Bitcoin, Can be described as a cryptocurrency, a virtual currency or a digital currency - is a kind of money that is completely virtual. It's like an online version of cash.
What is Cryptocurrencies?
Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. It's a peer-to-peer system that can enable anyone anywhere to send and receive payments.
The“crypto” in cryptocurrencies refers to complicated cryptography which allows for the creation and processing of digital currencies and their transactions across decentralized systems.
Cryptocurrencies designed to be free from government manipulation and control. The currencies modeled after bitcoin are called altcoins and have often tried to present themselves as modified or improved versions of bitcoin. While some of these currencies are easier to mine than bitcoin.After that, the field of cryptocurrencies is always expanding, and the next great digital token may be released tomorrow, for all anyone in the crypto community knows that.We factored this into our consideration, but there are other reasons why a digital token may be included in the list as well.
The first bitcoin alternative on our list, Ethereum is a decentralized software platform that enables Smart contracts and Decentralized Applications (DApps) to be built and run without any downtime, fraud, control, or interference from a third party.The applications on Ethereum are run on its platform-specific cryptographic token, ether.
Ether, launched in 2015, is currently the second-largest digital currency after bitcoin.
During 2014, Ethereum launched a pre-sale for ether which received an overwhelming response; this helped to usher in the age of the intial coin offering (ICO).Following the attack on the DAO in 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC).3 As of Jan. 8, 2020, Ethereum (ETH) had a market cap of $15.6 billion and a per-token value of $142.54.4.
Litecoin,created by Charlie lee and launched in 2011, was among the first cryptocurrencies to follow in the footsteps of bitcoin and has often been referred to as “silver to bitcoin’s gold.”
Litecoin is based on an open-source global payment network that is not controlled by any central authority and uses "scrypt" as a proof of work, which can be decoded with the help of CPUs of consumer-grade.
litecoin it has a faster block generation rate and hence offers a faster transaction confirmation time.As of Jan. 8, 2020, Litecoin had a market cap of $3.0 billion and a per-token value of $46.92, making it the sixth-largest cryptocurrency in the world.9
Monero is a secure, private and untraceable currency. This open-source cryptocurrency was launched in April 2014.
Monero has been launched with a strong focus on decentralization and scalability, and it enables complete privacy by using a special technique called “ring signatures.”
As of Jan. 8, 2020, Monero had a market cap of $994.0