Investing in the cryptocurrency market space is frequently complex especially for the traditional investors. The reason being investing directly in Cryptocurrency requires using new technologies, tools and adopting some new concepts.
If you decide to dip your toes in the CryptoCurrency world, you will have to have a clear picture of what to do and what to expect.
Be it Bitcoin, Litecoin, Ethereum or any of the 1300 tokens, investing 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 matter of fact is there are other cryptocurrencies as well that may be relied upon for making 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 vary from Bitcoin? Well, both are similar in lots of ways, however the block generation of Litecoin is much faster than that of Bitcoin. This is making the investors around the world 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.
Ethereum
Launched in the entire year 2015, Ethereum is a decentralized software platform that enables distributed applications and smart contracts to operate without alternative party interference. The currency may be the ether that is as an accelerator within the ethereum platform. In the best 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 take it as “if bitcoin is similar to HTTP for 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. StakeStone 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 considerable 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 right 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 community peer network. The cryptocurrency is known for its speedy transactions over any mode such as for example digital wallets along with other mediums.
In addition to the above discussed, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
Although bitcoin may be the trend setter and is leading the race, other currencies also have 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 may soon give Bitcoin a real tough time to maintain its position.