What are Bitcoin alternative ? Best Bitcoin alternative
Satoshi NakaMoto invented Bitcoin as a form of alternative. Central bank agencies control our existing currencies. Satoshi Nakamoto made decentralised currency.
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No one agency can control bitcoin. Basically According to bitcoin programming. New bitcoins can be discovered means Can be mined.
These Bitcoins can traded between people by help of digital wallet and keys. All transactions of bitcoin is recorded in one public account which is called distributed ledger.
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The special thing of bitcoin is any one can access. And you can see the details of every transaction, not all.
Because this ledger is decentralised that why security of this is on next level. And hacking is next to impossible.
Satoshi Nalamoto decided bitcoin supply should limited so only 21 million bitcoin can be available. Because it’s value will increase. To make bitcoins more valuable than .
Satoshi made the bitcoin algorithm such that as the new bitcoins get minted some how, it will become more difficult to mine the new bitcoins.
Today almost 90% bitcoin have mined. Bitcoin is not perfect bitcoin also have some negative point. Bitcoin is not a perfect thing. Like everything there is a lot of work to address it.
After bitcoin, there are many cryptocurrencies. Which is called alt-key.
They are bitcoin alternative . The biggest complain of bitcoin is It takes a lot of time to do a transaction. It take up to 1 hour to complete transaction.
That’s why they made Ripple coin which is also called ( XRP ). This coin take less time to complete transaction.
I give 1 more example ether coin ( ETH ) Its creators felt limited supply of bitcoin is not right. That’s why They made ether by saying Our crypto currency supplies will be unlimited. And new 18 million ETH will issued every year.
After huge success of bitcoin. Company, organisation impact on some country also felt that we should made our cryptocurrency. You have heard ‘ Libra ‘ it was promoted by Facebook.
This coin was stuck in many contrasts. Nowadays it is known as DM.
Crypto currency exchange
Cryptocurrency exchange is a Online.
You can exchange your government money into cryptocurrency
Ether is an popular Alts of cryptocurrency. It is based on Ethereum block chain. It was launched on 2015. Ethereum use smart Contract for guarantee transaction.
Ether is not involved in any 3rd party. Ether can do smart Contract.
Litecoin ( LTC )
Litecoin is top level alternative it was released on 2013. Lite basic structure is like bitcoin but there are some big differences also. Litecoin has limited supply like bitcoin.
Litecoin has 84 million supply. Litecoin has 2.5 minutes block creation time and bitcoin have 10 minutes block creation time.
Ripple which was created as a cross border payment. Different financial institutions such as the bank can also use it. Ripple have collaborated with big banks like American express, bank of America.
A big issue with cryptocurrency is Thier price is always goes up and down. Because of these Financial transactions are very difficult to do.
That’s why A new class of cryptocurrency has been created. A new class of cryptocurrency has been created which offers stability.
So this was overview of cryptocurrency. There are lot of things to learn in cryptocurrency world.
Originally published at https://www.smartime.xyz.