Investing in the cryptocurrency market space is often complex, especially for traditional investors. This is because investing directly in cryptocurrency requires the use of new technologies, tools and adopting some new concepts.
If you decide to immerse your feet in the CryptoCurrency world, you should 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 with the products you want.
Being the most famous decentralized cryptocurrency, Bitcoin leads the cryptographic space so dominantly that the terms crypto and bitcoin are sometimes used interchangeably. However, the fact of the matter is that there are other cryptocurrencies that can be relied upon to make cryptocurrencies.
Litecoin, also called “silver in Bitcoin gold,” is an open source decentralized payment network that operates without involving any intermediary.
How does Bitcoin Litecoin vary? Well, both are similar in many ways, but the generation of Litecoin blogs is much faster than that of 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 preferred over Bitcoin because of its persistence. Another factor that favors Litecoin is Bitcoin SegWit technology, which means the safe trading of currency pairs without involving participation in exchanges.
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 is like an accelerator within the ethereum platform. In the leading cryptocurrency space, Ethereum. is the second most preferred option after Bitcoin.
Zcash gained attention in the latter part of 2016 and focuses on solving the problem of anonymous transactions. To understand the currency, let’s consider it as “if Bitcoin is like HTTP for money, Zcash is HTTPS”.
Currency offers the protected transaction option 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 released in January 2014 by Evan Duffield under the name Xcoin. It is also known as the Decentralized Autonomous Organization or simply DAO. The currency was meant to eradicate all the prevailing limitations of Bitcoin. Currently, Bitcoin has gained a substantial position in the cryptocurrency space.
The alternative to virtual currency that promises secure and anonymous transactions over the peer-to-peer network is cryptocurrency. The key to making a lot of money is to make the right investment at the right time. Compared to making money everyday, cryptocurrency models work without involving any average man as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, ongoing activity is issued, managed, and approved by the community peer network. Cryptocurrency is known for its fast transactions over any other mode, such as digital wallets and other media.
In addition to the above, other major cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
While bitcoin is the trend setter and leads the race, other currencies have also occupied a significant position and are growing in preference every day. Given the trend, the other cryptocurrencies will have a long way to go and could soon give Bitcoin a very difficult time maintaining its position.
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