Cryptocurrencies have revolutionized the way we think about money and financial transactions. Bitcoin, the world’s first and best-known cryptocurrency, paved the way for a new era of digital currencies. Over the years, hundreds of new cryptocurrencies have emerged, each with unique characteristics and capabilities.
In this guide, we’ll look at some of the cryptocurrencies with Bitcoin in their names and the crypto platform you can use to manage these digital assets.
A Short Introduction to Bitcoin (BTC)
Bitcoin (BTC) is a decentralized digital currency powered by blockchain technology. It was created by an anonymous individual or group known as Satoshi Nakamoto in 2009. Since then, it has become the top cryptocurrency in the world based on price and market cap, with over 19 million coins in circulation. It allows users to transfer money without relying on a third-party, such as a bank or the government.
Since bitcoin is based on blockchain technology, it is transparent and immutable. As a result, Bitcoin transactions are secure, fast, and relatively low-cost compared to traditional forms of payment. Now that you have been introduced to the most popular cryptocurrency in the world, you will find some altcoins with ‘Bitcoin’ in their names and the story behind their creation (if there is any).
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a cryptocurrency that emerged in 2017 due to a hard fork in the Bitcoin blockchain. The hard fork was initiated to address some of the scalability issues associated with the original Bitcoin network.
Bitcoin Cash operates on a decentralized peer-to-peer network, just like Bitcoin, but with a larger block size limit of 32 megabytes as of October 2021. Bitcoin Cash was designed to be a faster and more affordable alternative to Bitcoin while retaining its key characteristics, such as security and transparency.
Bitcoin Cash has a max supply of 21 million BCH, and its circulating supply is over 19 million BCH. One of the primary characteristics of Bitcoin Cash is its scalability. The larger block size limit allows more transactions to be processed per block, reducing transaction fees and processing times.
Bitcoin SV (BSV)
Bitcoin SV (BSV) is a cryptocurrency that was created in 2018 through a hard fork of the Bitcoin Cash (BCH) network. The hard fork was initiated by Craig Wright, who claims to be the original creator of bitcoin, and aims to restore the original Bitcoin protocol outlined in Satoshi Nakamoto’s white paper.
Bitcoin SV also uses a system called ‘Satoshi Vision,’ designed to preserve and optimize the original Bitcoin protocol for scaling. Bitcoin SV operates in a decentralized peer-to-peer network, similar to Bitcoin and Bitcoin Cash, but with some key differences in its scaling and transaction processing approach.
The main feature of Bitcoin SV is its focus on scaling and processing large volumes of transactions. The network supports larger blocks than BTC and BCH, allowing it to process more transactions per second. It has the same max supply and circulation as BTC and BCH, 21 and 19 million.
Bitcoin Vault (BTCV)
Bitcoin Vault (BTCV) is a cryptocurrency that provides users with an extra layer of security to ensure the safety of their funds. It utilizes a three-key system to generate three Elliptic Curve Digital Signature Algorithm (ECDSA) keys. The three ECDSA keys—Standard Transaction Key, Cancel Transaction Key, and Fast Transaction Key—let users create and recover wallets, cancel transactions within 24 hours, and complete transactions in minutes.
Using a 144-delay block technique, Bitcoin Vault creates a new state called “confirmed” to achieve the reverse functionality of on-chain alert transactions. This state enables transfer confirmation before transfer confirmation. In addition, it keeps track of the time between the removal of unspent transaction output (UTXO) and its spending.
Bitcoin Gold (BTG)
Bitcoin Gold (BTG) is a cryptocurrency that was created in 2017 as a hard fork of the Bitcoin network. The main goal of the hard fork was to make bitcoin mining more accessible to ordinary users by changing the algorithm used to mine the new coins. This was done to reduce the dominance of large mining pools and to make mining more decentralized.
Bitcoin Gold is a cryptocurrency with the Equihash algorithm that can be mined using standard GPUs rather than specialized ASIC mining equipment. BTG is designed to be more accessible and user-friendly than bitcoin while retaining the key characteristics of a decentralized cryptocurrency.
Using the Equihash algorithm for mining, Bitcoin Gold allows ordinary users to mine new coins using standard GPU hardware rather than specialized ASIC miners, which are only available to large mining pools. This approach makes mining more decentralized and helps reduce the risk of 51% attacks. In addition, Bitcoin Gold has relatively low transaction fees, making it a more affordable way to conduct decentralized and transparent transactions.
Wrapped Bitcoin (WBTC)
Wrapped Bitcoin (WBTC) is a cryptocurrency that is Bitcoin (BTC) on the Ethereum blockchain. It was launched in 2019 to bring Bitcoin’s liquidity and stability to the Ethereum network, home to many decentralized applications and smart contracts.
WBTC is fully backed by Bitcoin, which means that each WBTC token is backed 1:1 by real Bitcoin stocks. The ERC20 token is held in reserves by a group of qualified custodians, providing users with a transparent and secure way to store and trade Bitcoin on the Ethereum network. WBTC can be used in various decentralized applications, including trading, lending, and borrowing, as well as in other areas, such as gaming and digital identity.
Bitcoin BEP2 (BTCB)
Bitcoin BEP2 (BTCB) is a cryptocurrency that was created to allow users to use Bitcoin on the Binance chain. It is a pegged asset backed by real Bitcoin stocks held by qualified custodians.
BTCB aims to provide users with a seamless and secure way to use bitcoin on the Binance Chain network, another platform that houses a wide range of decentralized applications and smart contracts. BTCB can be stored in any wallet that supports BEP2 tokens and traded on any decentralized exchange that supports BEP2 tokens.
BTCB is fully backed by real Bitcoin reserves, meaning each BTCB token is backed 1:1 by real Bitcoin reserves. This provides users a secure and transparent way to store and trade Bitcoin on Binance Chain without leaving the Binance ecosystem.
BTCB transactions on Binance Chain are fast and cheap, making it a more efficient way to use Bitcoin on the Binance network. In addition, BTCB can be used in several decentralized applications, including trading, lending, and borrowing.
Where to Store These Cryptocurrencies?
Choosing a reliable and secure wallet like Guarda Wallet is essential when storing all these cryptocurrencies. Guarda is a non-custodial wallet, which means you always have complete control over your private keys and funds. With Guarda Wallet, you can easily, securely, and flexibly store, buy, send, receive, and exchange these altcoins and 400k+ others.
It also offers a range of features, including:
- Easy and intuitive user interface;
- Built-in exchange functionality (without KYC or registration);
- Multi-platform support (desktop, mobile, and web);
- In-app staking platform;
- Token generator, prepaid Visa card, which you can top up with BTC and other assets;
- Crypto loans, etc.
Many of these crypto assets have emerged in recent years, offering unique features, and use cases for different blockchain ecosystems. They offer endless possibilities for decentralization, transparency, and security in digital currencies if you opt for something other than Bitcoin.
Choose a reputable and secure wallet and exchange provider to invest or trade cryptocurrencies and tokens. Guarda Wallet is an excellent option for storing, managing and exchanging Bitcoin-related assets.
1. How do I store bitcoin-related cryptocurrencies?
You can store these cryptocurrencies in various wallets, including desktop, mobile, web, and hardware. Therefore, choosing a reputable and secure wallet provider, such as Guarda Wallet, is important.
2. How do I trade bitcoin-related cryptocurrencies and tokens?
You can trade these cryptocurrencies on various exchanges, wallets, or crypto platforms that support them. Guarda Wallet is one place to go about your trade easily while storing these assets and doing other transactions.
3. What are the advantages of using these cryptocurrencies?
These cryptocurrencies provide a range of advantages, including increased liquidity, flexibility, and accessibility for decentralized applications and smart contracts. They can also provide a way to use bitcoin on different blockchain ecosystems, such as Binance Chain or Ethereum, for instance, WBTC and BTCB. They also offer lower transaction fees and faster confirmation times than Bitcoin itself.
However, it is essential to remember that these cryptocurrencies are still subject to the same risks and volatility as bitcoin. Therefore, investing in them should be approached with caution and proper research.