Investing in the cryptocurrency market is often complex, especially for traditional investors. This is because direct investment in cryptocurrencies requires the use of new technologies, tools and the adoption of some new concepts.
If you decide to dip your fingers into the world of cryptocurrencies, you will need to have a clear picture of what to do and what to expect.
Whether it is 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 best known decentralized cryptocurrency, Bitcoin leads in 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 on for crypto-investments.
Litecoin, also called ‘silver for Bitcoin’s gold’ is a decentralized open source payment network that operates without the involvement of intermediaries.
How is Litecoin different from Bitcoin? Well, both are similar in many ways, but generating blocks of Litecoin is much faster than Bitcoin. This makes investors around the world open to accepting Litecoin.
Charlie Lee, a former Google engineer, founded Litecoin in 2011. Although Litecoin does not have Bitcoin anonymity technology, recent reports have shown that Litecoin is more desirable after bitcoin because of its consistency. Another factor that favors Litecoin is Bitcoin SegWit technology which means secure equitable currency trading without involving exchange participation.
Launched in 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to operate without third-party interference. Currency is the ether that acts as an accelerator within the ethereum platform. In the leading space of cryptocurrency, Ethereum. is the second most desirable choice after Bitcoin.
Zcash attracted attention in the second half of 2016 and focuses 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”.
Currency offers the choice of a 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 launched in January 2014 by Evan Duffield under the name Xcoin. It is also known as a decentralized autonomous organization or simply DAO. The coin was supposed to eradicate all the prevailing restrictions of Bitcoin. Currently, Bitcoin has earned a significant position in the cryptocurrency space.
An alternative to a virtual currency that promises secure and anonymous transactions via a peer-to-peer network is cryptocurrency. The key to making a lot of money is the right investment at the right time. Compared to everyday money making, cryptocurrency models function without the involvement of intermediaries as a decentralized digital mechanism. In this mechanism of distributed cryptocurrency, continuous activity is issued, managed and approved by a network of colleagues in the community. Cryptocurrency is known for its fast transactions through any other means such as digital wallets and other media.
In addition to the above, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
Although bitcoin is a driver of trends and a leader in the race, other currencies have also taken their significant position and are increasingly preferred by them. Given the trend, other cryptocurrencies will have a long way to go and Bitcoin could soon find it difficult to maintain its position.
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