Investing in cryptocurrency market space is often complicated, especially for traditional investors. This is because investing directly in cryptocurrency requires the adoption of new technologies, tools and some new ideas.
If you decide to dip your toes into the cryptocurrency world, you need to have a clear picture of what to do and what to expect.
To buy or sell cryptocurrency, be it Bitcoin, Lightcoin, Etherium or 1300 Token, you need to choose an exchange that deals with the products of your choice.
As the most famous decentralized cryptocurrency, Bitcoin leads the crypto space so effectively that the terms crypto and bitcoin are sometimes used interchangeably. However, the fact is that there are other cryptocurrencies that can be relied upon for crypto-investing.
Litecoin, also known as ‘Bitcoin’s Gold to Silver’, is an open source decentralized payment network that operates without the involvement of intermediaries.
How does Litecoin change from Bitcoin? Okay, both are similar in many ways, but Litecoin’s block generation is much faster than Bitcoin. This is making it easier for investors around the world to accept Litecoin.
Litecoin was founded in 2011 by Charlie Lee, a former engineer at Google. Although Litecoin does not have the anonymous technology of Bitcoin, recent reports have shown that Litecoin is preferred after Bitcoin due to its perseverance. Another thing that Litecoin advocates is Bitcoin SegWit technology which allows secure peer-to-peer trading of currencies without the participation of money exchange.
Launched in 2015, Ethereum is a decentralized software platform that enables distributed applications and smart contracts to work without third party interference. The coin is the ether which is like an accelerator in the etherium platform. Leading cryptocurrency space, Ethereum. The second most preferred choice after Bitcoin.
Zcash drew attention in late 2016 and focused on resolving the issue of anonymous transactions. To understand the currency, let’s take “If Bitcoin is like HTTP for money, Zcash is HTTPS”.
The currency offers a choice of secured transactions to maintain the transparency, confidentiality and security of the transaction. This means that investors can transfer data in the form of encrypted code.
Originally known as Darkcoin, Dash is a more selective version of Bitcoin. It was launched by Evan Duffield in January 2014 under the name Xcoin. It is also known as decentralized autonomous body or simply DAO. The currency was intended to remove all existing restrictions on Bitcoin. Currently, Bitcoin has gained a significant position in the place of cryptocurrency.
Cryptocurrency is an alternative to virtual currency that promises secure and anonymous transactions through peer-to-peer networking. The key to making a lot of money is to make the right investment at the right time. Compared to daily money making, cryptocurrency models work as a decentralized digital process without involving any middle person. Within this distributed cryptocurrency mechanism, continuous activities are issued, managed and approved by the community peer network. Cryptocurrency is known for fast transactions through any other mode such as digital wallet and others.
In addition to the above discussion, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
While Bitcoin is trending and leading the race, other currencies have also made significant gains and are growing in favor of each day. Considering the trend, other cryptocurrencies have a long way to go and could soon give Bitcoin a real hard time maintaining its position.
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