Perhaps you are familiar with the intricate details of Bitcoin, but do you know that there are numerous other virtual currencies in existence? The following are altcoin cryptocurrencies which are a great alternative to Bitcoin.
Peercoin
Year released: 2012
With a market cap of $71.3 million, peercoin describes itself as being environmentally safe and energy efficient compared to some digital coins offered in the market. In addition, it is made to have an inflation rate of 1 percent.
Namecoin
Year released: 2011
It was designed to experience the record-maintaining aspect of cryptocurrency. It functions as a decentralized program for dot bit domains. You may buy a dot bit domain by using Namecoin. After which, the company monitors the deal in the public ledger or the blockchain. It has a market capitalization of $26.9 million.
Quark
Year released: 2013
This altcoin makes use of nine encryption rounds to guarantee anonymity and security in its dealings. Quark promises a legitimate distribution design given that it is mined with a standard computer processing performance. Its market capitalization is at $12 million.
Primecoin
Year released: 2013
With a market cap of $7.1 million, miners are using computer systems to locate the Cunningham chains, which happen to be the prime numbers of sequences. Due to the manner of mining of these prime numbers, this altcoin offers prospective scientific value aside from the network security.
Litecoin
Year released: 2011
This altcoin claims to be the silver coin to the gold coin of bitcoin. However, it is easier to confirm transactions with litecoin compared to bitcoin. Also, the manner in which it is mined removes some of the benefits for miners who use specialized computer systems. Litecoin has a market cap of $353.3 million.
The market capitalization and other information of the altcoins mentioned above are gathered from CoinMarketCap.com.
Ripple
Year released: 2013
This altcoin has a market cap of $1.4 billion. It is developed as an automated payment system for itself and other currencies. Numerous people in the venture capital have already invested in this coin including Google Ventures. Ripple does not use any mining method as opposed to bitcoin.
