Investing in the cryptocurrency market space is often complicated, especially for traditional investors. This is because investing directly in cryptocurrency requires the use of new technologies, tools and the adoption of some new concepts.
If you decide to immerse yourself in the world of cryptocurrency, you will need to have a clear picture of what to do and what to expect.
Whether it’s Bitcoin, Litecoin, Ethereum or one of the 1300 tokens, buying and selling cryptocurrencies requires you to choose an exchange that offers the products you want.
As the best-known decentralized cryptocurrency, bitcoin is so dominant in the crypto space that the terms crypto and bitcoin are sometimes used interchangeably. However, the fact is that there are other cryptocurrencies that can be relied on when making crypto-investments.
Litecoin, also known as “silver to bitcoin gold”, is a decentralized open source payment network that operates without an intermediary.
How is Litecoin different from Bitcoin? Well, both are similar in many ways, but generating Litecoin blocks 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’s anonymity technology, recent reports show that Litecoin is preferred over bitcoin because of its resilience. Another factor that favors Litecoin is Bitcoin SegWit technology, which means secure equity trading without exchange participation.
Launched in 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to operate without third-party intervention. The currency is the ether, which is like an accelerator in the Ethereum platform. In the leading space for cryptocurrencies, Ethereum. is the second most preferred 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 secure transaction to maintain the transparency, confidentiality 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 a decentralized autonomous organization or simply DAO. The coin was intended to remove all the prevailing restrictions on bitcoin. Currently, bitcoin has gained a significant position in the space of cryptocurrencies.
The alternative to virtual currency, which promises secure and anonymous peer-to-peer transactions, is cryptocurrency. The key to making a lot of money is to make the right investment at the right time. Compared to making money on a daily basis, cryptocurrency models operate without the involvement of an intermediary as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, business continuity is issued, managed and approved by the community’s partner network. Cryptocurrency is known for its fast transactions in any other mode, 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 sets the trend and is at the forefront of the race, other currencies have also taken a significant position and are preferred every day. Given the trend, other cryptocurrencies will have a long way to go and may soon give Bitcoin a really difficult time to maintain its position.
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