What is cryptocurrency? Cryptocurrency is a digital currency that operates in a peer-to-peer and decentralized system with no central authority. It generates money by using cryptography in a process called “mining”.
The first-ever cryptocurrency developed was the Bitcoin by Satoshi Nakamoto in 2009. Since then, numerous digital currencies have been developed which created varied alternatives to Bitcoins.
These cryptocurrencies allow merchants and consumers to transact flawlessly and more efficiently, without being burdened by credit card fees. Do not be left out in this increasingly becoming popular digital currencies! Learn more in this list of 10 Cryptocurrencies You Should Know About!
The Feathercoin was first introduced in April 2013 as a direct derivative of Litecoin. Today it has a total value of roughly $4.9 million and a single feathercoin costs merely $0.19. But what makes it different from Litecoin?
The difficulty in the mining process of Feathercoin is more frequently adjusted than Litecoin. At the completion of mining, almost 336 coins are generated. It is also equipped with an advanced checkpointing which ensures that the platform is secured against 51% attacks that might reverse its transactions.
Overall, there are about 35.2 generated Worldcoins with a total value of almost $20.6 million. This cryptocurrency has become a popular choice for merchants and consumers who actively make transactions every day.
According to its website, each transaction are completed and fully confirmed within 60 seconds only, albeit this is quite inaccurate in reality. It also has a block generation frequency of 30 seconds and almost 265 million coins are generated upon completion of the mining process.
In July 2013, Quarkcoin was first introduced as an ideal alternative for those seeking a high level of security in their cryptocurrencies. What makes this cryptocurrency secure (more secure than Bitcoin) is because its software is designed with six rounds of hashing, as compared to a single round with other digital currencies.
There are almost 246 million generated Quarkoins, costing $0.10 each. Because of this high level of supply coupled with low prices, it has been increasingly a popular choice for many purchasers.
Simultaneously released with Quarkcoin is the Primecoin. This cryptocurrency is considered as the first to have a non-hashcash proof-to-work. It means that mining Primecoin does not involve solving hashes, but only involves finding prime number chains also called as Cunningham chains.
These large sequences of prime numbers are more valuable when it comes to minting and security of the software. Currently, the total value of this coin is roughly $5.9 million, with a price of $1.63. Like Bitcoin, it also revolves around peer-to-peer technology, operated by an open-source community.
A more recent addition to the increasingly popular cryptocurrencies is the Megacoin, which was released just a few month ago.
However, since it was first launched, almost 50 percent of the total Megacoins have already been mined. When the mining process is completed, it is believed that only 42 million coins will be generated. Currently, it has a total value of $15.3 million with almost 21.2 million coins.
Introduced in April 2011, there are already almost 7.4 million existing Namecoins in the market with a total value of $44.4 million. Interestingly, the Namecoin is based on the source code of Bitcoin. One popular use of this cryptocurrency is that it controls a domain name system (DNS) which involves purchasing, registering, and selling domains, particularly the .bit domain.
Because it operates outside the Internet Corporation for Assigned Names and Numbers (ICANN), the .bit domain consequently avoids censorship. Price per unit of Namecoin costs $2.69.
The cryptocurrency Ripple is one of the newest additions in the cryptocurrency community. It was developed by OpenCoin company after receiving fundig from Venture Capital. Although, many investors suspect this currency as a scam because, unlike almost all cryptocurrency, it does not operate in a decentralized scheme.
There are almost 100 million Ripples that are called “pre-mined” because they are not actually cryptocurrencies. Currently, it has a price of roughly $0.03.
In August 2012, Peercoin was introduced based from the Bitcoin source code, although it uses a different mode of verifying mined coins. In addition to a proof-of-work system, Peercoin also uses a proof-of-stake system. Basically, this POS system means that the more coins you have, the greater chances you have in mining more coins.
Peeroin also has the aim of achieving energy efficiency and increased security. Currently, there are almost 20.9 million generated coins with a total value of $90.1 million. Interestingly, unlike most cryptocurrencies, the Peercoin does not have a fixed money supply. Currently, its price is pegged at $2.09
In October 2011, Litecoin was first introduced as the silver to Bitcoin’s gold. Basically, it is based on the Bitcoin’s source code although it provides for a cheaper mining process. How do they do this? The Litecoin’s mining process can be operated using consumer-grade hardware by using a different cryptography protocol.
It also provides for faster confirmation of transactions with a proof-of-work system that caters regular computers with graphics processing units (GPUs). Currently, there are about 24 million generated Litecoins with a total value of $331.5 million. Each Litecoin costs for about $13.78.
The first ever cryptocurrency developed was the Bitcoin by Satoshi Nakamoto (an alias to an unknown identity) in 2009. It was established using a decentralized scheme where currency is generated through cryptography. Its system is designed as to eventually generate and maintain a total of only 21 million Bitcoins by cutting in halves the number of Bitcoins created each year.
Many people still rely on Bitcoin for the tested security of the system, in spite of the alternative cryptocurrencies being developed nowadays. Currently, there are almost 12.1 million generated Bitcoins with a total value of $10.6 billion.