Investing in the cryptocurrency market space is complex, especially for traditional investors. This is because investing in Cryptocurrency directly requires using new technology, tools and adopting some new concepts.
If you decide to dip your toes into the world of CryptoCurrency, you need to have a clear picture of what to do and what to expect.
Be it Bitcoin, Litecoin, Ethereum or any of the 1300 tokens, buying and selling cryptocurrencies requires choosing an Exchange that deals in the products you want.
As the most famous decentralized cryptocurrency, Bitcoin dominates the crypto space so much that the terms crypto and bitcoin are sometimes used interchangeably. However, the point is that there are other cryptocurrencies for crypto investments.
Litecoin, also referred to as the “gold of silver Bitcoin”, is an open source decentralized payment network that works without the involvement of intermediaries.
How does Litecoin compare to Bitcoin? Well, both are similar in many ways, however Litecoin’s block generation is much faster than Bitcoin’s. This is opening investors around the world to accept Litecoin.
Charlie Lee, a former Google engineer founded Litecoin in 2011. Although Litecoin lacks the anonymity technology of Bitcoin, recent reports have shown that Litecoin is favored behind bitcoin due to its durability. Another factor that favors Litecoin is the Bitcoin SegWit technology, which means secure peer-to-peer currency trading without exchange participation.
Launched in 2015, Ethereum is a decentralized software platform that enables distributed applications and smart contracts to operate without third-party interference. The coin is like an accelerator within the ethereum platform. Ethereum’s top cryptocurrency sites. It is the second most preferred option after Bitcoin.
Zcash gained attention in the latter part of 2016 and focuses on solving the problem of anonymous transactions. To understand the currency, let’s consider “if bitcoin money is like HTTP, Zcash is HTTPS”.
The currency offers the option of protected transaction to maintain transparency, privacy and security of transactions. 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 in January 2014 by Evan Duffield under the name Xcoin. Also known as Decentralized Autonomous Organization or simply DAO. The coin wanted to eliminate all the limitations that prevailed in Bitcoin. Today, Bitcoin has gained a prominent position in the cryptocurrency space.
Cryptocurrency is an alternative to virtual currency that promises secure and anonymous transactions through a peer-to-peer network. The key to making a lot of money is making the right investment at the right time. Compared to everyday money making, the cryptocurrency model works without involving any middle man as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, continuous activity is issued, managed and accepted by the peer-to-peer network of the community. Cryptocurrency is known for fast transactions in any other form, such as digital wallets and other media.
Apart from the one discussed above, other major cryptocurrencies are Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
Although Bitcoin is the trendsetter and the leader of the race, other currencies have also made their significant position and are growing in preference every day. Given the trend, other cryptos will have a long way to go and will soon give Bitcoin a real tough time to maintain its position.
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