Investing in the cryptocurrency market space is often complex, 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 put your toes in 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 cryptocurrencies requires you to choose a stock exchange that deals with the products you want.
Being the most famous decentralized cryptocurrency, Bitcoin leads the cryptocurrency space so dominantly that the terms crypto and bitcoin are sometimes used interchangeably. However, the fact is that there are also other cryptocurrencies that can be trusted to make cryptocurrencies.
Litecoin, also known as “silver in Bitcoin gold” is an open source decentralized payment network that operates without involving an intermediary.
How does Litecoin vary from Bitcoin? Well, both are similar in many ways, but the generation of Litecoin blogs is much faster than that of Bitcoin. This makes investors around the world open to accepting Litecoin.
Charlie Lee, a former Google engineer, founded Litecoin in 2011. While Litecoin lacks Bitcoin anonymity technology, recent reports have shown that Litecoin is preferred over bitcoin because of its persistence. Another factor that favors Litecoin is Bitcoin SegWit technology, which means secure currency trading between currencies without involving exchange participation.
Launched in 2015, Ethereum is a decentralized software platform that enables distributed applications and smart contracts to run without third-party interference. The currency is the ether which is like an accelerator within the ethereum platform. In the leading cryptocurrency space, Ethereum. is the second preferred option after Bitcoin.
Zcash drew attention to the latter part of 2016 and focuses on solving the problem of anonymous transactions. To understand currency, let’s take it as “if bitcoin is like HTTP for money, Zcash is HTTPS”.
Currency offers the option of protected transaction to maintain the 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 released in January 2014 by Evan Duffield under the name Xcoin. It is also known as the Decentralized Autonomous Organization or simply DAO. The currency was meant to eradicate all the predominant limitations of Bitcoin. Currently, Bitcoin has gained an important position in the space of cryptocurrencies.
The alternative to virtual currency that promises secure and anonymous transactions through peer-to-peer networks is cryptocurrency. The key to making a lot of money is to make the right investment at the right time. Compared to obtaining money on a daily basis, cryptocurrency models operate without involving any intermediary as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, ongoing activity is issued, managed and endorsed by the community peer network. Cryptocurrency is known for its fast transactions with any other mode, such as digital wallets and other media.
In addition to the above, other major cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
While bitcoin is what sets trends and leads the race, other currencies have also made their significant position and are growing every day. Given the trend, the other cryptocurrencies will have a long way to go and could soon give Bitcoin a very difficult time maintaining its position.
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