Investing in the cryptocurrency market space is frequently complex especially for the original investors. This is because 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 need to have a clear picture of what to do and what to expect.
Be it Bitcoin, Litecoin, Ethereum or any of the 1300 tokens, buying and selling cryptocurrencies need 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 occasionally used interchangeably. However, the matter of fact is that there are other cryptocurrencies as well which can be relied upon to make crypto-investments.
Litecoin
Litecoin, generally known as ‘silver to Bitcoin’s gold’ is an open-source decentralized payment network that functions without involving an intermediary.
How does Litecoin change from Bitcoin? Well, both are similar in lots of ways, nevertheless the block generation of Litecoin is much faster than that of Bitcoin. This 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 recommended 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 entire year 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to operate without third party interference. The currency is the ether that is as 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 part of 2016 and focuses on solving the problem of anonymous transactions. To understand the currency, let’s go on it as “if bitcoin is like HTTP for the money, Zcash is HTTPS”.
The currency offers the selection of the shielded transaction to keep up the transparency, privacy and security of transactions. This means the investors can transfer data in the form of encrypted code.
Dash
Originally referred to as darkcoin, Dash is really a more selective version of bitcoin. It was launched in January 2014 by Evan Duffield with the name Xcoin. Additionally it is referred to as the Decentralized Autonomous Organization or simply DAO. The coin was designed to eradicate all the prevailing limitations of Bitcoin. Currently, Bitcoin has earned a substantial position in the area 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 a lot of money is to make the right investment at the proper 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. The cryptocurrency is known because of its speedy transactions over any mode such as digital wallets along with 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, the other cryptos will have a long way to stay and might soon give Bitcoin a real tough time to maintain steadily its position.