The Bitcoin Gateway

Bitcoin Alternatives

Bitcoin Alternatives

It goes without saying that Bitcoin is the most popular and commonly known digital cryptocurrency. But don’t think for a moment that Bitcoin is the only Star in the town! There are plenty of other currencies and some of them are really promising with new features and advanced technologies. Today we will introduce you to the best Bitcoin alternatives available.

Litecoin (LTC)

Litecoin is considered as the second most popular cryptocurrency after Bitcoin. Litecoin launched on October 2011, initially duplicating Bitcoin system. It is based on Bitcoin protocol but offers a different mining algorithm. Litecoin claims that it can be mined faster and more efficiently with consumer based hardware due to its faster transaction confirmations which is 2.5 minutes on average.

The main reason of Litecoin’s popularity is its different mining algorithm than Bitcoin. Bitcoin mining has turned into a race of faster computing power where regular computers have almost no chance making a stand. Litecoin targets this user group and provides a memory hard scrypt based mining system which can be mined with regular CPU and GPU. Moreover, Litecoin can also be mined with Bitcoin at the same time with the same hardware.

Litecoin keeps growing and gaining more popularity besides Bitcoin with its unique regular user friendly features. The Litecoin network is scheduled to produce 84 million currency units.

Official Website: http://litecoin.org

Namecoin (NMC)

Namecoin is an alternative distributed Domain Name System (DNS) on the basis of Bitcoin software. It’s a Peer-2-Peer decentralized digital currency just like Bitcoin. Namecoin launched April 2011 and merged mined with Bitcoin. Namecoin uses a completely separate block of Bitcoin chain and currently rewards 50 coins per block successfully mined. It allows you to Securely register and transfer arbitrary names (keys) with no possible censorship.

Official website: http://namecoin.info

PPcoin (PPC)

PPcoin is another P2P cryptocurrency based on the principle used by Bitcoin. Even so, PPcoin made its own place in the crowd by providing different features and technology. PPcoin is relatively new in the race of cryptocurrencies, lunched August 2012. PPcoin offers an advanced security model, “non-deterministic” coin supply. Its blocks are mined every 10 minutes and mining difficulty adjusts after every block mined successfully.

The most interesting PPcoin feature is, instead of providing a fixed / predetermined amount of coins as a mining reward like Bitcoin and others, its reward varies with the difficulty of each block mined. And by doing so, PPcoin provides a balance between mining difficulty and mining reward which technically makes mining more rewarding.

Official website: http://ppcoin.org

Other Cryptocurrencies

There are many other minor cryptocurrencies like Bitcoin, but they are yet to gain a noticeable growth or popularity. We will write more about them in the future as they continue to grow but here is a list for now:

  • Tonal Bitcoin (TBC)

  • IxCoin (IXC)

  • Devcoin (DEV)

  • FreiCoin (FRC)

  • I0coin (I0C)

  • Terracoin (TRC)

  • Liquidcoin (LQC)

So which one is the best?

Honestly, you are the judge of that question. Bitcoin is without a doubt the most popular and powerful among all other cryptocurrencies. But the competition is not very far behind. Every day, mining Bitcoin is getting tougher and people are leaning towards the alternatives. On the other hand, the alternatives are providing unique features and attractive options to gain more popularity. As we have tried our best to explain them, now you can decide which one is more suitable to your needs.

And don’t forget to read our detailed reviews on each alternative cryptocurrencies separately.