Investing in the cryptocurrency market space is frequently complex especially for the original investors. This is due to investing directly in Cryptocurrency requires the utilization of new technologies, tools and adopting some new concepts.
If you decide to dip your toes in the CryptoCurrency world, you need to have a clear picture of what to do and what to expect.
Be it Bitcoin, Litecoin, Ethereum or the 1300 tokens, buying and selling cryptocurrencies require you to choose an Exchange that deals in 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 problem of fact is there are other cryptocurrencies as well that could be relied upon for making crypto-investments.
Litecoin
Litecoin, also referred to 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 many ways, nevertheless the block generation of Litecoin is much faster than that of Bitcoin. That is making the investors around the globe 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.
Ethereum
Launched in the entire year 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to operate without alternative party interference. StakeStone may be the ether that is like an accelerator within the ethereum platform. In the leading cryptocurrencies space, Ethereum. is the second most preferred choice after Bitcoin.
Zcash
Zcash gained attention in the latter section of 2016 and targets solving the problem of anonymous transactions. To comprehend the currency, let’s go on it as “if bitcoin is similar to HTTP for money, Zcash is HTTPS”.
The currency offers the selection of the shielded transaction to maintain the transparency, privacy and security of transactions. This implies the investors can transfer data in the form of encrypted code.
Dash
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. It is also referred to as the Decentralized Autonomous Organization or simply DAO. The coin was meant to eradicate all of the prevailing limitations of Bitcoin. Currently, Bitcoin has earned a substantial position in the space of cryptocurrencies.
The choice to virtual currency that promises secured and anonymous transactions through peer-to-peer networking is cryptocurrency. The main element to making big money is to make the proper investment at the right moment. In comparison 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. The cryptocurrency 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 is the trend setter and is leading the race, other currencies have also made their significant position and are growing in preference every day. Considering the trend, another cryptos will have quite a distance to stay and may soon give Bitcoin a real tough time to maintain steadily its position.