Investing in the cryptocurrency market space is often complex, especially for traditional investors. This is because investing directly in Cryptocurrencies requires the use of new technologies, tools, and the adoption of some new concepts.
If you decide to dive into the world of cryptocurrency, you’ll 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 cryptocurrency requires you to choose 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 also other cryptocurrencies that can be trusted to make cryptocurrency investments.
Litecoin
Litecoin, also known as “the silver of Bitcoin’s gold”, is an open source decentralized payment network that works without the involvement of a middleman.
How is Litecoin different from Bitcoin? Well, both are similar in many ways, however, Litecoin’s block generation is much faster than Bitcoin’s. This is making investors around the world open to accepting Litecoin.
Charlie Lee, a former Google engineer, founded Litecoin in 2011. Although Litecoin does not have Bitcoin’s anonymity technology, recent reports have shown that Litecoin is preferred over Bitcoin due to its persistence. Another factor that favors Litecoin is the Bitcoin SegWit technology which means secure peer-to-peer currency trading without involving participation in the exchange.
Ethereal
Launched in 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to work without third-party interference. The currency is ether which is like an accelerator within the ethereum platform. In the leading cryptocurrency space, Ethereum. it is the second preferred option after Bitcoin.
zcash
Zcash caught the eye in late 2016 and is focused on solving the problem of anonymous transactions. To understand the currency, let’s take it as “if bitcoin is like HTTP for money, Zcash is HTTPS.”
The coin offers the option of the protected transaction to maintain the transparency, privacy and security of the transactions. This means that investors can transfer data in the form of encrypted code.
Dash
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 eradicate all the prevailing limitations of Bitcoin. Currently, Bitcoin has carved out a substantial position in the cryptocurrency space.
The alternative to virtual currency that promises secure and anonymous transactions over peer-to-peer networks is cryptocurrency. The key to earning a lot of money is to make the right investment at the right time.. Compared to earning money every day, cryptocurrency models work without the involvement of any middleman as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, ongoing activity is issued, managed, and supported by the community’s peer network. The cryptocurrency is known for its fast transactions in any other mode such as digital wallets and other means.
In addition to the above, other major cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
Although bitcoin is the trendsetter and is leading the race, other coins have also gained significant footing and are growing in preference by the day. Taking the trend into account, the other cryptocurrencies will have a long way to go and could soon give Bitcoin a really tough time to hold its own.
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