Bitcoin is the first ever invented cryptocurrency. It’s still at the top position on Coinmarketcap. However, we know that Bitcoin has a lot of complexity as a currency. The term ‘altcoins’ refers to every cryptocurrency in existence except Bitcoin- in other words, altcoins are alternatives to Bitcoin.
Ether is the cryptocurrency produced using the Ethereum platform. Thus, is called Ethereum. The Ethereum blockchain platform is a DLT (distributed ledger technology) that companies can make use of to build their blockchain network.
Known as XRP, a private company called Ripple owns it. Global banks are looking forward to utilizing Ripple’s protocol to initiate lightening fast cross-border payments.
Litecoin utilizes a unique PoW (proof-of-work) algorithm. It’s more concentrated on memory, while Bitcoin on processing power.
Monero is designed to be “secure, private, and untraceable.”
The technical reason proposes that Bitcoin is a bit complex cryptocurrency due to its design.
However, cryptocurrency and blockchain developers think that they can fix it.
For instance, Bitcoin takes a significant amount of time to process along with higher transactions fees.
Thus, developers designed altcoins that have lower fees and faster processing times.
According to experts, the PoW (proof-of-work) requirement that consumes a lot of energy can be replaced with a unique verification method, making the new altcoin more efficient. It will also save the world’s energy from being soaked up to mine Bitcoins.
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