Bitcoin Compared to Other Cryptocurrency
The analysis of the price movement between the ten largest cryptocurrencies throws up interesting patterns. Although Bitcoin has earned the highest attention in the world, other currencies fetch far and provide higher returns for investments.
To understand the value and preposition of Bitcoin, it helps to take a closer look at its history. Decentralized digital scarcity is the real improvement and Bitcoin was the first and continues to be the only coin. All other innovations such as changing to proof-of-whatever, confirmation times, Turing completeness, privacy, and even different transactions, are some of the tiny variations on the gigantic innovation that is Bitcoin.
There are over 1,300 cryptocurrencies in existence. And while the mighty bitcoin continues to dominate the market, several cryptocurrencies are making its way to rise. Bitcoin, invented in 2009, is the largest cryptocurrency by value. Satoshi Nakamoto, the bitcoin’s mysterious founder, outline the goal of the project. The original document of the currency showed about the “peer-to-peer version of the digital cash that would allow payments to be directly sent from one party to another without going into a financial institution.”
Bitcoin vs. Litecoin
After the first launch of Litecoin in 2011, it was said that if the Bitcoin is the digital gold, then Litecoin is the digital silver. Litecoin quickly immersed as the second largest digital currency after the leading bitcoin. It also experienced a degree of merchant adoption for the last years.
However, its popularity started to fade as the Ethereum project begun, and its digital currency ether became the second largest digital currency in the year 2016. Litecoin has become a very popular currency because it has all the benefits of bitcoin but has lower transaction fees and quicker transaction times. It is the reason why digital currency experts believe that Litecoin has the potential to challenge bitcoin as the top digital currency of the future.
Bitcoin vs. Ethereum
Ether is the second largest digital currency today with a market capitalization of over $75 billion. The digital currency is the digital currency of the Ethereum Blockchain, which is an open source platform which allows for the creation of the smart contracts.
The Ethereum Blockchain has gathered considerable interest from most financial corporations and institutions that believed the stability to transfer and secure data using the Blockchain technology combined with smart contracts will streamline business processes and reduce operational cost in the future. With this, Ethereum has grown to be the second largest Blockchain, and it has become the second most valuable digital currency in the market.
Bitcoin vs. Ripple
Ripple is presently the fourth largest digital currency and has a market capitalization of $50 billion. Currently, more than 50 banks in Asia, Australia, Europe, and the U.S have implemented the Ripple payment system. There are also over 100 banks who have engaged in a trial of the Ripple’s payment network which aims to implement this new cost which reduces the payment technology.
Despite all the scaling issues with Bitcoin, the digital currency is still considered as the top cryptocurrency in the world. It continues to expand and surge as investors get enticed by its possibility of massive gains in just a short period. Investors are also winning with Bitcoin compared to other digital currencies. There is no doubt that bitcoin has brought its investors much profit each year.