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There are other Cryptocurrencies besides Bitcoin?
Everyone has heard of Bitcoin, even if they don’t fully understand it. There are numerous other cryptocurrencies besides Bitcoin. There are seemingly hundreds of cryptocurrencies, and most of these were released in the last couple of years. Coinmarketcap.com lists 100 cryptocurrencies. Many experts believe the numbers will continue to climb. In fact, with creator coins now available the space could increase by the thousands soon.
Bitcoin has a considerable head start on the other offerings. Several cryptocurrencies are slight variations on the Bitcoin platform and may be more attractive to conventional financial institutions.
The first cryptocurrency to be truly welcomed by the banking industry will likely dominate the market. Which one will it be? Only the future will reveal the one that comes out on top.
Currently, these are the top five cryptocurrencies after Bitcoin:
- Ripple. Ripple has a market capitalization of nearly $150 million. For comparison purposes, Bitcoin is almost $5 billion. This cryptocurrency was released in 2012 and has been making strong inroads into the banking industry and payment networks.
- A “Bitcoin Bridge” permits Ripple currency holders to make payments to Bitcoin users without ever holding Bitcoins themselves.
- Some financial experts believe that Ripple will eventually overtake Bitcoin and become the dominant digital currency.
