Many of us have heard of Bitcoin cryptocurrency and many of us have used them to pay for goods and services online, but there are quite a few cryptocurrency alternatives on offer.
For instance, if you are a fan of playing at online casino sites then you can now play and pay by phone casino not boku by choosing one of the alternatives.
These altcoins are crowding the world of virtual currencies mainly due to the explosion in price and prominence of bitcoin, there is even some speculation that blockchain, which is the underlying technology of bitcoin could change the economy exponentially, resulting in a surge of other blockchain projects.
What Is There Out There?
Ethereum is the name of the network that offers ether as the currency and might ring a bell with some. It boasts smart contract features which greatly impresses other companies. A smart contract is a computer program that defines and then enforces a set of conditions, making its terms virtually impossible to undo or alter once it is deployed.
Ripple works a little differently as while much of the cryptocurrency space was made in defiance of the traditional banking space Ripples intent is to aid the banking sector mainly by facilitating global payments. XRP is Ripple’s cryptocurrency and in a recent tweet three of the top five global money transfer companies are expected to use Ripple.
NEM is another project from blockchain that is in place to help other companies and industries to improve their logistics and payments, making its blockchain highly customizable.
IOTA is looking toward the future of connected devices and stand for Internet of Things Application. The whole concept of IOTA is as the number of devices connected to the internet grows so will the number of micropayments, and that ecosystem will obviously need a system to enable that quickly and efficiently, and as claimed by IOTA, without fees.
Litecoin was created, like Bitcoin Cash, as a fork from Bitcoin, Litecoin boasts a quicker settlement goal and aims to settle all transactions within two and a half m minutes which is a lot less that the ten minutes Bitcoin takes.
You can also buy and sell Litecoin on mainstream exchanges like Coinbase.