What are Bitcoin Alternatives?

I already wrote a blog on Bitcoin when it was reaching heights. What if I tell you that if you have invested 1000 Rs. when you read my previous blog then it would be 2000 Rs. today.

But before you make your mind about investing in Bitcoin, I must tell you that nowadays Bitcoin is fluctuating a lot.

In any kind of investment whether it is Bitcoin or any other investment if the returns are high then the risk is higher a lot.

Bitcoin's price reached 31,000$ on January 2nd.

Because of which the total market evaluation of all the Bitcoins present in the market (21 million) is now 750,000,000,000$.

Now whether Bitcoin remains in the market or not, but one thing is 100% sure that cryptocurrency has become a part of our future.

As I already told you in my previous blog that a group of anonymous people called Satoshi Nakamoto made Bitcoin for some reasons that I told you in the previous blog.

If you missed that, then I must recommend you to read that blog first before continuing to read this. ink given below.

Click here To Read Bitcoin Blog 1

So by now, I am assuming that you have read my first blog on Bitcoin (please don't ignore that, its content is very important for the upcoming content)

Satoshi Nakamoto thought that mining of Bitcoin should become a difficult process with each mined Bitcoin.

There are a total of 21 million Bitcoins present in the market, 90% of which are already mined.

It is believed that the last Bitcoin will be mined in the year 2140.

Like any other living being/object Bitcoin is also not perfect.

To address these shortcomings of Bitcoin many other cryptocurrencies are also made which are called the "AltCoins" because they are alternatives to Bitcoin.

All of these Altcoins are made just to address the shortcomings of Bitcoin.

For example: One of the biggest problems that people have with Bitcoin is that making transactions in Bitcoin takes a lot of time.

In some situations, it even takes an hour.[but is most secure among all]

To overcome this a new cryptocurrency was made called "Ripple"

Making transactions in Ripple takes less than 4 seconds.

Let me give you another example, there is a cryptocurrency called Ether. The Creator of Ether thought that this system of a limited supply of Bitcoin is not reliable. They creator Ether such that its supply is unlimited. Every year more than 18 million Ether Coins are made.

Bitcoin is an open-source technology , That means you can make changes in it and make your own cryptocurrency {The day is not far , you will come to know that a new cryptocurrency named "TechieBank coin" is up in the market 😂}

Some Important Features Of Bitcoin

1.) BLOCKCHAIN

Every cryptocurrency has its own blockchain. This blockchain is used so as to keep the track record of every transaction done.

Whenever a new transaction is made, a new block is added to the chain of blocks.

No transaction in cryptocurrency is reversible. Once the block is added to the chain then there is no way possible to reverse it.

2.) MINERS

The work of Miners is to verify every transaction, check its accuracy, and maintain the security of the blockchain.

These miners have to solve some really-really difficult, huge, and complex mathematical equations which are not possible to solve with pen-paper, Miners uses some sort of supercomputers for this purpose.

So now let's talk about some popular and profit-making Bitcoin alternatives.

Undoubtedly the first one is Ether.

The price of Ether is also increasing rapidly along with Ether.

Its price has touched about 90,000 Rs.

The Block creation time of an Ether coin is 25 seconds as compared to that of Bitcoin which is 10 minutes.

There is no third party interaction while making a transaction in Ether. That means while making a transaction in Ether there is a one-to-one interaction between two persons who are willing to buy or sell Ether.

The interesting thing about Ether Platform is that it has some real-life applications too.

It is widely used in Health Care, Security, and also in self-driving cars.

The second AltCoin is "LiteCoin"

The basic structure of LiteCoin is almost the same as Bitcoin, but there are some major differences in both of them.

Bitcoin's supply was limited to 21 million similarly LiteCoin's supply is also limited to 84 million.

On average, the block creation time of a Bitcoin is 10 minute whereas the block creation time of a LiteCoin is 2.5 minutes (average)

Let's talk about "Ripple" now.

Ripple was made for the purpose of cross-border transactions. As the transaction time or the block creating time of a Ripple coin is just 4 seconds.

Also, it was made so that some banks can also use it for some international transactions.

This means that the idea of Ripple is completely different from Bitcoin.
Bitcoin was made so that the centralized banks keep themselves away from it, and this Ripple is made so that some banks also use it.

Ripple has collaborated with some big banks such as American Express and Bank Of America.

Techno Botics

What are Bitcoin Alternatives?

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