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Some of this year?s biggest buzzwords in both the payments industry and rest of the world revolved around Bitcoin and other digital currencies. While Bitcoin is arguably the most well-known digital currency, there are many others that are up and coming or have already made names for themselves. Here are some of the important cryptocurrencies other than Bitcoin.
Ethereum was launched in 2015 and enables apps to be consistently constructed and ran without any interference from fraudsters and third parties. It is the second largest cryptocurrency – bested only by Bitcoin – and is split into two currencies: Ethereum and Ethereum Classic.
Litecoin, created by an MIT graduate, was launched in 2011. It was one of the first altcoins to be created. While Bitcoin is often likened to gold, Litecoin is sometimes compared to silver. Therefore, it is often considered to be one of Bitcoin’s toughest competitors. Litecoin is decentralized, so it is not controlled by any cental authority. Transactions with Litecoin are quite rapid, and some merchants accept it as a form of currency.
Zcash was launched in late 2016 and offers its buyers and sellers extra security and privacy. Users’ transactions are “shielded.” This means that any content related to their cryptocurrency is encrypted, ensuring customers that their transactions and personal information remain safe and secure.
Monero is an untraceable currency that focuses strongly on being secure and scalable. Created in April 2014, Monero was developed using only donations. To remain secure and private, it uses a technique called “ring signatures,” which shows a group of signatures that all appear valid. However, there is only one real signature, and it cannot be isolated.
Ripple allows users to make global payments instantly and at a low-cost. It differs from Bitcoin and other altcoins in that it doesn’t require mining. The creators of Ripple plan to use the digital currency for business deals. Its potential hasn’t gone unnoticed, in consumers, however, putting Ripple on the rise to be one of the largest online currencies.
Created in 2014 under the name of Darkcoin, this digital currency’s name was changed to Dash, which stands for Digital Cash, two months later. Dash offers its buyers and sellers anonymity, ensuring transactions that are nearly untraceable.
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