A cryptocurrency is a digital currency that is created and managed using advanced encryption techniques called cryptography. Cryptocurrency made the leap from an academic concept to (virtual) reality with the founding of Bitcoin in 2009. While Bitcoin attracted a growing number in the coming years, it attracted the attention of investors and the media in April 2013, reaching a record of $ 266. Bitcoin after jumping 10 times in the previous two months. Bitcoin had a market value of more than $ 2 billion at its peak, but a decline of 50% shortly thereafter prompted a fierce debate about the future of cryptocurrency in general and Bitcoin in particular. Will these alternative currencies eventually replace conventional currencies and become a day as ubiquitous as dollars and euros? Or are crypto-currencies a passing fad that will not last long? The answer lies with Bitcoin.
Bitcoin – the current standard
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Alternatives for Bitcoin
Litecoin – Litecoin is currently considered the biggest rival of Bitcoin and is designed to speed up the processing of small transactions. It was founded in October 2011 as “a piece of silver for Bitcoin gold,” according to founder Charles Lee. Unlike the high computing power required for Bitcoin mines, Litecoins can be earned by a normal desktop computer. – four times the Bitcoin limit of 21 million – and it has a transaction processing time of about 2.5 minutes, about a quarter of that of Bitcoin.