Bitcoin is the pioneer of decentralized cryptocurrency where a public ledger validates and chronologically records the transactions through Blockchain. With the arrival of Bitcoins, a diverse and expansive ecosystem of 1000+ tokens and coins, which do not necessarily fall under the category of “currency”, was garnered. Take, for example, the hardware wallet of ELLIPAL supports 30+ coins including BTC (Bitcoin), LTC (Litecoin), DGB (Digibyte), BTX (Bitcore) and ADA (Cardano). Not only just coins but also token of ERC20 (ZRX, CHP, ANT, etc), TRC10 and TRC20 (BTT, ANTE, etc), EOS (CET, EOSDAC, etc) and BNB BEP2 (AWC-986, ANKR-E97, etc) are supported by ELLIPAL.
Knowing About Bitcoin
Bitcoins came to the cryptocurrency market in 2008, invented by Satoshi Nakamoto who incepted the idea of digital currency in a decentralized cash system. New tokens and coins being supported and regular improvements are being made to maintain a smooth market. Among the best features of Bitcoins are –
- The transactions, no matter whether it is by the top governmental body or the bank, cannot be reversed –once you send your Bitcoins, it is sent.
- Using, sending and receiving Bitcoins do not need permission because everyone uses a software or an online medium which can be downloaded by anyone at free of cost.
- Neither your account nor your transactions are linked to identities in real life as there is a random thirty character verification process regarding the monitoring of the transaction online.
- Only the owner of the private keys of the best Bitcoin hardware wallet can send Bitcoins, none else. The transactions are highly secured by cryptographic methodology consisting of a complicated number system that is hard to hack into.
- The Bitcoin transactions including confirmation over the Bitcoin network after sending the coins are surprisingly fast i.e. a matter of mere minutes because these happen through peer-to-peer nodes globally.
You can get Bitcoins through Cryptocurrency exchange where you can exchange any currency or cash in exchange for Bitcoins. Besides, there are Bitcoin ATMs and classified Bitcoin traders from where you can get the coins. Also, another option is selling your assets.
Introduction Of Altcoins
As Bitcoins were adopted by a niche crypto community, several alternative coins emerged in the market for the best offline wallet for Altcoins. Many users owe the rise of these new coins named as Altcoins to various complications faced while using or transacting Bitcoins. The Blockchain technology is evolving and Altcoins using a similar decentralized concept as Bitcoins take the technology a bit further with “smart contracts”. Here the agreements of two parties are automatically executed.
Some popular Altcoins are Luxcoin, Maker, Ripple, Ox, and Dogecoin which have maintained their stronghold in the market even though many have vanished. As a better alternative to Bitcoins, Altcoins have enhanced the speed of transactions and enhanced hashing algorithms while generally scaling with the growing demand for services.
Key Difference Between Altcoins and Bitcoins
Altcoins are getting popular as they resolve the issues faced in Bitcoin transactions and have better features like better scaling systems, faster transaction and relatively lower fees of transactions. While many users stick to the pioneer Bitcoins, many are checking out the tested Altcoin models like Ethereum. If you consider the main Altcoin vs Bitcoin feature, in terms of a payment mechanism, Bitcoin has limitations regarding the use of credit cards as well as other digital payment procedures. Besides, the process of transaction verification is expensive and resource-intensive, which the Altcoins solve.
Ripple facilitates centralized transactions between large institutions and corporations cross-border while Dash offers a surprisingly faster transaction speed like one second/transaction while maintaining superior security and a smooth ecosystem where users can manage their currency.
As a whole, Bitcoin fails to compete with more focused and newer coins as the crypto market is volatile. Although Bitcoin has the largest market share, Altcoins like Ripple, Ether, and Dash are giving close competition, enough as a result, Bitcoin can be out of the market in the future.