Investing in the cryptocurrency market space is often complex especially for the traditional investors. Simply because investing directly in Cryptocurrency requires the usage of new technologies, tools and adopting some new concepts.
If you opt to dip your toes in the CryptoCurrency world, you will need to have a clear picture of how to proceed and what to expect.
Be it Bitcoin, Litecoin, Ethereum or any of the 1300 tokens, investing cryptocurrencies need you to choose an Exchange that deals in the merchandise you want.
Being probably 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 can be relied upon for making crypto-investments.
Litecoin, generally known as ‘silver to Bitcoin’s gold’ can be an open-source decentralized payment network that functions without involving an intermediary.
How does Litecoin vary from Bitcoin? Well, both are similar in many ways, however 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 doesn’t have the anonymity technology of Bitcoin, recent reports have shown that Litecoin is preferred after bitcoin due to the persistence. Another factor that favours Litecoin may be the Bitcoin SegWit technology that means secure peer-to-peer trading of currencies without involving exchange participation.
Launched in the 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 like an accelerator within the ethereum platform. In the leading cryptocurrencies space, Ethereum. is the second most preferred choice after Bitcoin.
Zcash gained attention in the latter section of 2016 and focuses on solving the issue of anonymous transactions. To comprehend the currency, let’s go on it as “if bitcoin is similar to 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 implies the investors can transfer data by means of encrypted code.
Originally known 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 just DAO. The coin was meant to eradicate all the prevailing limitations of Bitcoin. Currently, Bitcoin has earned a substantial position in the area of cryptocurrencies.
The alternative to virtual currency that promises secured and anonymous transactions through peer-to-peer networking is cryptocurrency. The key to making a lot of cash 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 city peer network. The cryptocurrency is known for its speedy transactions over any other mode such as for example digital wallets and 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.