Different types of Cryptocurrencies you can Invest Apart from Bitcoin

Bitcoin is by far the most popular cryptocurrency in today’s world, however you can still invest in a lot many other cryptocurrencies called Altcoins which are basically inspired by Bitcoins which was launched in 2008. Some of these are in trade offs while the others can be easily mined. Some can present greater risk to your investment while others will offer lesser liquidity. Let’s explore 6 such Altcoins that will be worth a read.

1) Litecoin (LTC)

If Bitcoins are gold in our current economy then Litecoins, launched in 2011, are considered silver in the cryptonomics and is the second famous among different types of Cryptocurrencies. It was created by an MIT graduate Charlie Lee also a former Google engineer, Litcoin is basically scripted on the open source global payment network which is never controlled centrally by any authority and uses a “scrypt” as a proof of ledger, which can be decrypted through a CPU of consumer grade. Litcoin has a faster block generation rate as compared to Bitcoin and thus offers a much faster transaction validation.

2) Ethereum (ETH)

Ethereum is a recently launched in 2015 and is a decentralized software platform that allows Smart Contracts and Distributed Applications to establish and run without any downtime, control, impedance, fraud, control from any other third party. Ethereum’s 2014 pre sale launch was received with a very welcoming response. There applications are a kind of platform based cryptographic tokens which can be used to code the transactions.Post the attack on DAO, digital decentralized autonomous organization, this was split into Etheruem Classic (ETC) and Etherium (ETH). Interestingly ETH now has a market cap of $41.4 Billion second only after the Bitcoins.

3) Zcash (ZEC)

Zcash is a more secured, open source, decentralised digital cryptocurrency launched in the fag end of 2016. It is considered more secure where all transactions are noted and reported on a blockchain with details about sending and receiving parties and the amount transferred remains secured thus providing a provision for shielded transactions.

4) Dash (Darkcoin)

Launched in 2014, DASH aka Darkcoins is also a more secured form of the Bitcoins offering more anonymity drives its transactions intractability from a decentralised mastercode.

5) Ripple (XRP)

A global settlement network,Ripple is also real-time offeringprompt, definite and very economical international transactions. It empowers banks to square cross-border transactions in real time, with complete transparency, at much lower costs.Launched in 2012 and currently a market cap of $1.26 Billion Ripple’s ledger doesn’t need mining, thus deviating from the original bitcoin and other altcoins. No mining reduces power usage of computation thus minimizes network latency.

6) Monero (XMR)

Launched in 2014Monero is another secure and untraceable cryptocurrency spiking interest of the cryptography community. Its development is completely donation based and thus community driven. It has been developed with a noble intention of scalability with strong focus on decentralization enabling complete privacy using special ring signatures. This is a way to put the actual signature amongst the group of cryptographic signatures, thus making the isolation of real one difficult.

Cryptocurrencies according to bipolar views are both here to stay and to be like a dotcom bubble waiting to burst. Only time will tell what is going to be the future of these different types of cryptocurrencies, however the near future of these appears to be pretty enthusiastic.