Digital Currencies Other Than Bitcoin | Litecoin, Dogecoin, Dash, Sexcoin, Steem
Everyone has heard of Bitcoin, but not many people realise just how many cryptocurrencies there are. Across the world, there are over 710 digital currencies that we know of.
That’s just under four times the amount of traditional currencies there are in the world, that’s a lot!
Why Do We Need So Many Cryptocurrencies?
That’s a great question, due to digital currencies being boarderless it would seem to make sense to only have one currency available. However, in this article I hope to explain why more and more currencies are popping up all over the globe and why we need more than one by taking a look at some of the other popular cryptocurrencies on the market.
Number One, Litecoin
Litecoin sees itself as silver and Bitcoin gold even though it’s worth much less than Bitcoin at $27.71 USD per Litecoin as of the 14th of May 2017 compared to Bitcoin at $1731.22 per Bitcoin.
A perk of Litecoin is its transaction speed of 2.5 minutes compared to Bitcoins 10 minutes.
Litecoin also has a maximum limit of 84,000,000 coins which is four times the maxiumum amount of Bitcoins. This also causes the currency to be of lesser value due to a larger supply and less demand.
Number Two, Dogecoin
Yes. Someone has created the cryptocurrency of Doge. Some people have way too much time on their hands.
An interesting fact about Dogecoin is that there is no limit to the amount of coins that can be on the market at any one time, which is one of the reasons it has such a low price point.
As a consequence of the relitively low value it is better for carrying out smaller transactions and the barrier for entry of Dogecoin is extreemly small.
1 USD will get you 861.0138978389 Dogecoins as of the 14th of May 2017, it sounds like the digital currency of Indonedias Rupiah.
Number Three, Dash
Dash was formally known as Darkcoin and Xcoin.
Dash has gained a lot of traction due to it being completely untraceable.
When using Bitcoin, every transaction is recorded within the Blockchain ledger system. Dash’s creators chose to use a different technique to become completely untraceable and not record any data.
This technique I assume for some probably shady people makes it the perfect currency. So if you’re looking to buy something on the underground market online, make sure to use Dash.
As of the 14th of May 2017 1 Dash will grant you 85.6040891819 USD.
Number Four, Sexcoin
Sexcoin was created in 2013 and is a currency specifically developed for customers of adult content to have a fast, stable and safe method of transactions that also protects their privacy. Probably for when they want to purchase some really obscure fetish porn.
As of the 14th of May 2017 you can purchase 877.1929824561 Sexcoins with $1 USD.
Number 5, Steem
Some currencies in exchange for people providing value by contributing to a community will pay in steam coins to have them produce content for their platform.
An example of a platform such as the one mentioned above is Steemit.com. It looks a lot like Reddit with a huge range of content from current events to memes. Each time someone produces content for the platform they recieve Steem coins which they can convert to a traditional currency or wait and hope the value of Steem increases.
1 Steem is worth 0.7169999799 USD as of the 14th of May 2017.
A reason there are such a variety of cryptocurrencies is because many of them use various mining techniques, parameters and algorithms to transfer funds. Some of these techniques as a consequense have a much faster processing time and other benefits which as a byproduct is another reason many currencies are created. Someone thinks their idea of how the system should work is better than the current, so they create their version. This therefore promotes innovation in this field.
Hey guys and gals, thanks for reading this article :D if you enjoyed it be sure to hit that love heart button and share with your friends, also make sure to follow us to stay up to date with future content. Make sure to check out the other platforms we produce on below. Cheers :-)
Check out our social media links:
And Tumblr: https://mindset-hub.tumblr.com