As of the summer of 2016, Bitcoin remains far and away the dominant cryptocurrency in the world. With a price hovering around $570 U.S. at the time of this writing it has actually become quite a valuable commodity. This goes for both those who want to use it as an everyday currency and those who view it more as a means of investing. However, as mentioned in an article on the status of digital currency earlier this year, there are alternatives out there as well. They’re called Altcoins, and you may be surprised at how many there are.
As to what exactly constitutes and Altcoin, it’s a pretty broad definition. The term basically refers to any cryptocurrency among a huge range of competitors streaming onto the market. While some are merely cheap imitations of the original, others are distinct for various reasons. Some serve specific purposes, some have obtained legitimate value, and some are just bizarre.
Again, none of these are particularly close to Bitcoin in terms of market value or general influence. But that doesn’t mean they’re all insignificant. Here’s a look at some of the leading Altcoins in 2016, some of which have become quite popular.
Ethereum
Ethereum has emerged in the eyes of many as the chief competitor to Bitcoin. While its value is nowhere near that of the leading cryptocurrency giant, it may have some underlying stability that will allow it to gradually increase. The specifics are complex, basically there are potential problems in the process by which Bitcoin is mined, while according to one favorable Ethereum write-up, this particular Altcoin may avoid similar issues. It also doesn’t hurt that Ethereum started off with $20 million in funding to get off the ground!
Litecoin
Litecoin is probably still the best known Altcoin out there, and until recently was viewed as Bitcoin’s chief — if not only — competition. The trouble for its development is that there’s little to distinguish it from Bitcoin. Both are similarly organized, decentralized digital currencies with almost identical transaction methods. But where Litecoin could become very interesting is in the event of any kind of significant struggle or downfall of Bitcoin. Should anything happen to the industry leader, this is the Altcoin best positioned to step in and take its place.
Dash
Dash is also very similar to Bitcoin in most ways. It doesn’t quite have the name recognition or market influence of Litecoin, but still fills a similar role. However, there’s an argument to be made that Dash has been designed to be more user-friendly than any of the other leading cryptocurrencies. With a heavy focus on financial privacy, speedy transactions, and peer-to-peer transfer simplicity, it may be among the most hassle-free Bitcoin alternatives, or cryptocurrencies in general.
Dogecoin
Dogecoin is an amusing Altcoin, but one that shouldn’t necessarily be disregarded. It’s never going to compete with Bitcoin, but it was never really intended to either. Functioning as a digital currency that can be exchanged for real money or used to purchase goods, Dogecoin also has the additional perk of having become the leading name in internet tipping, for lack of a better phrase. Small quantities of this cryptocurrency are now frequently exchanged online merely as a nod to a job well done, say, in a written piece of content or shared video.
That covers four of the biggest names in the alternative cryptocurrency market. Others might include Monero, Ripple, Peercoin, and Darkcoin. But if you’re interested in the names that get at least a little bit of the attention in cryptocurrency circles beyond Bitcoin, the four options above are the ones to learn about.
