Several other digital currencies are being used and traded in the market. After watching the enormous success of Bitcoin, many programmers decided to make their own Alternative Currencies, so it seems like everyday there is a new one. However here are nine different alternatives to Bitcoin that are now slowly coming in the limelight.
Litecoin: This is a digital currency based on cryptography that makes it similar to Bitcoin. Its value has experienced quite a dramatic rise recently. An open source peer-to-peer digital currency is often termed as Bitcoin’s spin-off. Its operations use Bitcoin’s protocol as the foundation, but Litecoin can be easily mined using the standard computers as it algorithm was created by Dr. Colin Percival to be used on different open source computers and operating systems.
Peercoin: It is another popular variant of Bitcoin. It promises its users with enhanced mining efficiency, better security and improved group mining. It is the fourth biggest alternative digital currency of Bitcoin and its market is growing with each passing day.
Namecoin: A cryptocurrency can work as a dispersed DNS. As Namecoin acts as the currency’s own DNS, it can operate outside of the internet and Icann (Internet Corporation for Assigned Names and Numbers) easily. The domain names and currency values are saved in the record of the block-chain that limits Namecoin’s total number to 21m. Each coin can be divided to around eight decimal points.
Feathercoin: Feathercoin is based on Litecoin and the mining difficulty of this currency is frequently adjusted. It makes regular updates to the software for adding new enhancements and features to it such as protections against forking and abuse in group mining that is one of the most serious concerns in group mining.
Primecoin: It is a cryptocurrency like the famous Bitcoin, but it employs an entirely separate mathematical procedure for mining that makes it different than Bitcoin. It does not rely on the Hashcash algorithm that is used by Bitcoin. Instead, it uses the long Cunningham strings for building value of the currency. Cunningham chains are sequences comprising of different prime numbers and have been named after AJC Cunningham, a renowned mathematician. The difficult level of Primecoin’s mining is higher than that of Bitcoin mining.
Novacoin: Novacoin is a peer-to-peer digital currency that integrates protections schemes in the currency’s core to deter abuse occurring in the mining groups. Its technical cap of around 2bn coins that is a larger value than the technical cap of the majority of the other currencies that tops out in millions and not billions.
Infinitecoin: It is yet another spin-off of Litecoin, but differs from its ancestor in two ways. First, its mining difficulty rate is adjusted quite frequently and more coins can be easily created in Infinitecoin. Currently, one can generate around 1142.86 times more coins as those created in Litecoin.
Megacoin: It was created during the end of 2013 and is in its growing phase currently. It comprises of 42m coins at the moment and each coin is valued at $0.50.
Quark coin: It is another digital currency that is in the infancy stage right now. It takes security issues very seriously and has employed nine different encryption grounds by making use of six dissimilar algorithms to enhance the network’s protection and security.
In addition to these nine popular substitutes of Bitcoin, there are myriads of other digital currencies that are being traded in the market. These include AlphaCoin, AnonCoin, BBQCoin, AmericanCoin, AndroidsTokens, BitGem, BitCar, AsicCoin, BottleCaps, CopperLark, CHNCoin, CryptogenicBullion, CryptoBuck, CasinoCoin, CopperBars, ColossusCoins, CryptogenicBullion, CopperLark, CraftCoin, ByteCoin and CryptoBuck. The reason there are numerous altcoins is due to Bitcoin’s hefty price that makes it difficult for people to buy them directly. This is why new and more altcoins are being created so that people could have more affordable and convenient options of digital currencies.