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Taking a Closer Look:

Bitcoin is quite the trailblazer ushering in waves of new Cryptocurrencies built on their decentralized peer to peer networks. Bitcoin has become the standard by which all other Cryptocurrencies are measured and inspiring a massive following and spin-offs.

what is a cryptocurrency?:

Before we go further, let’s look at what Cryptocurrencies and altcoins are by definition. The general meaning of Cryptocurrency is virtual or digital money. Although some Cryptocurrencies have made their way into the tangible world in the form of Credit or Debit cards, for the most part, they remain intangible.

In Cryptocurrencies, the “Crypto” refers to the complicated Cryptography used in the creation and processing of digital currencies and their transactions on decentralized platforms. Doing so goes along with a joint commitment to keep the theme of decentralization. Cryptocurrencies are typically developed by teams of coders who also build in the means of their issuance. Quite often, this is through “mining,” “Staking,” or some other control.

Although Cryptocurrencies are nearly all designed to be free of government interference, manipulation, and control, they are for this very reason, it seems, to be under constant scrutiny. Any cryptocurrency that has come on the scene after Bitcoin are collectively called Altcoins and usually try to present themselves as a new and better version of Bitcoin. So far, even though some are easier to “mine,” they have fallen short of acceptance, liquidity, and value retention.

With more than 2,000 of these “altcoins” on the market (as of January 2020), it would be impossible to describe them all comprehensively. So we will list a few for your consideration.

1. Ethereum (ETH)

The first altcoin on our list is Ethereum. Ethereum’s claim to fame is that is is a decentralized software platform for enabling Smart Contracts and Decentralized Applications (DApps) to be built can run without any downtime, fraud, control or interference from a third party. Applications on Ethereum are set to run on its cryptographic token, “Ether.” This token is sought after by developers who want to create and run various applications on the Ethereum Platform and also now by those wishing to invest or make other “coin” purchases using “Ether.” Ether was launched in 2015. Following the DAO attack in 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC).

Though the spread is far apart from the 1st most popular Cryptocurrency Bitcoin, Ethereum holds the 2nd rank on the chart at https://www.crypto-rating.com/ (6/23/2020)

2. Ripple (XRP)

Ripple (XRP) is next on the list and is a real-time global settlement network that offers instant, precise, and low-cost international payments. Ripple was launched in 2012 and was created so that banks could settle or make international payments in end to end transparency and for lower fees. Ripple is unique in that it doesn’t require mining for creation and issuance of coins as all of Ripple’s tokens were pre-mined before they launched. This mechanism allows them to control the market by adding or removing XRP from the market supply. This process is different from Bitcoin and many other altcoins. A considerable plus means that since no mining is done to create XRP, it reduces computing power and will also minimize network latency. Ripple enjoys popularity with businesses who seek a solution to cross-border payments.

Ripple (XRP) holds the 4th Rank on the chart at https://www.crypto-rating.com/ (6/23/2020)

3. Litecoin (LTC)

Launched in 2011, Litecoin is the first altcoin to follow in Bitcoin’s footsteps and actually has a faster block generation rate and, therefore, a faster transaction confirmation time than Bitcoin. Litecoin referred to as Silver to Bitcoin’s Gold. Litecoin, created by MIT graduate and Google engineer, Charlie Lee. Litecoin designed to be an open-source global payment network (meaning the copy write holder allows others to use, study, change, and distribute to anyone for any purpose.) Litecoin is decentralized and uses “Scrypt” as “proof of work,” decoded with the help of a personal computer’s CPUs and no special equipment. Other than developers, there are a growing number of merchants who accept Litecoin.

Litecoin currently holds the 7th Rank on the chart https://www.crypto-rating.com/ (6/23/2020)

4. Tether (USDT)

Tether, next on our list, is a “Stablecoin,” which is a coin that seeks to “peg” its value to some external reference such as the USD or Gold to help reduce volatility and attract the cautious investors.

Tether launched in 2014 and describes itself as “a blockchain-enabled platform designed to digitally facilitate the use of fiat currencies.” Tether. “FAQs,” which allows for utilization of the blockchain network and other technologies to reduce volatility by transacting in the traditional currencies.

Tether currently holds the 3rd Rank on the chart https://www.crypto-rating.com/ (6/23/2020)

5. Bitcoin Cash (BCH)

Bitcoin Cash (BCH) was noted as one of the earliest altcoins to make a successful hard fork of the original Bitcoin. A Hard Fork happens when developers and miners disagree and argue. Because of the decentralized nature of digital currencies, any changes made to code the underlying token or Coin must be from a general consensus, which means a solution that may not be agreed to by all but accepted as the best option for the whole.

IF the group fails to reach an agreement, then sometimes the Cryptocurrency is split with the original staying with the unique code and the other “splitting off” and thereby becoming a new version of the Coin and taking on the latest coding. BCH began its life in a “split” or Fork in August of 2017. Scalability was the debated issue because of the strict one-megabyte size of the Blocks. No agreement reached, and BCH after the split increased the block size from one MB to eight MB, with thoughts that would increase transaction speed. It also removed the Segregated Witness protocol, which impacts block space.

Bitcoin cash currently holds the 5th Rank on the chart https://www.crypto-rating.com/ (6/23/2020)

6. Libra (LIBRA) – hasn’t launched but keep in mind.

In mid-2018, there were many rumors that Facebook would be launching its own Cryptocurrency called LIBRA. Because of its long reach and massive user base, speculators have predicted Facebook would do this.

Then on June 18, 2019, Facebook released the white paper for Libra, and the rumors were confirmed with the tentative launch date for the token being in later 2020. A subsidiary of Facebook, Calibra will manage Libra. To be sure, Libra will gather much attention when it does finally launch.

7. EOS (EOS)

In June 2018, EOS launched by a cryptocurrency pioneer and creator, Dan Larimer. Before the launch of EOS, Larimer founded the digital currency exchange known as Bitshares and the blockchain-based social media platform Steemit. EOS designed like Ethereum, so it too offers a platform for developers to build and run decentralized applications. EOS has many other notable characteristics as well described by INVESTOPIA at https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/ :

  • EOS had the most extended and most profitable initial coin offerings in history, pulling in a record $4 billion-ish through crowdsourcing. The initial coin offering of EOS was one of the most extended and most profitable in history. It raked in a record $4 billion or so in investor funds through crowdsourcing efforts lasting a year.
  • EOS consists of EOS.IO, similar to the operating system of a computer. Thus acts as a blockchain network for the digital currency, as well as EOS coins.
  • EOS offers a delegated proof-of-stake mechanism which it hopes to be able to offer scalability beyond its competitors.
  • EOS is also revolutionary because of its lack of a mining mechanism to produce coins. Instead, block producers generate blocks and rewarded in EOS tokens based on their production rates.
  • EOS includes a complex system of rules to govern this process, with the idea being that the network will ultimately be more democratic and decentralized than those of other cryptocurrencies.

EOS holds the 9th Rank on the chart at https://www.crypto-rating.com/ (6/23/2020)

8. Bitcoin SV (BSV)

Bitcoin SV (BSV) is a fork of the original Bitcoin network with the “SV” representing “Satoshi Vision” “A network upgrade in November of 2018 ended up with debate between miners and developers within the BCH community, leading to a hard fork and the creation of BSV.” With developers insisting that Bitcoin SV restored the original Bitcoin protocol by Satoshi Nakamoto and adding more security and increasing the scalability to the network. The vision is to increase faster transaction time

Currently Bitcoin SV holds the 6th rank on the chart at https://www.crypto-rating.com/ (6/23/2020)

9. Binance Coin (BNB)

Binance Coin (BNB) is the official token of the Binance cryptocurrency exchange platform. Founded in 2017, Binance has risen in popularity, and for its high volume of trade, Binance has become the largest exchange of its type. Using Binance Coin token allows Binance traders to trade in dozens of different cryptocurrencies efficiently on the Binance platform. BNB is used to pay transaction fees on the exchange and can also be used to pay for certain goods and services, including travel fees.

Currently Binance Coin holds the 8th rank on the chart at https://www.crypto-rating.com/ (6/23/2020)

10. Chainlink (LINK)

The last coin we are going to discuss (but again, this is certainly not all of the cryptocurrencies you’ll find) is Chainlink (LINK) This Author is very excited about the possibilities of this coin!!

This information refers to https://www.crypto-rating.com/crypto-currencies/link/, where you can read more.

ChainLink virtual currency is one of those tokens that facilitate the interaction of the consumer with the supplier of goods or services. Given the active integration of blockchain technologies into the life of an ordinary person, recently, such currencies are in high demand.

Smart Contracts provide the ability to execute tamper-proof digital agreements, which are considered highly secure and highly reliable. To maintain a Contract’s overall reliability, the inputs, and outputs the Contract relies on also need to be protected. Chainlinks provide a reliable connection to external data that is provably secure end-to-end.

ChainLink project has elaborated on a technology that creates secured channels between various data providers with the usage of the blockchain system. In simple words, they have developed so-called oracles that make it possible to implement a smart contract between the blockchain infrastructure and third-party data sources. Allowing customers to build big data networks between various companies. Such Networks governed by nobody or nothing other than a Smart Contract and are substantially decentralized.

  • Connect to Any External API. Easily connect smart contracts to the data sources and APIs they need to function.
  • Send Payments Anywhere. Send Payments from your contract to bank accounts and payment networks.

The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain. Easily connect smart contracts to the data sources and APIs they need to function. Send Payments from your Contract to bank accounts and payment networks.

Chainlink (LINK) currently holds the 13th Rank on the Chart at https://www.crypto-rating.com/ (6/23/2020)

Disclaimer: This blog gives a brief explanation of 10 Cryptocurrencies and is for educational purposes only. It is not to be construed as financial advice in any form.

About the author

Gail holds one of the most challenging role in the Compumatrix Leadership: Membership. She ensures that that members and potential members enjoy the benefits of being part of the Compumatrix community.

Comments

  1. Looks like you can conduct online classes about cryptocurrencies Gail. You are churning out blogs, like distributing biscuits to children. I used the word “children” consciously because before an expert like Gail, we are all kids. Your brief narration of different cryptocurrency coins, makes people understand them like their childhood rhymes. Cryptocurrency is still Latin and German to many people, but this blog makes them say, “Oh, these are cryptocurrency coins.” Keep it up Gail, you are making par-excellence strides in different topics.

  2. Thank you Santosh. I appreciate the support and the compliments on the blogs I share. My aim and goal has always been to help enlighten people so they can make educated decisions for themselves and never get “taken” for a ride so to speak. I am enjoying sharing in this way to be honest.

  3. This is an excellent Blog Gail, thank you. One I will refer back to.

    I had kind of forgotten about FB’s Libra. Guess I will be sure to watch for this launching sometime this year. (2020). I have a feeling many will be watching this one.
    Wonder what % of FB members will partake in Libra?

    A little tidbit.

    Number of monthly active Facebook users worldwide 2008-2020
    Published by J. Clement, Apr 30, 2020
    How many users does Facebook have? With over 2.6 billion monthly active users as of the first quarter of 2020, Facebook is the biggest social network worldwide. In the third quarter of 2012, the number of active Facebook users surpassed one billion, making it the first social network ever to do so.

  4. Oh la la… Can YOU say Binance? Can you say Chainlink LINK? NOW I CAN, thanks to this post. We are learning the language of cryptocurrency one word, one concept, one article at a time and it is exciting! Getting a basic understanding of these rising star coins is valuable for putting all of the pieces of the cryptocurrency puzzle, beyond Bitcoin, together in my mind. I am very interested in learning more about Chainlink (LINK) in particular, based on what I now understand it to be.

  5. Knowledge is power they say, Kevin. To me the more we know the better decisions we can make. Knowing not just the name of other altcoins but their functionalities is very important information that we SHOULD be aware of and know. I mentioned in the Blog that I like Chainlink (link) because of the functionality mainly and the possibilities it offers are boundless!!

  6. Gail you just keep getting stronger and stronger — I wish that I had the knowledge that you have worked so true and hard to acquire –it is impressive to say the least and the info you keep putting out here for us to gobble up it is that good and I am very thankful and humble — keep going girl –smiley face

  7. Gail, I enjoyed reading this! It is really great to find this information concisely presented in one place. This makes comparisons more understandable. I have found sites or videos where the author would write about maybe 2-3 cryptos. You find others written by another author and you don’t have a reference to compare. Again, thanks!

  8. Cryptocurrency is the magic word today. Everybody uses it nowadays and the numbers are increasing. Our knowledge increases day by day . Gail’s contribution is outstanding. She is a wealth of information.
    However, it is important for us, to know more in depth about each of these currencies, We can then complete our learning and be able differentiate one from another.
    This new sytem is so intricate and necessary for the generations to come.

  9. Every blog posted here gives all who take the time to read them a deeper understanding of what is available in the crypto world. Gail, your brief explanations of each of these10 cryptocurrencies are put each into a tidy and organized lineup. This helps us decide in which direction we may want to check them out. Like you, I too am very interested in ChainLink.

    According to my research on Chainlink, I found this definition which got my attention immediately and started my heart pounding loudly.

    “Chainlink is a blockchain project that aims to build bridges between payment services like PayPal and Visa, banks like HSBC and Wells Fargo, and blockchains like Ethereum and Bitcoin. … Chainlink is a blockchain oracle platform that connects to real-world applications and data and an API.

    Taken from https://cryptobriefing.com/what-is-chainlink-link-token/

  10. A Bitcoin Maximalist is one who believes with unwavering conviction that Bitcoin is the only cryptocurrency .
    But they are wrong each coin, token, crypto asset, are created for a specific purpose.
    Satoshi did not write a private , censored, secret, white paper. He did in an open source , so those who read it and needed to make changes to fit it’s need.
    Now the sucess of each one depends on its leader and followers.
    If the are careless, unsuported , greedy, plain selfish, they will fail.
    Compumatrix motto is to Engage, enrich and enhance . I see no selfishness there

  11. Thank you for posting such concise and valuable info on many of the main coins that are top players in the crypto space. With Ethereum always at the top of the market capitalization and being to stable after all these years, it’s hard to ever see any of the other altcoins overtaking it in terms of volume and value. But again, you never know what is going to hold the attention of the masses in the future. What an amazing distance we have come from the 10,000 Bitcoins for two pizza days !

  12. Gail love the overview. Of the Alts, Ethereum and Chainlink seem to have a plethora of support backing them with major projects and conglomerates utilizing their teck. If I lnterested it’s a great Google reseearch topic. If this is any measure of value it seems like solid platforms to trade. Watching these over the last year, they both seem to coincide almost perfectly with the movements of BTC in the trading world. Let’s see what the later part of the year bring for these post halvening. 🙂

    1. Thanks, Corchi124, I agree that Ethereum and Chainlink seem to have a healthy support system, and their projects SHOULD take off! I feel like these are both great coins to “hodl” as Smart Contracts I predict will be the main order of business for lots of record-keeping and other applications.

  13. Great blog Gail.. I like all the explanations of each cryptocurrency. There are a couple of them I had forgotten about. Great learning tool which one can refer to often…Many have little understanding of each of the different cryptocurrencies. There are not many places with that kind of explanation of all the different coins out there.

    1. Hi Sherry, and thank you!! I like knowing how each coin came about and the various uses for each one too. Knowing this helps in decision making as to how to pad the wallet! We always want to have a variety in our “holdlings” after all; I believe it has been said, “Variety is the spice of life.” I happen to think the “nest” is best when built from many types and colors of feathers…lol

  14. Once again the young lady comes up with all the answers. Thanks Gail, your writings I can believe. When I look online they read like ads instead of being informative. I believe it helps when you are watching the big screen and listening to all the so called informed journalists from Major sources like Bloomberg, etc.

    Thanks again and keep them coming.

    1. Thank you for the encouragement, Joe! I am delighted that the blogs are helping members to understand what potential awaits them in Cryptos and Compumatrix. We are building reliable and robust so that we can be here for many years to come, and soon members will see this all come together as we launch and then lookout crypto world. We will be a well-known name in the world of Cryptocurrencies!

  15. This information is VERY helpful in understanding some of the leading cryptocurrencies and how they work to help us. This information when applied is great for building portfolios and knowing what to add to diversification which is what everyone needs to do!!

  16. This article was very informative. It first explained how Bitcoin was the foundation for more than 2,000 Altcoins. Then, it broke down the “meat and bones” of ten of the top Altcoins. This information proves vital for someone who is trying to understand the similarities and differences between Altcoins and how they compare to Bitcoin. This article makes me excited about the future of different cryptocurrencies and the possible new technologies they are bringing to the world as I know it.

  17. I absolutely loved this blog post! Being new to the cryptocurrency space, I know almost nothing about all of the altcoins that are out there for me to potentially buy. By having this post, I now have a general idea on the similarities and differences between some of the major altcoins. I also found it interesting on how much chainlink (LINK) has jumped up in price since the time you wrote this blog post.

  18. I can assure those here that they are not alone in their smaller amount of knowledge of the Altcoin world and the Bitcoin world but as you read through these and other blogs here — I do not feel as lost as i was when I started reading and spending time here listening to those with much more information — it is appreciated beyond words —

  19. it is so much good to come back and read these older blogs and put them into the newer ones and my gosh — wow is such a decent explanation to describe the amount of knowledge and information that is truly available here each and every day we take time to read and study and in the end Learn — thank you truly !!!!

  20. here in the crypto world there is so much to keep in perspective and also the one part i tend to overlook is how fast this world moves — i tend to focus maybe more on one item or technology but in the overall scope I have to cast wide net on the info part and also have to realize that it was one thing in June and its totally legit that its a different idea in September ???? great stuff here —

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