There are many of you with extensive knowledge about crypto. But we are pretty sure, that you might be just new here and wondering, what are those other coins and why are they there? If that is the case, read on!
Bitcoin is the oldest one…
But since then a lot of new ones emerged, each and every one with its distinctive perks and special functionalities. Nevertheless none of those beat Bitcoin in its value and market capitalization. Bitcoin went through many development stages and established its dominant position on the market. Slowly raising its value and becoming the so-called digital gold of today. Its transaction speed and fees are quite high, rendering it a much better investment than a means of payment. That’s why it’s been compared to gold so often lately.
BitcoinCash – is it really cash?
Unfortunately not, you can not carry banknotes of BitcoinCash in your wallet as you do with standard FIAT money. It is a product of one of Bitcoins forks. Few times, Bitcoin split up into two separate versions and each of these went its own way technically. BCH is one of those that is rooted well and is widely used up to today. Since its lower value and lower fees, it is well suited for actual payments.
LItecoin. Isn’t that something very similar?
It is! Very similar to BitcoinCash actually. But it has a longer history and is more widely implemented. Rendering it one of the best crypto payment methods of today due to its low fees, fast transactions and wide use.
Ethereum – the second-biggest player.
ETH is one of those coins that came with a major technical update to the whole ecosystem at the time. Due to its ability to process smart contracts (to simplify, executing programmable sub-processes on blockchain, the transaction itself becomes the bearer of executable code) and its constant upgrades from which the major one is happening right now, it is the second strongest crypto on the market at the moment. Not to speak about the NFT craze you must have heard about. ETH smart contracts are used to process blockchain digital artwork validation, spawning a boom of digital art that reached even the most notorious auction houses. Creating a whole new era of digital art.
Ripple – XRP
That one you may have never heard of, but it is also a pretty interesting one. Ripple network transferring XRP tokens was established as a means of fast transaction for financial institutions. And not only does it work for large banks, but you can also use it too.
Has a slightly different structure too, with emphasis on as low fees as fast transaction speed as possible. That’s why it’s widely used for remittance payments.
DAI – the digital Dollar
And last but not least, DAI holds its price against the US dollar to 1:1 ratio. For those who were unhappy with the volatility of crypto, DAI is as stable as this particular FAIT currency is.