Other Cryptocurrencies to Know Besides Bitcoin
By now, you probably know all about Bitcoin. It’s hard to avoid when Bitcoin is topping the likes of Taylor Swift and Beyonce in Google Search! Its market cap has regularly been above $1 trillion, and it is now seen as a major asset class. But in case you need a mini refresher before we dive into other cryptocurrencies beside Bitcoin, here’s a quick backstory on the most popular cryptocurrency in the world.
Bitcoin is the world’s first decentralized cryptocurrency, created in 2009 by the pseudonymous Satoshi Nakamoto. Nakamoto wanted to create a peer-to-peer electronic cash system – which cuts out the need for middlemen, such as banks or other financial institutions – and establish blockchain technology (basically a public ledger) to manage it.
You can buy Bitcoin on crypto exchanges and store it in a wallet (online, mobile app, or hardware device). You can use it to shop at more and more retailers, buy gift cards, or play your favorite online slots at SlotsLV. Casino and slots players love Bitcoin at SlotsLV because it’s so much faster and easier than transacting with any other method – and the payouts are instant too!
So, are there other cryptocurrencies besides Bitcoin? The answer is yes! There are actually more than 25,000 cryptocurrencies, which are collectively referred to as altcoins. Most of them are very small and obscure, but there are some large altcoins that you should know about.
Join us as we share need-to-know facts and stats about some of the big ones like Ethereum and Litecoin, and some of the newer ones like Solana.
Ethereum (ETH)
Ether (ETH) is the native token on the Ethereum blockchain. Programmer Vitalik Buterin created Ethereum in 2013, along with co-founders Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin.
The founders argued that blockchain technology could be used for more than simple transactions, and Ethereum proved to be very popular. It is now the world’s most widely used blockchain.
Ethereum is a cryptocurrency type that is more flexible than Bitcoin. It offers a smart contract feature, which has allowed developers to build a large suite of decentralized financial products on the network. Many other tokens also run on the Ethereum blockchain. They include USDT, USDC, Shiba Inu, ChainLink, and Uniswap. It also hosts NFTs (non-fungible tokens) and games.
ETH is the world’s second largest cryptocurrency by market cap. While Bitcoin has a fixed supply of 21 million tokens, ETH historically had an infinite supply. The number of coins in circulation reached a peak of 122 million. However, the supply has now started to decline.
In 2022, Ethereum switched to a proof-of-stake mechanism. Miners are no longer required to verify transactions on the blockchain. This has reduced energy usage by 99%. It has also resulted in a decrease in the circulating supply, as ETH is sent to a defunct address each day. Anyone that holds ETH can now “stake” it, which allows you to earn interest on your tokens.
Litecoin (LTC)
Another of the best cryptocurrencies to know besides Bitcoin? Litecoin.
Creator Charlie Lee designed Litecoin to address some of Bitcoin’s limitations. It introduces lower transaction fees and faster transaction speeds. Lee described it as the silver to Bitcoin’s gold.
You will typically pay less than $0.01 to send LTC, so it is a lot more cost-effective than sending Bitcoin. New blocks on Litecoin’s blockchain can be produced around every 2.5 minutes, which is faster than Bitcoin’s 10-minute block creation time.
Litecoin mimics the Bitcoin network in many ways, so it is secure and reliable.
Bitcoin Cash (BCH)
Bitcoin Cash was developed by a group of Bitcoin miners, who had grown concerned with the future of the cryptocurrency and its ability to work effectively.
They argued that Bitcoin was not following the grand plan initially defined by Satoshi Nakamoto. The miners proposed larger block sizes, but others opposed the plans. The rival factions could not resolve their differences, so they went their separate ways.
Bitcoin Cash was created as a “hard fork” from the main Bitcoin blockchain in 2017. It has many of the same features, including a proof-of-work mechanism and a fixed supply of 21 million coins, but there are a couple of key differences.
The block size increased to 32 MB in 2018, allowing for faster transactions and shorter waiting times. By contrast, Bitcoin’s block size is limited to 1 MB, which means transactions can be slow, especially during periods of high demand.
A typical BCH transfer costs less than $0.01 and takes less than a minute to arrive. That makes it faster and cheaper than using Bitcoin.
Tether (USDT)
Tether is a stablecoin. That means it is pegged to the U.S. dollar. In theory, you should always be able to trade 1 USDT for $1, irrespective of market circumstances. Tether launched in 2014, and it has maintained its peg to the dollar for more than a decade.
Coins like Bitcoin and Ether can be volatile. If you don’t like the idea of your coins increasing or decreasing in value on a daily basis, USDT offers a helpful alternative.
Many crypto traders use Tether to provide steady, dependable liquidity. It is also popular among casino players, as you know that you can always exchange your USDT for dollars at a fixed rate whenever you cash out.
The four tokens mentioned above are all examples of the gaming cryptocurrency coins you can deposit with here at SlotsLV. And, if you tell friends about our online casino, you will earn a refer a friend bonus for each buddy who successfully signs up, of which we’ll give you extra if your friend uses crypto to deposit.
More Cryptocurrencies to Watch
You can get involved in crypto gambling with all of the above four coins at our online casino, but there are lots of other intriguing tokens for you to explore. Each offers unique features and specific advantages.
Solana (SOL)
Another popular cryptocurrency is SOL, the native token on the Solana network. It is often described as an “Ethereum killer,” as it offers a similar platform, but with faster transactions and lower fees.
ETH payments can be slow and expensive, especially during peak times, when the gas fees are high. An average SOL transaction costs approximately $0.0003, and transactions are almost instant.
Solana is roughly 4,000x faster than Ethereum and 10,000x faster than Bitcoin. That makes SOL one of the most effective cryptocurrencies out there. It is highly scalable, as it can deal with up to 655,000 transactions per second.
Dogecoin (DOGE)
Dogecoin (DOGE)was originally created as a joke and takes its odd name from an internet meme featuring a small, cute Shiba Inu dog.
Despite its humble beginnings, Dogecoin has proved popular with crypto enthusiasts such as Elon Musk and other crypto millionaires. It has an unlimited supply, and it can be used for sending quick, secure, cost-effective online payments.
XRP (XRP)
Then there’s XRP, the native token on the Ripple network. Many crypto purists dislike XRP, as it is not decentralized, but it has a cult following among its enthusiasts.
Ripple is faster and more efficient than most other systems, with settlements happening within 4 or 5 seconds. XRP can also be used to source liquidity in real-time and is more scalable than a lot of other digital resources.
Meanwhile the cost of completing a transaction on the Ripple network is just 0.00001 XRP, making it far cheaper than Bitcoin and Ethereum.
These are just some of the major cryptocurrency types circulating right now. There are many more, including Binance Coin (BNB), Cardano (ADA), USDC and Avalanche (AVAX). The cryptocurrency market is also growing increasingly popular with casino players, investors and businesses alike.
Among the many crypto casino benefits, it’s faster and more cost-effective than using a regular transaction method, such as a bank transfer or a credit card. With so many advantages to using the cryptocurrency method for deposits and withdrawals, it’s definitely worth trying a crypto deposit here today at SlotsLV online casino!
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