Today everyone has at least heard about bitcoin, which is the de facto leader when it comes to online cryptocurrencies. BTC is short for bitcoin and it’s a coin that came into existence back in 2009. Since then bitcoin has become the golden standard when it comes to online currencies and it is slowly gaining ground when it comes to potential trading power in the real world.
Some countries are already accepting trades done in bitcoins, but there is still a long way before bitcoin becomes accepted as an alternative to the standard banking system. However, its potential in making financial transactions without the need for a middleman like a bank is the reason bitcoin has become so popular. Its decentralized system is still being developed and as its value keeps rising it’s only a matter of time before it gets accepted as one of the official currencies in the world.
However, bitcoin is not alone in this mission, as there are many more Altcoins that have their own methods and ways they are pursuing.
Another coin that is at this moment the second when it comes to value and popularity is the Ethereum. Ethereum is a coin that originates from the Ethereum platform, which is basically an open-sourced software platform that has its technology based on the blockchain method. It’s primarily used to develop and distribute decentralized applications from developers. The Ethereum platform offers technology like Smart contracts that help safely store data without third parties. Ethereum is predicted to rise in value on par with the bitcoin in the near future as its market cap has steadily increased several thousand percent as compared to when it first debuted.
Last but not least we have the LTC which is an abbreviation to the Litecoin.
Litecoin is another Altcoin that has become increasingly popular over the past few years. As one of the most prominent cryptocurrencies, the Litecoin has gained in popularity due to its easier generation of the block. The standard bitcoin block takes about 10 minutes to perform the transaction while the Litecoin takes only 2.5 minutes.
Litecoin was created by a former Google employee named Charlie Lee who was the director of engineering at Google. Another good thing about Litecoin is that it has a different technology for mining when compared to bitcoin, and once the Litecoin price started soaring the mega miners from bitcoin could not change to the Litecoin in an instant, which let more people get involved with the Litecoin and its decentralized system.
All of these coins have several things in common, which is that they all have wonderful desires to aspire to something much bigger than to be online currencies. However, until the full development process of every Altcoin is not complete those only remain as promises. But one thing is certain, cryptocurrency is here and it’s here to stay. In the future, we will be seeing cryptocurrency applied more frequently in the real world.