Do You Know 5 Important Cryptocurrencies Other Than Bitcoin?
Bitcoin has not only been the leader in ushering in a wave of cryptocurrencies built on decentralized peer-to-peer networks, it has also become the standard for all cryptocurrencies. It has inspired an ever-growing group of followers and creators who understand the power of newer, safer, harder, fairer and faster money. When it comes to commentary around all cryptocurrency globally, the first thing that springs to mind is understandably Bitcoin. Beyond the power, profit, brand recognition and opportunity Bitcoin provides, it is just one of so many cryptocurrencies that are changing the world for the better. There are currently about 3000 cryptocurrencies that have a purpose-built function to address the security, storage and distribution challenges of data well beyond just money.
What Are Cryptocurrencies?
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Before we take a closer look at some of these alternatives to Bitcoin, let’s step back and briefly examine what we mean by the terms cryptocurrencies and altcoins. Firstly, a cryptocurrency is broadly defined as virtual or digital money that takes the form of tokens or “coins.” There is only one Bitcoin cryptocurrency and every other coin alternative to Bitcoin is referred to as an altcoin.
While some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority of cryptocurrencies remain entirely intangible. Just as you don’t need to touch an email, digital image, file or video stream for it to have value and use, the same applies with money and information. However, the key difference between a digital file and a digital currency is that cryptocurrencies like Bitcoin cannot be copied. That is, while one can copy and paste a digital file, this is not the case with Bitcoin and other cryptocurrencies ensuring they maintain their value in scarcity and preventing counterfeiting.