, 2 years ago

Bitcoin vs Altcoins

Bitcoin

In general, Bitcoin transactions are fast and inexpensive, but the speed and cost depend on several factors, such as the number of transactions a network must and can process at any given time and the fee you are willing to pay for the miners of the cryptocurrency. Keep in mind that not all crypto are made “the same” as it were. So Bitcoin has competitors, which are called Altcoins. In most cases, Altcoins want to be an improvement of the original Bitcoin protocol. An example of an altcoin is “Bitcoin cash (BCH)”, which in most cases makes transfers much faster than Bitcoin (BTC) and the transaction costs (miner fee) are much lower than those of Bitcoin (BTC). This is regardless of the amount sent or the distance.

Altcoins

Another example of an Altcoin is Ethereum. Ethereum is a decentralised software platform. Ethereum was built by Vitalik Buterin. The platform has been created for the conclusion of (smart) contracts; arranging payments and sending messages. So, you can build applications and crypto on this network. The crypto built on the Ethereum network are called ERC-20 tokens. The Ethereum blockchain offers the possibility for many starting crypto and ICO’s to start in a simple way. The network has many enthusiasts and has hundreds of programmers at its disposal. Ethereum can be stored in a Wallet.

There are still hundreds of projects that engage in battle with Bitcoin or try to be better. The question is whether this will work. Will Bitcoin remain the biggest cryptocurrency forever?

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