Investing in the cryptocurrency market is often complicated, especially for traditional investors. This is because investing directly in Cryptocurrency requires the use of new technologies, tools and adoption of some new concepts.
If you decide to dip your toes into the world of CryptoCurrency, you should have a clear idea of what to do and what to expect.
Whether it’s Bitcoin, Litecoin, Ethereum or any of the 1300 tokens, buying and selling cryptocurrency requires you to choose an Exchange that deals in the products you want.
Bitcoin, the most popular decentralized cryptocurrency, dominates the crypto space so much that the terms crypto and bitcoin are sometimes used interchangeably. However, the fact is that there are other cryptocurrencies that can be trusted to make crypto-investments.
Litecoin, also referred to as the “silver to Bitcoin’s gold,” is an open-source decentralized payment network that operates without the involvement of an intermediary.
How is Litecoin different from Bitcoin? Well, both are similar in many ways, but Litecoin’s block generation is faster than Bitcoin’s. This makes investors around the world open to accepting Litecoin.
Charlie Lee, a former Google engineer, founded Litecoin in 2011. Although Litecoin lacks Bitcoin’s anonymity technology, recent reports have shown that Litecoin is second only to bitcoin in terms of durability. Another factor favoring Litecoin is Bitcoin’s SegWit technology, which means secure peer-to-peer trading of currencies without involving an exchange.
Launched in 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to run without third-party intervention. The currency is ether, which is like an accelerator on the ethereum platform. Ethereum in the leading cryptocurrency space. It is the second most preferred option 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 take it as “if bitcoin is to HTTP to money, Zcash is to HTTPS”.
The currency offers a protected transaction option to maintain the transparency, privacy and security of transactions. This means that investors can transmit 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 designed to overcome all the prevailing limitations of Bitcoin. Currently, Bitcoin has gained a significant 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 daily earning, cryptocurrency models operate as a decentralized digital mechanism without involving any middle man. Continuous activity in this distributed cryptocurrency mechanism is issued, managed and verified by a network of community peers. Cryptocurrency is known for its fast transactions in any other mode like digital wallets and other means.
In addition to those discussed above, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
Although bitcoin is the trend setter and leading the race, other currencies have also gained their significant position and are dominating every day. Given the trend, other cryptocurrencies will have a long way to go and may soon give Bitcoin a real hard time to maintain its position.
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