Investing in the cryptocurrency market space is often complicated, especially for traditional investors. This is because investing directly in cryptocurrency requires the use of new technologies, tools and the adoption of some new concepts.
If you decide to dip your toes into the world of CryptoCurrency, you will need to have a clear idea of what to do and what to expect.
Whether it’s Bitcoin, Litecoin, Ethereum, or any of the 1,300 tokens, buying and selling cryptocurrencies requires choosing an exchange that trades the products you want.
Being the most famous decentralized cryptocurrency, Bitcoin leads the crypto space so dominantly that the terms crypto and Bitcoin are sometimes used interchangeably. However, the fact is that there are other cryptocurrencies that can be relied upon to make crypto investments.
Litecoin, also called “silver to Bitcoin’s gold”, is an open-source, decentralized payment network that operates without the involvement of an intermediary.
How does Litecoin differ from Bitcoin? Well, both are similar in many ways, but Litecoin’s block generation is much faster than Bitcoin’s. This makes investors around the world open to accepting Litecoin.
Charlie Lee, a former engineer at Google, founded Litecoin in 2011. Although Litecoin lacks the anonymity technology of Bitcoin, recent reports suggest that Litecoin is favored after bitcoin due to its stability. Another factor favoring Litecoin is the Bitcoin SegWit technology, which means secure peer-to-peer trading of currencies without involving participation in an exchange.
Launched in 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to function without the intervention of third parties. The currency is ether, which is like an accelerator in the ethereum platform. In the leading cryptocurrency space, Ethereum. is the second most preferred choice after Bitcoin.
Zcash gained attention in the second half of 2016 and focused on solving the problem of anonymous transactions. To understand the currency, let’s think of it as “if Bitcoin is like HTTP for money, Zcash is HTTPS”.
The currency offers a secure transaction option to maintain transaction transparency, privacy and security. This means that investors can transfer data in the form of an 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. It is also known as Decentralized Autonomous Organization or simply DAO. The coin was meant to remove all the prevailing restrictions of Bitcoin. Currently, Bitcoin has gained a significant position in the cryptocurrency space.
The alternative to virtual currency, which promises secure and anonymous transactions through a peer-to-peer network, is cryptocurrency. The key to making a lot of money is making the right investment at the right time. Compared to making everyday money, cryptocurrency models function without the involvement of an intermediary as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, continuous activity is issued, managed and approved by the community’s peer network. Cryptocurrency is known for its fast transactions through any other mode like digital wallets and other mediums.
In addition to the above, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
Although Bitcoin is setting the trend and leading the race, other currencies are also taking a significant position and growing in preference every day. Given the trend, other cryptocurrencies will have a long way to go and may soon give Bitcoin a really tough time to maintain its position.
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