Getting Started With Cryptocurrencies
Investing
in the cryptocurrency market space is often complex especially for the
traditional investors. This is because investing directly in Cryptocurrency
requires the use of new technologies, tools and adopting some new concepts.
If
you decide to dip your toes in the CryptoCurrency world, you will need to have
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 require you to choose an Exchange that deals in the products
you want.
Bitcoin
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 that there are other
cryptocurrencies as well that can be relied upon for making crypto-investments.
Litecoin
Litecoin,
also referred to 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 many 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 have shown that
Litecoin is preferred after bitcoin because of its persistence. Another factor
that favours Litecoin is the Bitcoin SegWit technology that means secure
peer-to-peer trading of currencies without involving exchange participation.
Ethereum
Launched
in the year 2015, Ethereum is a decentralized software platform that enables
distributed applications and smart contracts to function 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
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 like HTTP for money, Zcash is HTTPS".
The
currency offers the choice of the shielded transaction to maintain the
transparency, privacy and security of transactions. This means the investors
can transfer data in the form of encrypted code.
Dash
Originally
known as darkcoin, Dash is a more selective version of bitcoin. It was launched
in January 2014 by Evan Duffield with the name Xcoin. It is also known as the
Decentralized Autonomous Organization or simply DAO. The coin was meant to
eradicate all the prevailing limitations of Bitcoin. Currently, Bitcoin has
earned a substantial position in the space 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 money is to make the right investment at the right moment. In
comparison 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 other mode such as 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 is the trend setter and is leading the race, other currencies have also
made their significant position and are growing in preference each day.
Considering the trend, the other cryptos will have a long way to stay and might
soon give Bitcoin a real tough time to maintain its position.
If
you have decided to make a speculative investment in this disruptive
technology, and want to have all current and future recommendations, connect
with "The Top Coins".