7 Most Popular Virtual Currencies, Apart from Bitcoin

With Bitcoin being the talk of the town, virtual currencies certainly have everybody's attention. Through all the pitfalls, regulations and debates, the fact remains that Bitcoin has had an 80 fold increase in the year 2013 and was valued at an astounding $1,124 per BTC only last week. Nevertheless, fluctuations also remain a constant issue for the currency which dropped to as low as $760 yesterday, and rose again to $902 on 9th December 2013.

This development has given rise to a slew of alternate virtual currencies (more than 140) similar to Bitcoin and a lot of techies, gamers, punters, hedge pundits and professionals are looking at other options as a more viable investment.

Here are 7 other Virtual currencies for you to choose from: (Value as of December 9th 2013):

LiteCoin (Code: LTC)

If Bitcoin is a form of modern Gold then Litecoin is a form of modern Silver. As algorithmic currencies grow because of the attention to Bitcoin, Litecoin is the most viable route. Charles Lee, launched it in early 2011. Charles addressed a number of issues that could make Litecoin just as valuable as Bitcoin and perhaps a more useful retail currency. He has been around a while and has also launched other currencies: his first, Fairbrix, was a clone of Tenebrix. Litecoin is based on algorithmic system that is similar to Bitcoin but different enough to offer some of the same benefits but with more attributes.

LiteCoin value: $32.45.

It has a cap of 84 million currency units.

PeerCoin (Code:PPC):

PeerCoin, also called PPCoin or Peer-to-Peer Coin was created by a software developer named Sunny King in August 2012. It is the first cryptocurrency that is based on a combined implementation of Proof of Stake (POS) / Proof of Work (POW) system

Unlike other cryptocurrencies however, PeerCoin is never expected to reach its cap of 2 BN. The PeerCoin source code is distributed under MIT/X11 software lisence.

This is a video that argues about PeerCoin’s advantage over Bitcoin

PeerCoin value: $5.26

It has a cap of 2 Billion currency units.

According to its creator, PeerCoin is a much better mimic of Gold that Bitcoin since it does not have a money supply cap, which is the same with Gold.

Namecoin (Code: NMC):

On April 18th 2011, the currency was implemented as Namecoin. It is another cryptocurrency which also behaves as an alternative, decentralized DNS. Although Namecoin can be used as currency, it is primarily intended to be used as a centralized DNS.

Domain names are registered by paying a small fee of 0.01 NMC. They are then updated for the first time after upon which the person owns that domain. This can only be removed from that person if he chooses to transfer it. Domain names expire if they are not updated every 250 days.

Namecoin value: $7.64.

It has a cap of 21 million currency units.

Protoshares (Code: PTS):

Protoshares are not just an alternative cryptocurrency, although they can be mined like conventional Bitcoins. They also represent shares in future Invictus-Innovation's cryptocurrencies and digital creations. Invictus classifies cryptocurrency as being part of a larger concept called DACs, or Distributed Autonomous Corporations. ProtoShares represent a share in future Invictus-Innovations DACs of a variety of types.

Protoshare value: $18.56

Novacoin (Code: NVC):

Novacoin is the 2nd know cryptocurrency based on implementation of a combined Proof of stake (POS) / Proof of work (POW) system. With a proof-of-stake system, new coins are generated based on the holdings of individuals. In other words, someone holding 1% of the currency will generate 1% of all proof-of-stake coin blocks. This has the effect of making a monopoly more costly, and separates the risk of a monopoly from proof-of-work mining shares.

A peer-to-peer network handles Novacoin's transactions, balances and issuance through scrypt. Novacoins are issued when a small enough hash value is found, at which point a block is created.

Novacoin value: $19.85.

It has a cap of 2 Billion currency units.

Anoncoin (Code: ANC):

Anoncoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. The currency is technically nearly identical to Litecoin. Anoncoin creation and transfer is based on an open source encryption protocol and is not managed by any central authority.

Anoncoin is intended by its developers to improve upon Bitcoin and offers three key differences for the moment. Faster transactions, darknet support and coin control. Each Anoncoin is subdivided into 280,000,000 smaller units, defined by eight decimal places.

Anoncoin value: $7.07

It has a cap of 42 Million currency units.

Megacoin (Code: MEC):

Megacoin is another decentralized currency, launched on 29th May, 2013 by Dr. Kimoto Chan (Username on Bitcointalk). It is a POW type script, not endorsed or minted by any nation, but by users across the world. Users can send or receive Megacoins anywhere that internet is available, including outer space. Megacoins can be obtained for free by mining or conversely bought for a price through an exchange such as Kraken.

Megacoin value: $1.10

It has a cap of 42 Million currency units.