The Rise of Cryptocurrencies: Top Three Alternatives to Bitcoin

THE RISE OF CRYPTOCURRENCIES: TOP THREE ALTERNATIVES TO BITCOIN Presented by: Alexandra Arrivillaga

INTRODUCTION

Since the creation of Bitcoin, the concept of a digital currency (cryptocurrency) has taken root around the world. It is slowly being accepted not just by merchants, but by many countries in that they are creating regulations for it. Bitcoin is still the most popular cryptocurrency, but there are alternatives (or altcoins) that are gaining attention.

Let’s take a look at the top three alternatives to Bitcoin.

RIPPLE

It has a dual function of being a cryptocurrency (XRP) and a platform.

The platform is an open-source protocol, which makes international transactions are faster and cheaper. In fact, the transaction fee is $0.00001. The reason for the incredibly low fee is to prevent DDos attacks. For convenience, people can make payments in any currency (e.g.

Bitcoin).

It’s known as the “private” cryptocurrency. Transactions are untraceable through ring signatures and stealth addresses, which hide transaction details, such as amounts and payment destinations.

Monero

Litecoin Litecoin uses an open-source global payment network (decentralized) for faster transactions and can handle a higher transaction volume than Bitcoin on its blockchain. It uses mathematics to secure the network and gives users more control over their account

There many more altcoins, each with their own strengths. I am sure there will be more created on the horizon as cryptocurrency becomes more regulated and more merchants accept them. It will be interesting to see what is purchased with cryptocurrency as it becomes mainstreamed like fiat currencies.

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