Investing in the cryptocurrency market is often complicated, especially for traditional investors. This is because direct investment in cryptocurrency requires the use of new technologies and tools and the adoption of some new concepts.
If you decide to dip your toes into the world of CryptoCurrency, you will need to get 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 requires you to choose an exchange that deals in the products you want.
As the most popular decentralized cryptocurrency, Bitcoin leads the crypto space so dominantly that the terms crypto and bitcoin are sometimes used interchangeably. However, the truth is that there are other cryptocurrencies that can be relied upon to make crypto investments.
Litecoin, also referred to as ‘silver to Bitcoin gold’ is an open source decentralized payment network that operates without the involvement of a middleman.
How is Litecoin different from Bitcoin? Well, both are similar in many ways, but block generation from Litecoin is much faster than Bitcoin. This makes investors around the world open to accepting Litecoin.
Charlie Lee, a former Google engineer who founded Litecoin in 2011. Although Litecoin does not have the Bitcoin anonymization technology, recent reports have shown that Litecoin is preferred after Bitcoin due to its persistence. Another factor that favors Litecoin is Bitcoin SegWit technology which means trading currencies securely peer-to-peer without an exchange.
Ethereum was launched in 2015 and is a decentralized software platform that enables distributed applications and smart contracts to operate without third-party intervention. The coin is the accelerator-like ethereum inside the ethereum platform. In the leading cryptocurrency space, Ethereum. It is the second most preferred option after Bitcoin.
Zcash gained attention in the latter part of 2016 and is focusing on solving the problem of anonymous transactions. To understand currency, let’s consider it “If Bitcoin is like HTTP for money, Zcash is HTTPS”.
The currency provides the option of a protected transaction to maintain 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 launched in January 2014 by Evan Duffield as Xcoin. It is also known as Decentralized Autonomous Organization or simply DAO. The goal of the coin was to eliminate all the prevailing restrictions on Bitcoin. Currently, Bitcoin has gained a huge niche in the cryptocurrency space.
An alternative to virtual currency that promises secure and anonymous transactions over peer-to-peer networks is cryptocurrency. The key to earning a lot of money is making the right investment at the right time. Compared to day-to-day money making, cryptocurrency models without the involvement of any broker operate as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, the ongoing activity is issued, managed, and approved by the peer network in the community. The cryptocurrency is known for its fast transactions over any other mode such as digital wallets and other media.
In addition to what was discussed above, other cryptocurrencies include Monero (XMR) and Bitcoin Cash (BCH). EOS and Ripple (XRP).
Although Bitcoin sets the trend and leads the race, other currencies have occupied an important position and are increasingly favored every day. Given the trend, other cryptocurrencies will have a long way to go and may soon give Bitcoin a real hard time maintaining its position.
If you have decided to make a speculative investment in this disruptive technology, and would like to obtain all current and future recommendations, contact Top Currencies.