With interest in cryptocurrency rising, the competition is starting to gain more importance. Who will take over as the new face of currency? There are a few options and time will tell which altcoin will rise from the pack to become the new leader of the cryptocurrency world.
Ethereum is the name most people throw in when contemplating Bitcoin’s success, but its tumultuous status in the stock market (it fell sharply on June 15 as well and also fell 15 percent on June 22) faced similar problems to those facing Bitcoin. Its use of smart contract technology sets it apart from the crowd and it still has a strong chance to overtake the Bitcoin and rise to the top.
Litecoin might seem like a contender to Bitcoin – and it has a lot of assets that make it a strong contender. Litecoin’s main asset may be its simplicity. As well, it’s easy to mine and quick to use. Considering the various levels of technological know-how in the marketplace and the speed at which the business world moves, Litecoin might prove to be a good option for the modern world.
Ripple, home to Ripple XRP, the third-largest cryptocurrency, is obviously a very strong contender. The total value of Ripple XRP ($26 billion) is second only to Bitcoin ($41 billion), and Ripple counts many global banks as customers, which means the startup is in a good position to rise to the top.
If you worry about security or government interference, Zcash can help you feel your confidentiality is maintained as you shop online. Calling itself “the first open, permissionless cryptocurrency,” the system uses “zero-knowledge cryptography” called zk-SNARK to ensure a high level of security and confidentiality. Given the increased danger and awareness of cybercrime, Zcash has a solid base it can use to attract users and grow into a solid currency option. Calling itself “the first open, permissionless cryptocurrency,” the system uses “zero-knowledge cryptography” called zk-SNARK to ensure a high level of security and confidentiality. Given the increased danger and awareness of cybercrime, Zcash has a solid base it can use to attract users and grow into a solid currency option.
Those used to dealing with PayPal will probably like Dash (or “digital cash you can spend anywhere”). The cryptocurrency uses its custom platform to allow users to easily make payments in store or online using its Dash Wallet. Aiming big, the cryptocurrency is in a good place to replace bitcoin (and has replaced it at certain vendors). In fact, its next stage, Dash Evolution, is set to make paying with the cryptocurrency even easier. Watch for it, as it has the power needed to win the cryptocurrency race.
And we can’t discount Steem, a cryptocurrency and social media platform that uses rewards (or Steem Dollars) for users’ social media use. When users upload or react to online content on the site, they earn Steem Dollars or Steem Power. Given the heavy use of social media in today’s world and people’s love of rewards, Steem has a good chance of making an impression.
As you can see, there are a few key cryptocurrency competitors seeking to take the role of the true world currency. It will be interesting to see who can compare to Bitcoin as the most powerful cryptocurrency.