Getting Started with Cryptocurrencies

Investing in the cryptocurrency market space is often complex, especially for traditional investors. This is because direct investment in cryptocurrencies requires using new technologies, tools and adopting some new concepts.

If you decide to dip your toes into the world of cryptocurrencies, you’ll need to have a clear picture 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 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 fact is that there are other cryptocurrencies that can be relied upon for crypto-investment.

Litecoin

Litecoin, also called the ‘silver to bitcoin’s gold’ is an open source decentralized payment network that works without the involvement of intermediaries.

How is Litecoin different from Bitcoin? Well, both are similar in many ways, however Litecoin block generation is much faster than Bitcoin. This makes investors around the world open to accept Litecoin.

Charlie Lee, a former engineer at Google, founded Litecoin in 2011. Although Litecoin does not have the anonymity technology of Bitcoin, recent reports have shown that Litecoin is preferred after Bitcoin due to its stability. Another factor favoring Litecoin is the Bitcoin SegWit technology which means secure peer-to-peer trading of currencies without involving participation in an exchange.

Ethereum

Launched in 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to function without third-party interference. The currency is ether which is like an accelerator within 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 focuses on solving the problem of anonymous transactions. To understand the currency, let’s take it as “if bitcoin is to HTTP to money, Zcash is to HTTPS”.

The currency offers a choice of protected transaction to maintain transparency, privacy and security of transactions. This means that investors can transmit data in the form of an encrypted code.

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 a decentralized autonomous organization or simply DAO. The coin was supposed to eradicate all the prevailing limitations of Bitcoin. Currently, Bitcoin has earned a significant position in the cryptocurrency space.

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 work without the involvement of intermediaries as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, continuous activity is issued, managed and approved by a network of peers in the community. Cryptocurrency is known for its fast transactions over any other means like digital wallets and other media.

In addition to the above, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).

Although Bitcoin is the trendsetter and the leader in the race, other currencies have also taken their prominent position and are getting more and more preferred every day. Considering the trend, other cryptocurrencies will have a long way to go and soon it may be difficult for Bitcoin 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”.