Investing in the cryptocurrency market space is often difficult, especially for traditional investors. This is because direct investment in cryptocurrency requires using new technologies, tools and adopting some new concepts.
If you decide to dive into the world of cryptocurrencies, you will need to have a clear idea of what to do and what to expect.
Whether it’s Bitcoin, Litecoin, Ethereum, or any of the 1,300 tokens, buying and selling cryptocurrencies requires you to choose an exchange that trades the products you want.
As the best-known decentralized cryptocurrency, Bitcoin leads the crypto space so dominantly that the terms crypto and bitcoin are sometimes used interchangeably. However, the point is that there are other cryptocurrencies that you can rely on for crypto investment.
Litecoin
Litecoin, also called the “silver to Bitcoin’s gold,” is an open-source, decentralized payment network that operates without the involvement of an intermediary.
How is Litecoin different from Bitcoin? Well, both are similar in many ways, however Litecoin block generation is much faster than Bitcoin block generation. This makes investors around the world open to accepting Litecoin.
Charlie Lee, a former Google engineer, founded Litecoin in 2011. Although Litecoin lacks the anonymity technology of Bitcoin, recent reports have shown that Litecoin is preferred after Bitcoin due to its persistence. Another factor favoring Litecoin is Bitcoin’s SegWit technology, which means secure peer-to-peer trading of currencies without the involvement of an exchange.
Ethereum
Launched in 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to run without third-party intervention. The currency is Ether, which is like an accelerator in the Ethereum platform. In the leading cryptocurrency space, Ethereum. is the second most preferred choice after Bitcoin.
Zcash
Zcash gained attention in the second half of 2016 and is focused 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”.
The currency offers a secure transaction option to maintain transaction transparency, privacy and security. This means that investors can transmit data in the form of an encrypted code.
A dash
Originally known as Darkcoin, Dash is a more selective version of Bitcoin. It was launched in January 2014 by Evan Duffield under the name Xcoin. It is also known as Decentralized Autonomous Organization or simply DAO. The coin was supposed to remove all existing limitations of Bitcoin. Currently, Bitcoin has taken a serious position in the field of cryptocurrencies.
An alternative to virtual currency that promises secure and anonymous transactions through a 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 everyday money making, cryptocurrency models function without the involvement of an intermediary as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, continuous activity is issued, managed and approved by the peer-to-peer network community. Cryptocurrency is known for its fast transactions in any other mode like digital wallets and other mediums.
In addition to the above, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
Although Bitcoin is the trend setter and leading the race, other currencies have also taken a significant position and are growing in favor every day. Given the trend, other cryptos will have to hang around for a long time, and it may be very difficult for Bitcoin to maintain its position in the near future.
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