Investing in the cryptocurrency market space is often complicated, especially for traditional investors. This is because investing directly in cryptocurrency requires adopting new technologies, tools, and some new concepts.
If you decide to dip your toes into the cryptocurrency world, you need to have a clear picture 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 an exchange that deals in the products of your choice.
Being the most famous decentralized cryptocurrency, Bitcoin dominates 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 for crypto-investing.
Litecoin, also referred to as the ‘golden silver of Bitcoin’, is an open source decentralized payment network that works without involving intermediaries.
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 is opening up investors around the world to adopt Litecoin.
Charlie Lee, a former Google engineer founded Litecoin in 2011. Although Litecoin lacks the anonymity technology of Bitcoin, recent reports have shown that Litecoin is preferred after Bitcoin due to its persistence. Another factor in Litecoin’s favor is the Bitcoin SegWit technology which means secure peer-to-peer trading of the currency without exchange participation.
Launched in 2015, Ethereum is a decentralized software platform that enables distributed applications and smart contracts to operate without third-party intervention. The currency is Ether which is like an accelerator within the Ethereum platform. The leading cryptocurrency space, Ethereum. Second most popular choice after Bitcoin.
Zcash gained attention in late 2016 and focused on solving the problem of anonymous transactions. To understand the currency, let’s say “If Bitcoin is to HTTP for money, Zcash is to HTTPS”.
The currency offers protected transaction options to maintain transaction transparency, privacy and security. This means investors can transfer data in encrypted code form.
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 intended to remove all existing limitations of Bitcoin. Currently, Bitcoin has gained a significant position in the cryptocurrency space.
Alternatives to virtual currencies that promise secure and anonymous transactions through peer-to-peer networking are cryptocurrencies. The key to making a lot of money is making the right investment at the right time. Compared to everyday money making, cryptocurrency models work as a decentralized digital process without involving any middlemen. In this distributed cryptocurrency mechanism, continuous operations are issued, managed and approved by a community peer network. Cryptocurrencies are known for faster transactions in any other mode such as digital wallets and other mediums.
Apart from the above discussed, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
While Bitcoin is the trendsetter and leading the race, other currencies have also established their important position and are growing in popularity every day. Considering the trend, other cryptos should be around for a long time and may soon give Bitcoin a real hard time to maintain its position.
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