Bitcoin Against Other Cryptocurrencies
It is the king of cryptocurrencies. But what is bitcoin's position against its similar of unsimilar cryptocurrencies? Here’s what.
Bitcoin Vs. Litecoin
Litecoin was of the projects that emerged from the heart of Bitcoin. It grew well with claims of faster speed and lower fees. Litecoin is commonly known as silver versus gold. In fact, Litecoin is a valuable alternative to bitcoin, albeit less valuable. Litecoin has a higher transaction speed than bitcoin. The supply limit of Litecoin is much bigger than Bitcoin though.
However, Litecoin uses a separate blockchain from bitcoin. For this, the speed of transactions in this digital currency is much higher. Litecoin utilizes open-source software and a decentralized network. Litecoin price in December 2017 was 360,93 dollars which was an increase of 8200% compared to the price of 4.4 dollars in 2016. Of course, in late 2020, Litecoin’s price is close to 139 dollars.
Differences:
Litecoin’s algorithm designed to mine coins 4 times faster than bitcoin. This algorithm mines one block per 150 seconds; while in the bitcoin network, a block is mined every 10 minutes. As a result, speedy performance is one of the main differences between the two DC (Digital Currency).
On the other hand, both bitcoin and Litecoin use algorithms that use processing power for transactions. Transactions are verified by miners who use high computing processing power. In return, they got the reward, some coins. Meanwhile, the speed of transactions is different due to their algorithms.
Bitcoin’s algorithm uses mining-specific hardware known as ASIC (Application-specific integrated circuits). Such complexity puts the algorithm under a lot of pressure. One of the main criticisms of Bitcoin is the high difficulty of mining for ordinary users.
In contrast, the algorithm used for Litecoin, named Scrypt, is a more efficient algorithm for mining cryptocurrencies.
Supply Limit
One of the main differences between Bitcoin and Litecoin is their supply limit. Bitcoin has a maximum capacity of producing and mining 21 million coins, while the capacity of the Litecoin network is 84 million coins. The minimum bitcoin network unit is Satoshi (One-millionth of bitcoin).
Bitcoin Vs. Ethereum
Ethereum is a digital currency which in 2014 by Buterin (former bitcoin member). This digital money is open source using a blockchain-based computing platform. Ether is a token that created in the Ethereum platform and blockchain technology.
Bitcoin vs. Ethereum
Differences Between Bitcoin & Ethereum:
The number of Bitcoin coins in the world is limited, 18 million bitcoins have been mined and only 3 million of them are waiting. But the number of Ethereum coins is unlimited. But mining and production of Ethereum coins strictly controlled and supervised so that the value of the coins and inflation maintain stable.
While Ethereum is currently 650 dollars, Bitcoin equals over 27000 dollars in the foreign exchange market.
While generating every 3 ethers takes only 15 seconds, Bitcoin miners generate 12.5 bitcoins every 10 minutes.
Bitcoin miners create a new block every 10 minutes, while Ethereum miners create every 15 seconds.
While bitcoin is just a means of payment, Ethereum is a programming platform where you can write applications.
The bitcoin’s hash algorithm is SHA-256 which can be run only with special hardware called ASIC. The Ethereum’s hash algorithm is Ethash which has a very strong memory capacity.
Bitcoin Vs Bcash
BitcoinCash, known as Bcash, acts as a payment network and is a cryptocurrency whose main transaction unit is the BCH. Bcash is a peer-to-peer e-money for the Internet that does not require any central bank or trusted third parties to operate and is completely decentralized. This digital currency created on August 1, 2017, to solve bitcoin problems. The main focus of Bcash is on transaction capacity.
Differences Between Bitcoin & Bcash:
Bcash has a larger block size, which leads to faster transactions and a reduction in transfer costs.
Bitcoin has a much higher value than this cryptocurrency.
Disadvantages Of BitcoinCash Compared To Bitcoin:
Bitcoin cash is very centralized and the number of pools is currently limited. This can be effective because Bcash’s future depends heavily on these few pools. Due to growing concerns about the dependent name (Bitcoincash/bitcoin), Bcash has not yet been able to differentiate between itself and the famous digital currency; Bitcoin, investors can not 100 percent be confident in this e-money.
Investors still do not consider BitcoinCash as a long-term asset and only use it more as a short-term investment. For this, this cryptocurrency has an uncertain future.