5 Cryptocurrency Bitcoin's main competitor

Bitcoin is known as a superior crypto currency, but the following 5 Altcoins have the potential to rival or even shift the position of Bitcoin.

In 2017 it could be said to be the year of Bitcoin, because Bitcoin was able to reach its highest point near the level of $ 20,000. Even in several South Korean exchanges, the price had risen above $ 20,000. As Bitcoin's popularity rose, the popularity of other crypto currencies, called Altcoin (Alternative Bitcoin), also followed and recorded a sharp rise. There are a number of Altcoin that are surprisingly able to record a higher percentage increase than Bitcoin's achievements.

On the topic of this discussion, we will discuss 5 crypto currencies, the main competitors of Bitcoin, which have the possibility to beat adoption and use globally. That is because in general, Altcoin is intended to achieve perfection that Bitcoin cannot achieve before, such as Scalability issues that cause delays in transaction confirmation and Fee swelling.

1. Ethereum

Ethereum is a data-based public Blockchain that has various intelligent features, such as Scripting and Smart Contracts related to the process of cryptographic transactions. Ethereum has an EVM (Ethereum Virtual Machine) that allows developers to adopt Blockchain Ethereum, and apply it to DApps (Decentralized Applications) that can be developed very easily. This enables the adoption of Smart Contracts that have other objectives such as Supply Chain and E-Commerce based. The unit of value of many Ethereum crypto currencies is known as Ether (ETH).

Strengths of Crypto Ethereum

As the main competitor of Bitcoin, which is currently ranked number 2, Ethereum has many advantages. Some of them are:

Simple, easy and fast to make tokens with the ERC20 standard.

A solid and active development team working on new technologies to continuously improve the stability, security, functionality, and scalability of Blockchain Ethereum.

The Ethereum development team is currently working on an upgraded version of ERC20 called ERC223, with various advantages not yet possessed by other crypto Blockchains.

Developers and Businessmen can save time, money and effort by synchronizing the system to the Blockchain Ethereum.

2. Ripple

Ripple has a primary goal as a crypto currency that wants to connect conventional banking as a whole , with an emphasis on speed and ease of use. Ripple's motto is "One System without Friction to Send Money Globally". Ripple also claims to be the only Blockchain solution for the world company for global payments.

While almost all crypto currencies want to compete with Bitcoin directly, both in terms of popularity, adoption, or capitalist growth, Ripple has taken a global approach to a new level, namely with an emphasis on being a vehicle for the banking system worldwide.

Advantages of Main Crypto Ripple

Long-term stability : Investing in all forms of crypto currencies is a risky thing. But because of its strong relationship with banking institutions, Ripple is considered an investment that is relatively safer and is able to offer long-term protection.

Want To Be A Complement to Bitcoin Rivals : Every discussion about the value of popular Altcoin, we always associate it with the most popular coins today, namely Bitcoin. However, Ripple did not attempt to form "Zero Sum Games". Ripple is designed for large-scale adoption that can be used by financial institutions and involves various currencies.

3. Litecoin

If Bitcoin is the crypto market gold, Litecoin is usually touted as silver. The basis of its creation is purely derived from the Bitcoin Blockchain, which was later modified by its developer, Charlie Lee, to produce crypto currencies with greater functions and benefits.

Unlike Bitcoin, Litecoin uses an algorithm called Scrypt. This algorithm is intended to facilitate the process of mining new coins (confirmation of transactions and creation of blocks).

Strengths of Litecoin Crypto

Transaction Processing Speed : Although technical transactions can occur instantly, both on the Bitcoin and Litecoin networks, but it takes time for the transaction to be confirmed by other network participants. According to data from Blockchain.info, the average transaction confirmation time for a Bitcoin network is more than 10 minutes per transaction. Litecoin cut its time requirement to just 2.5 minutes .

In addition, there is a special choice in Litecoin, namely Private Send, which makes transactions do not need to wait for confirmation at all. However, there are risks that must be borne by the transaction agent, because they are anonymous (cannot be traced and identified).

Easier Mining Processes : Because Litecoin uses the Scrypt algorithm designed to be less sensitive to types of custom hardware solutions such as ASIC, the mining process is more accessible for users who also want to participate in the network as miners.

4. EOS

EOS is a decentralized Blockchain -based crypto currency that is made to scale businesses, and provides various key business functions needed. EOS allows businesses to build their own Blockchain application very easily.

Main advantages of EOS crypto

No Scalability Problems : While Bitcoin and Ethereum can only process about 3 to 14 transactions per second, EOS comes with offering millions of transactions per second confirmation process capabilities. The convenience was made possible by the DPOS (Distributed Proof of Stake) consensus mechanism.

Almost No Transaction Fees : By storing several EOS units in the Wallet, you can trade at very low costs to the micro level , without being limited by the maximum nominal value of the money being transacted.

Upgradable : Unlike other Blockchain such as Bitcoin and Ethereum which always make Hardfork the solution to every problem , EOS is able to implement a Soft Fork system by separating the old Chain, and producing a new Chain that is proposed to be more perfect. Thus, upgrading network functions will never interfere with the ecosystem that is already running. Such a system can guarantee the continuity of the network, while being able to follow further technological developments in the future.

5. Cardano

Cardano is a Blockchain platform similar to Ethereum, which also has a Smart Contracts function and focuses on security through a layered architecture . Cardano uses the Haskell programming language, which has a high degree of fault tolerance. Because it is made with the Haskell programming language, Cardano also has the ability to be upgraded Softfork, without the need to disturb the main network ecosystem.

The Advantages of the Main Crypto Cardano

Blockchain Use of Second Generation Ethereum for Lower Transaction Costs : When users transfer value, there are two sets of information sent, namely core information (from and to whom funds are sent, total amount of funds sent), and metadata (entities involved, provisions transfers, why money is transferred, etc.). On other Blockchain such as Bitcoin and Ethereum, the two information above are put together and sent together. The more metadata that is sent, the more GAS (transaction costs) that must be paid.

Well, the use of Cardano as a Blockchain Ethereum Second Generation allows the integration of all core information and metadata. Cardano was able to separate the two into two different layers, so the cost to pay was only for Inti confirmation.

Upgradable : Like the advantages of EOS described earlier, the Cardano network can also implement Softfork to upgrade network functions, without the risk of disruption of the main network ecosystem. This function also allows the network to adopt the latest technology that is currently not found.

5 Cryptocurrency Bitcoin's main competitor