Hey read.cashers today I am writing about some altcoins which have high potential to replace bitcoin from mainstream cryptocurrency. Here are three reason why bitcoin could be replaced:
Three major problems with bitcoin
The low numbers of transaction possible per minutes
The high amount of electrical energy need for mining
The possibility that some entity may find previously unsuspected exploit and game the system
Here is the list of altcoins which high potential:
Ripple –The Bankers Cryptocurrency
Ripple has been substantially funded by large banks and people with close connections to regulatory entities, which means that it is both more stable and less transparent. Unlike Bitcoin, ripple maintains a centralized ledger like system that allows for much greater costumer privacy. This simultaneously makes the coin more vulnerable to misuse and more valuable to large economic entities.
Pros- Faster, cheaper transactions
Cons- Controlled by a private entity which in turn can also be controlled.
Ethereum-Blockchain 2.0
The ethereum development team is adamant that they are not a cryptocurrency , and that the ETH is only a byproduct of their project, but they are certainly similar enough to all the other cryptocurrencies for the purposes of investment and financial activity. The developers in ethereum are closely connected to financial and government entities in Russia, and that country’s burgeoning interest in crypto has been reflected in its market capitalization,
Pros - Committed developer team, decentralized, flexible smart contract platform.
Cons – Slows down under high volumes.
BitcoinCash – A fork in the Bitcoin road
Bitcoin scalability was one of the driving forces behind the move, among other factors at play. The most significant difference between Bitcoin and BitcoinCash is the size of the block When looking at the bitcoin Blockchain, each of the blocks has a maximum capacity of 1MB. BitcoinCash has maximum size of 8 MB
Pros – Faster and Cheaper
Cons - Lack of adoption as payment method
IOTA – Blockchain 3.0
What sets it apart from other coins is its use of something called the tangle, a Blockchain derivative that attempts to improve security and transactions speed by utilizing underappericiated computer resources in the area. IOTA eschews mining and processing fees leading the fast and economical exchange funds.
Pros – Fast, virtually free
Cons Some security concerns
Litecoin – The silver to the Bitcoin’s gold
Block transactions processing is superior with litecoin. The ability of a mean block with litecoin can be done in 2.5 minutes, while 10 minutes is the mean block time for bitcoin. Bitcoin uses a hashing algorithm known as SHA-256. Litecoin uses a scrypt algorithm.
Pros – faster and cheaper
Cons Lack support as payment method
NEO – Etherium from China
Neo coin is an open-source based smart contract system with the backing of the Chinese banking system. The attached currency, known as the GAS con, is consumed in transaction fees, leaving the Neo coins untouched in their wallet. Neo coins are also not mined.
Pros – You get paid interest for owning these coins
Cons- Not enough uptaken yet
DASH – privacy focused bitcoin
The goal of Dash is to create a Blockchain that is superior to bitcoin, which erase many of its weaknesses. The intent was for it to be self-funded, self-governed once it was out in the open world. The payments run on a network of masternodes. Those who operate the masternodes invest in Dash an get payment for block mining.
Pros – Privacy
Cons Some doubt the masternode architecture.
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