Bitcoin is the most well-known cryptocurrency. It was created in 2009 by Satoshi Nakamoto, and its popularity has since exploded. But there are many other cryptocurrencies that are worth knowing about and whose popularity is on the rise.
In this article, we will discuss in detail ten other cryptocurrencies you should know about besides Bitcoin, together with their features.
Ethereum
Ethereum is a decentralized crypto platform for running smart contracts: a computer code that executes commands exactly as programmed without the possibility of fraud or third-party interference.
It’s also the second most popular crypto after Bitcoin, and its popularity is only increasing. It is used by some of the world’s largest organizations, such as Microsoft, JPMorgan Chase, and more.
Features
- Ether: Has a digital token called “Ether” that you can use to pay for transaction fees and services on the Ethereum network
- Decentralized applications: Permits the creation of decentralized applications(DApps) on its blockchain.
- Ethereum Virtual Machine: Has Ethereum Virtual Machine (EVM), which is conversant with smart contracts that people can interact with.
- Decentralized autonomous organizations: Enables its users to create decentralized autonomous organizations (DAOs) that they can use for decision-making purposes
- Smart contracts: These are contracts whose terms are written in code and stored on the Ethereum blockchain
Bitcoin Cash
Bitcoin Cash is a fork of Bitcoin: created in August 2017 to address Bitcoin’s scalability issues.
It has an 8 MB block size compared to Bitcoin’s 1 MB. It is the third most popular cryptocurrency after Bitcoin and Ethereum.
Features
- Not owned by any central authority: No government, company, or bank controls Bitcoin Cash. It is decentralized and open-source.
- Pseudonymous: Transactions on the Bitcoin Cash network are not linked to real-world identities. This prevents censorship and allows for a degree of privacy.
- Transparency: All transactions on the Bitcoin Cash network are recorded in the blockchain, which is publicly accessible. It is updated regularly in blocks connected in a chain. This is very useful for tracing any suspicious activities and accessing your transaction history.
Polkadot
Polkadot is a blockchain protocol that allows for cross-chain interoperability. This means that different blockchain networks can connect and work together on Polkadot.
Polkadot was created by Gavin Wood, a co-founder of Ethereum. Polkadot has the potential to become a major player in the cryptocurrency world due to its unique features.
Features
- Heterogeneity: Polkadot supports multiple blockchains with different characteristics, allowing them to interact with each other.
- Scalability: Polkadot can process many more transactions than other blockchains, making it more scalable.
- Forkless Upgrades: Polkadot can upgrade its software without having a hard fork, which means there is no risk of splitting the chain.
- Has multi-signature accounts: Polkadot account holders can set up multi-signature accounts, which require multiple people to sign off on a transaction before it is processed, thus adding an extra layer of security.
Dogecoin
Dogecoin is a cryptocurrency created as a joke in 2013 by Jackson Palmer and Billy Markus. It is based on the popular “Doge” meme featuring a Shiba Inu dog.
Features
- Lacks maximum supply: There is no hard limit on the total supply of Dogecoins, which means that it could theoretically inflate indefinitely.
- Many are owned by a few: A large portion of Dogecoins is held by a small group of early investors.
- Decentralized: Dogecoin is decentralized and not controlled by any one entity.
- Fast transactions: Dogecoin transactions are very fast, taking only a few seconds to confirm.
- Popularity: Dogecoin is popular in the cryptocurrency community and has a large social media.
Solana
Solana is a cryptocurrency created in March 2017 by Solana Foundation to improve and work similarly to Ethereum but more efficiently. It was named after a small beach town, Solana Beach, located north of San Diego.
Features
- Open Source application platform: Like other blockchain technologies, Solana has an open source application platform that makes it possible to download the source code, study it, modify it, and redistribute it.
- Proof of History: Solana uses a new consensus algorithm called Proof of History, a consensus method capable of taking the time of transactions and merging it with proof of stake to process transactions more quickly and securely.
- Layered services: The platform is composed of multiple layers that work together to provide different services.
Binance USD
Binance USD is a stablecoin created by Binance and pegged to the US dollar. It was launched on September 5, 2019, and later approved by the New York State Department of Financial Services.
Features
- Stable value: Binance USD is pegged to the US dollar, so its value does not fluctuate as much as other cryptocurrencies.
- Low transaction fees: Binance USD has low transaction fees, making it a more affordable option than other cryptocurrencies. Hence, you can make the most in a no deposit bonus crypto casino by using it to gamble.
- Binance approval: Binance USD is approved by the New York State Department of Financial Services, so you can be sure it’s a reliable and trustworthy cryptocurrency.
XRP
XRP is a cryptocurrency that was created by Ripple labs in 2012. It is the native currency of the Ripple network, a platform that allows for fast and cheap international payments.
Features
- Decentralized: Like other cryptocurrencies, XRP is decentralized, meaning no central authority controls it.
- Scalable: The Ripple network is designed to be scalable, so it can handle many transactions without slowing down.
- Energy efficient: The Ripple network is designed to be energy efficient, so it uses less energy than other blockchain networks.
- Fast and cheap international payments: Ripple claims that you can use XRP to make international payments that are faster and cheaper than traditional methods like SWIFT.
- Secure: The Ripple network has been designed with security in mind. It uses multiple layers of security to protect its users, thus making it one of the most secure blockchain networks.
Cardano
Cardano is a public blockchain platform that is open-source and decentralized. It is also home to the Ada cryptocurrency, which you can use to send and receive digital funds. This platform was created in 2015 by Charles Hoskinson, one of the co-founders of Ethereum.
Features
- A rapid process of transactions: Cardano can support faster transaction times than other currently available cryptocurrencies. It has a highly scalable blockchain that can handle large amounts of transactions per second.
- Largely decentralized: Cardano has a large amount of stakeholder decentralization compared to other cryptocurrencies, which makes it more secure.
- Improved security: Cardano utilizes a unique layered architecture that helps to improve security.
- Environmentally friendly mining: The mining process for Cardano is more environmentally friendly than other cryptocurrencies. Thanks to its ability to save energy by using a proof-of-stake algorithm.
Tether
Tether is a cryptocurrency pegged to the US dollar, meaning its value is tethered to the dollar’s value. It was created in July 2014 by Craig Sellars, Reeve Collins, and Brock Pierce.
Its first token was issued on the Bitcoin blockchain and later switched to the Litecoin blockchain. Many gamblers often use it to bet USDT on various online casino games.
Features
- Very stable: Because it is pegged to the US dollar, its value is very stable compared to other cryptocurrencies. Its rate is always close to $1.
- Widely accepted: Tether is one of the most widely accepted cryptocurrencies, with it being listed on many exchanges and wallets.
- Low transaction fees: Tether has very low transaction fees, making it a good choice for sending or receiving money.
- Lacks emission limit: Since there is no emission limit, there is no maximum supply of Tether, meaning that it could theoretically be infinite.
- Popular and traded on many exchanges: Tether is one of the most popular cryptocurrencies and is traded on many exchanges.
Binance Coin
Binance Coin is a cryptocurrency created by Binance exchange, a cryptocurrency exchange. It is used to trade cryptocurrencies on the Binance exchange, which you can use to pay transaction fees.
Features
- Decentralized Exchange: Binance is a decentralized exchange not subject to government regulation. It is run by its community of users and does not have a central authority.
- Fast Transactions: Binance Coin can be used to pay transaction fees on the Binance exchange. Transactions are processed quickly and securely.
- Low Fees: Binance charges low fees for its services. Each trade has a standard fee of 0.1%.
Conclusion
While Bitcoin is the most well-known cryptocurrency, many others are becoming increasingly popular.
Knowing the top 10 cryptocurrencies besides Bitcoin that you can invest in and their features, it is now up to you to decide which ones to put your money into. However, as with any investment, it is important to research to understand the risks involved.
