Investing in the cryptocurrency market space is often complex especially for the traditional investors. This is due to investing directly in Cryptocurrency requires the use of new technologies, tools and adopting some new concepts.
If you decide to dip your toes in the CryptoCurrency world, you will have to have an obvious picture of what to do and what to expect.
Be it Bitcoin, Litecoin, Ethereum or the 1300 tokens, buying and selling cryptocurrencies need you to choose an Exchange that deals in the merchandise 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 matter of fact is there are other cryptocurrencies as well that can be relied upon to make crypto-investments.
Litecoin, generally known as ‘silver to Bitcoin’s gold’ can be an open-source decentralized payment network that functions without involving an intermediary.
How does Litecoin vary from Bitcoin? Well, both are similar in lots of ways, however the block generation of Litecoin is a lot faster than that of Bitcoin. This is making the investors around the world open to accept Litecoin.
Charlie Lee, a former engineer at Google founded Litecoin in 2011. Though Litecoin does not have the anonymity technology of Bitcoin, recent reports show that Litecoin is preferred after bitcoin because of its persistence. Another factor that favours Litecoin may be the Bitcoin SegWit technology which means secure peer-to-peer trading of currencies without involving exchange participation.
Launched in the year 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to function without alternative party interference. The currency may be the ether that is as an accelerator within the ethereum platform. In the best cryptocurrencies space, Ethereum. may be the second most preferred choice after Bitcoin.
Zcash gained attention in the latter section of 2016 and focuses on solving the problem of anonymous transactions. To comprehend the currency, let’s take it as “if bitcoin is similar to HTTP for the money, Zcash is HTTPS”.
The currency offers the selection of the shielded transaction to keep the transparency, privacy and security of transactions. This means the investors can transfer data in the form of encrypted code.
Originally referred to as darkcoin, Dash is a more selective version of bitcoin. It had been launched in January 2014 by Evan Duffield with the name Xcoin. Additionally it is referred to as the Decentralized Autonomous Organization or just DAO. The coin was meant to eradicate all the prevailing limitations of Bitcoin. Currently, Bitcoin has earned a substantial position in the area of cryptocurrencies.
The alternative to virtual currency that promises secured and anonymous transactions through peer-to-peer networking is cryptocurrency. The main element to making a lot of money is to make the right investment at the right moment. Compared to making the everyday money, cryptocurrency models function without involving any middle man as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, the continuous activity is issued, managed and endorsed by the city peer network. equipment is well known because of its speedy transactions over any other mode such as digital wallets and other mediums.
As well as the above discussed, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
Although bitcoin may be the trend setter and is leading the race, other currencies also have made their significant position and so are growing in preference every day. Considering the trend, the other cryptos will have quite a distance to stay and might soon give Bitcoin a real tough time to maintain its position.