Ticker symbol: BTC
The grandfather of all cryptocurrencies. Bitcoin is a cryptocurrency and a global payment system. Bitcoin is the first decentralized cryptocurrency as it works without a central bank or a single administrator. Cryptocurrency uses encryption to secure transactions and regulate the creation of new units. The plan while creating bitcoin was to create a currency that is not controlled by the government nor need of a third party. The currency is transacted globally without revealing of identity and the transaction is directly between the sender and receiver.
So they are not like the physical coins we use.
No!!! they are just essential codes and instruction through an algorithm in computer programming.However once purchased, they have wide applications. You can use them to pay for services online or even trade in forex trading platforms
Bitcoin was created by a pundit developer. He uses the name Satoshi Nakamoto soubriquets. Bitcoin comes to the light to many of us in 2013 when in featured in financial scenes. This was followed by a rapid increase in its value. In the original white papers written by the founding father of bitcoin, Satoshi Nakamoto explains his creation as an end to end (peer-to-peer) type of electronic cash.
Ticker symbol: ETH
In simple terms, Ethereum is a computer software based on blockchain technology that enables to build, generate and deploy decentralized applications. The next question would be, and how is Ethereum a cryptocurrency? Continue reading
Just like Bitcoin or any other (legit) cryptocurrency, Etheruem is a blockchain network. But there are very significant differences between bitcoin and Ethereum. By comparing the two cryptocurrencies you will note that the two differs high in purpose and application. Bitcoin offers one main application by utilizing the blockchain technology, that is, it offers electronic currency that can be used for online purchases.Where in bitcoin blockchain is used to track ownership and record transaction of the digital currency, the Ethereum unlike bitcoin mainly facilitates the running of the programming codes of any decentralized application?
Ethereum as a currency.
As it happens in bitcoin, where miner mine for bitcoin, in Ethereum workers and miners work to earn Ether which is a type of crypto token that helps keep the network running. Apart from Ether (Ethereum) being a tradable as a cryptocurrency, it can also be used to pay for fees and services on the Ethereum network.
Ticker symbol: XRP
When we talk about Ripple it recommended that you think and look broadly rather than just focusing on the people or company that caused its existence. Although the system has been endorsed by several banks as a legit platform for transferring money, the system is a bit more complex than the common cryptocurrency system.
The main objective of the ripple is a worldwide network that allows anyone from anywhere in the globe to wire money in any currency to any other desired currency in a matter of few seconds. Ripple also aims at eliminating old money transfer systems, where you have to wait for hours or days on top of transaction fees.
To achieve its objectives, Ripple came up with Ripple digital currency which was to facilitate all the money transfer between different currencies. Transfers on Ripple platform using Ripple crypto take 4 seconds to get to the receiver and conversions to Dollar and back to Ripple are extremely low.
Bitcoin Cash (BCH)
Ticker symbol: BCH
Just as in many companies where split among founders happens due to disagreements and hence bitcoin cash was formed. Bitcoin cash just as in the original bitcoin, it is a peer to peer electronic cash. Users and merchants in the platform are entitled to low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.
Bitcoin and Bitcoin cash are similar apart from two main differences. One of it being the block size limits as of August 2017 Bitcoin has a 1MB block size limit whereas BCH proposes 8MB blocks and the difficulty adjustment: BCH will adjust the difficulty every 6 blocks as opposed to 2016 blocks as with Bitcoin
Ticker symbol: LTC
Now then before people are looking to invest more and more on cryptocurrency now that it is trending. Most people are looking for opportunities in cryptocurrency with the leading coins and it seems Lite coin is one of them. Just like bitcoin and other cryptocurrencies, Litecoin is a form of digital currency that utilizes blockchain to easily maintain records of all transactions. Litecoin is used to transfer funds directly between individuals.
Ticker symbol: DASH
Dash was noticed in 2014 and since then its been making a huge impact in the cryptocurrency world. It is estimated to be the sixth largest cryptocurrency in the world market. Dash is similar to Bitcoin in many ways. You can use it to purchase services and products online as well as trade it in forex platforms. It also runs on blockchain technology to record the transaction and keep records.When using Dash, it’s not possible to have someone backtrace that transaction to you, unlike Bitcoin which is proven to be hardly anonymous.
Ticker symbol: XMR
Monero is a bit more different from the cryptocurrency we know. It is a very private, secure and untraceable type of cryptocurrency. It is open sour and available to all. With Monero, you got your own back and have your own bank. Only you can control and responsibility of your own funds. All your accounts and details are kept private from inquisitive users. Monero main aim was to solve an issue in Bitcoin, anonymity. It’s possible to stay anonymous with Bitcoin, but because of the way the blockchain works all transactions can be tracked to the accounts involved. It’s also possible to see how much Bitcoin is stored in someone’s account.
In Monero, when someone sends you money, you can exactly tell where the money came from unless the sender wants you to know, similarly when you send some money to someone through Monero, the recipient, won’t know where the funds came from unless you want to let him/ her that it was you who sent the money. Because the movements of funds are kept private, no one can tell how much funds someone actually has.
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