 that increased the block size to 8MB, to help the scale the underlying technology of Bitcoin.Nov 16th 2018: BCH was hard forked again and split into Bitcoin SV and Bitcoin ABC. Bitcoin ABC became the dominant chain and took over the BCH ticker as it had more hashpower and majority of the nodes in the network.
Dash (DASH) describes itself as digital cash that aims to offer financial freedom to everyone. Payments are fast, easy, secure, and with near-zero fees. Built to support real-life use cases, Dash aims to provide a fully-decentralized payments solution. Users can purchase goods at thousands of merchants and trade it at major exchanges and brokers around the globe.
DigibyteRating: 3 out of 5.
DigiByte (DGB) is a UTXO PoW based blockchain with a focus on cybersecurity, digiassets, payments, and secure communications technologies.The DigiByte blockchain was developed in 2013 and released in January 2014 by Jared Tate (Creator & Founder of DigiByte) with an open-source protocol. Although based on Bitcoin, adjustments in the code reportedly allow for improved functionality, including 15-second block time, real-time difficulty adjustment and improved security. DigiByte development has included DigiShield, MultiAlgo, MultiShield, SegWit, and Odocrypt.