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Bitcoin and its Use Cases
Bicoin’s unknown developer(s) Satoshi Nakamoto, created Bitcoin as a financial asset to compete with fiat currencies. At first, Bitcoin was used to purchase low-cost assets till its price hiked and fees became unbearable for cryptocurrency users. This was the onset of Bitcoin cash (BCH).
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BCH was created to cater to the low-value costs that Bitcoin had superseded. The existence of these tokens on the bitcoin network gives room for the creation of programmable money. The BTC blockchain provides users with a value store that does not depend on any local bank. This allows transactions to be free from being monitored by traditional regulatory authorities, much like other cryptocurrencies.
Furthermore, Bitcoin miners use it to determine certain changes in governing protocol. They do this by attaching the initials of the protocol change to new blocks. This is known as on-chain voting and can be used to ensure that voters’ turnout.
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Ethereum and its Use Cases
Ehereum worked on the Bitcoin developers’ desire for true decentralization and is now used for various decentralized web applications. The types of applications vary from games to browsers and even finance applications. Ethereum also created a standard for the establishment of new tokens. This standard is known as ERC-20. Ethereum has self-facilitating smart contracts that can run transactions on the blockchain.
Ethereum’s blockchain’s complete independence from central authorities allows developers to create and execute web applications without the need for permission. This has allowed the creation of Non-Fungible Tokens, decentralized autonomous organizations, and tokens.
DASH and Its Use Cases
The DASH network can be used to perform untraceable transactions with PrivateSend. The network also allows users that own up to 1000 DASH to become a MasterNode which makes it possible for them to earn a percentage of tokens with the addition of a new block.
DASH coin transactions have no history or traceability which makes them fungible tokens, unlike Bitcoin.The most practical use cases of DASH are seen when new blocks are added. A small percentage of the new tokens are collected by DASH to fund the advancement of the cryptocurrency.
IOTA Use Cases
The use cases of IOTA are associated with machines that use sensors for their input. IOTA makes transactions easier to process without transaction fees. In 2019, IOTA became one of the world’s most traded cryptocurrencies with a valuation of just over $11 billion.
Cardano (ADA) Use Cases
Cardano’s use case is similar to Ethereum’s DApps. It allows developers to create secure applications that can be powered by it. It is also used primarily for financial transactions. Another use for Cardano is to create Smart contracts which allow it to develop decentralized protocols and applications.
Cryptocurrency use cases are vast and have unlimited potential to grow. Apart from coins with strictly financial applications (like Litecoin), crypto assets come with other beneficial uses that can help the coins and tokens on a blockchain to spike exponentially. You can check the link above for more details about cryptocurrency assets.