The success of Bitcoin paved the way for many peer-to-peer ctyptocurrencies. Altcoin basically mean Alternative Coin, and they are trying to improve areas in which Bitcoin has limitations. they come with better solutions and advantages. Many alternative cryptocurrencies are peer-to-peer, which means they use the same framework as Bitcoin. They have mining process, also cheap and efficient transactions. But even with so many similar features, there is wide range of altcoins today.
Bitcoin is still the leader in the cryptocurrency area, despite the competition. The Altcoins offer improvements in speed, as well as privacy and more. Furthermore they aim to solve problems in differen areas. They impact finances and business as well as social media and gaming. Some of them are quite popular today, others still try to get recognition. Litecoin is the closest competitor for Bitcoin. Some of the other popular cryptocurrencies are Dogecoin, Etherium, Peercoin, etc..
Bitcoin Cash is the next step of the Bitcoin project. It is a fork of the Bitcoin Blockchain with upgraded consensus rules. Those rules will allow it to scale and grow. It exists today because the Bitcoin comunity didn’t reach consensus over the limit of the legacy Bitcoin code. The legacy Bitcoin code has a limit of 1 MB data per block maximum. Bitcoin Cash raised the limit to 8 MB with its on-chain scaling approach.
The new transaction signatures improve the hardware wallet security and provide replay protection. Visit Bitcoincash.org here.
List of Alternative Cryptocurrencies
Litecoin is the closest competitor for Bitcoin. It is an open source and fully decentralized network and no central authority. It is peer-to-peer cryptocurrency with almost no transaction fees.With Litecoin you can send money anywhere around the world. The Litecoin blockchain generates blocks more frequient than Bitcoin therefore they can handle higher transaction volume without the future need to modify their software. It allows faster confirmationv times while you still can wait for more confirmations. Litecoin Wallet allows you to view your balances and transactions, but asks for your password before spending. This protects you from different viruses and also from hacking programs like trojans. The Litecoin network will produce 84 million Litecoins. That is four times more than Bitcoin. Visit Litecoin.org here.
Dogecoin is lesser in value which makes it more accessible. It has similariries to Litecoin. The time to process transactions is less than with Bitcoin. But the comunity around it is really driving it. It’s entry barrier is much smaller so it’s easier to make small transactions with it. People use it to tip bloggers if they have good content on their site. Dogecoin is based on the Bitcoin protocol, with few modifications. As a proof of work it uses scrypt technology. Unlike most of the coins it is an inflationary coin. That means that there is no limit of the number of coins available to mine. Visit Dogecoin.com here.
Iota is much lesser in value that Bitcoin or some of the alternative cryptocurrencies. With the expansion of internet, the need for sharing resources increases significantly. The concept of Iota is to allow companies to explore this new business-2-business model. It aims to make every technological resource a potential service. Those resources can be traded on an open market with no fees and in real time. Their ledger allows transactions with no fees. The resources on demand can be traded by the exact amount. Data can be stored and verifed on the ledger securely as well. The main innovation behind Iota is the Tangle. This is a new blockless distributed ledger. It is lightweight, scalable and alows transactions with zero fees. The consensus is an intrinsic part of the system, which makes it decentralized and self regulated peer-2-peer network. With Iota real micro and nano-transactions are possible. Visit Iotta.org here.
Etherium is decentralized platform which runs smart contracts. Those are applications that run exactly as they are programmed. There is no possibility of downtime or fraud also third party interference or censorship. Their blockchain is custom built. It is a global shared infrastructure which can move value around ant to represent the ownership of property. Therefore developers can move funds and store registers or debt. They can create markets with instructions given in the past(like a futures contract) without a middle man. The Etherium wallet allows you hold ether and other cryptoassets based on Etheruim. You can also deploy, write or use smart contracts. Visit Etherium.org here.
Coinbase is available in USA< Canada, Singapore and most parts of Europe.
SpectroCoin offers diffrent services like exchanges and Bitcoin e-wallets.
Indacoin enables purchases with credit or debit card and no registration.
The exchanges above may not support all of the Alternative Cryptocurrencies outthere. In this case you can Bitcoins on those exchanges and then purchase the coins you want on platforms like:
Poloniex is a crypto to crypto exchange based in the USA.
Kraken is based in the USA. It operates in USA, Canada, Europe and Japan.
Bittrex supports high number of cryptopairs, including some of the majors like Litecoin, Darkcoin and Nextcoin.