Bitcoin vs altcoins is becoming an increasingly noticeable battle in the world of cryptocurrency. While Bitcoin, however, takes up the bulk of the market, its alternatives are becoming more popular. Altcoins are usually built to solve a few of the shortcomings of Bitcoin. As an outcome, altcoins often use diverse protocols and encryption algorithms. They additionally have a distinctive focus, some of those include:

Privacy
Stability
Alternative payment methods

In this blog, we have analysed the latest Bitcoin news to explore the Bitcoin vs altcoins encounter, the various types of coins associated and the key distinctions between them.
Bitcoin vs Altcoin: The Popularity Contest

Bitcoin, in terms of fame, always comes on top when it comes to the wars between cryptocurrencies. It attempted to become an alternative, automated, peer-to-peer money system. The purpose of its invention was to decentralise the world of banking and provide higher levels of transparency. Its inventors aimed to offer power back to the people and allow self-sovereignty over your finances, rather than providing power to a central authority – such as a bank.

The initial cryptocurrency is encrypted with an algorithm acknowledged as ‘SHA-256,’ which encrypts the data into a 256-bit long ‘hash.’ This information is not enough to exchange or use the currency without the secret key. A secret key is not too different from a password; just you, the owner, should always have access to it. This level of encryption includes layers of protection to the cryptocurrency and further offer anonymity.

However, according to the latest altcoin news, there are many cryptocurrencies that are quickly rising to fame and providing more benefits to users than Bitcoin.
Popular Altcoins That Are Giving A Tough Fight

Ethereum

Ethereum, started by Vitalkin Buterin, is more than merely a cryptocurrency. It is an open-ended decentralised software program that helps smart contracts and the production of distributed applications. Although Ethereum operates on a blockchain and can be purchased as a digital currency exchange, it can further be utilised to monetise work. This altcoin was not designed with the sole intention of being a payment option.
Litecoin

Litecoin is another common altcoin on the market. At its core, Litecoin is not different from Bitcoin – at least when viewing their respective code. But, Litecoin can be worked significantly faster than Bitcoin with a block generation time of 2 1/2 minutes. The purpose behind the more agile block generation time is to enable for quicker transaction verification times, seeming to solve a few of Bitcoin’s limitations. Litecoin additionally enables for a massive sum of 84 million coins to be minted, which is four times greater than Bitcoin.
Monero

Monero is an open-source cryptocurrency founded in 2014 that sets focus on fungibility, privacy and decentralisation. It utilises a public ledger so that anyone can broadcast or send transaction; but, no external spectator can discover the source.

Presently, Monero has a block generation time of about 2 minutes, though this number used to be lower. Like several other cryptocurrencies, Monero makes use of a PoW algorithm. Monero has an organised hard turn every 6 months, which modifies its mining algorithm. A hard turn relates to when a significant change happens within the code; sometimes it is to update the network, other times it may appear from a conflict within the community about the planned direction of a project.
Conclusion

As the cryptocurrency enterprise proceeds to grow, so will the kinds of coin. Having several coins with different goals shouldn’t be seen as a negative thing. In the Bitcoin vs altcoins contest, users are providing more choice and a higher level of motivation to shift from fiat to cryptocurrency.

If you are looking to invest in the cryptocurrency market, it’s best to stay up-to-date about the latest happenings to ensure that you know which cryptocurrency is the best to purchase. You can access all the latest Bitcoin news at CoinGyaan, a reliable and easy-to-understand cryptocurrency news site.