We all know bitcoin to be the most renowned and the oldest cryptocurrency ever. However, there are various options available in the crypto market other than just BTC.
Cryptocurrencies other than Bitcoin are called Altcoins. They come in with different opportunities for users.
Of course, blockchain technology has been the fastest and most adopted technology over the past decade. Still, the question is, what are the most important cryptocurrencies to use? Bitcoin or BTC is a saturated and most volatile of them all.
Below is brief information about the top blockchain technologies in place for cryptocurrency.
There are at least four types of blockchain currently operational.
They are the most commonly used blockchains. They are public. They could be used by anyone with access to the internet. Anyone with the internet could get access to the blockchain platform and signup as an authorized node in the network. Examples are Bitcoin and Litecoin.
2. Private Blockchains
These blockchains are more controlled and need permission to access. They are mostly used within enterprises. The governing body has control over all the networks on private blockchains. They are similar in working with public blockchains. However, they are more controlled and restrictive.
3. Consortium Blockchains
It is a semi-decentralized network. It is mostly in use by the banks. It is a blockchain similar to a private blockchain. However, in a consortium blockchain, there is more than one governing or controlling body in the network. The information could be shared between more than one node.
4. Hybrid Blockchains
A hybrid blockchain as the name suggests is a hybrid between public and private blockchains. In this hybrid blockchain, the user can have any blockchain depending on the requirements. Both permission-less public blockchain and a restricted private blockchain could be accessed. It is the most flexible of the blockchains. You can enjoy the private blockchain while having access to the public blockchain too. The public and private blockchains and data sharing increase the transparency of the blockchain.
You already know the basic types of blockchain technologies. Now, you are going to get a brief explanation of the top 5 cryptocurrencies or coins other than BTC.
The Cryptocurrency market is extremely volatile. However, it is a blooming one. The market size is more than $1.5 billion. There are various cryptocurrencies in the market. As a consumer, you might get confused about which one to choose instead of Bitcoin? What is the most important thing to notice while choosing a digital coin? Well, let’s find out the top ones and help you choose.
Ethereum (ETH)
After Bitcoin, Ethereum is at the top. It uses decentralized apps to create a platform with almost zero to no chances of fraud and interruption. Bitcoin has a limit of 21 million. However, Ethereum has no such limit. The demand may increase in the future. The demand to use Ethereum pay is already increasing. You can use the Ethereum pay option for your woocommerce payments.
Bitcoin cash was the result of a hard fork in the original BTC. It is in the list of top 5 cryptocurrencies after BTC. The transaction time for BTC is too long. This perspective lead to the creation of BHC in 2017. It uses the same technology. However, it is different than BTC. Moreover, you can use usdt payment and usdc payment for BCH.
Cardano (ADA)
Cardano is on top of the list in cryptocurrencies because of its proof of stake algorithm. Bitcoin uses a proof of work algorithm. It has a limit of 45 billion ADA. But, of course, it is still far behind bitcoin. It has the 8th largest cryptocurrency cap in the market.
Stellar (XLM))
The main reason why Stellar (XLM) is in the top 5 list is its difference from others. The main purpose of XLM is to facilitate enormous transactions. Investment banks and large banks are their main consumers. Other blockchain technologies and cryptocurrencies take days for the same amount of transactions. However, XLM can do the same in a few moments.
You can do any amount of transaction by using XLM however, you must own XLM to use this technology. It is the most used for enterprises and businesses to use XLM as a mode of cryptocurrency payment processor. If you use XLM for the blockchain payment gateway, it will help your business do large transactions within seconds.
Cryptocurrency: The Innovation in Payment Gateways other than BTC
Litecoin (LTC)
Litecoin (LTC) follows the same blockchain technology as Bitcoin. Litecoin has a public blockchain. It has no controlling body or central authority. How is Litecoin better than Bitcoin? Well, the answer is really simple, in terms of volume and transaction time. LTC has four times the volume of BTC. Also, the transaction time required by LTC is far less than BTC.
There are numerous merchants and businesses using LTC for transactions now. You can simply add a cryptocurrency gateway to your business to start using LTC for transactions. Of course, you will have to set up a wallet to hold crypto and convert. But, it is a viable option for businesses.
Well, you have read all the gathered information from different parts of the world about different types of crypto coins. Bitcoin might be the most popular cryptocurrency by far. However, there are other options including Ethereum, Litecoin, and Cardano.
You can always use any of them for your business transactions. You can use them for your woocommerce payment gateway too. Of course, you should consider the loss factors before you start using any of them. But, do not just use bitcoin. Be versatile and open to the market.
