Before understanding and looking for options for various cryptocurrencies, let us have a glimpse of terminology and how could they be beneficial for improving your financial health. The majority of the cryptocurrency is in intangible format, some of them are correlated with credit cards or digital payment gateways.
The main aim of cryptocurrency is to eliminate third party interference and government / financial institutions. This has become more popular in the developed countries.
Bitcoin is said to be the father of all cryptocurrency since it has been the trendsetter and made way for others to come in. It has been extensively used in the market. Bitcoin dealers are the ones on which you can rely on purchase, sale, and exchange of Bitcoin. With the office spread out in Sydney, Melbourne, and Adelaide, you are guaranteed a safe and secure exchange spot for all your cryptocurrencies.
To begin with, we shall discuss firstly the Bitcoin with other types of cryptocurrencies to follow.
This was the first cryptocurrency to reveal in 2008 by an unknown person Satoshi Nakamoto. It was the beginning of a new era from the monetary aspect. Though its conceptualization did in 2008, the Bitcoin has seen the ups and downs starting from 2013-2014.
Below are few working steps of the Bitcoins
- Transaction verification is done by special computers running varied algorithm also known as Proof of Work (PoW).
- Storing data in the blockchain in encrypted form.
- The private key generated is given to the owner to decrypt the Bitcoin.
Followed by Bitcoin, it was launched in 2011. Litecoin is the silver of the cryptocurrencies. Similar to Bitcoins, it is not controlled by any government but uses an open platform source as a payment gateway. Below are the additional points apart from carrying the Bitcoin legacy.
- It uses “scrypt” type of algorithm as proof of work.
- It can be decoded with business class CPUs.
- It can provide faster confirmation since it generates faster blockchain.
The Ethereum was pre-launched in 2014 and officially later in 2015. The basics are
- They codes are run inside ether platform-specific cryptographic token.
- These are favored mostly by developers if they are willing to work on Ehtereum servers.
- The investors prefer if they want to purchase multiple currencies.
Launched in late 2016, it is regarded as the most secure form of cryptocurrency. It offers an extra layer of security by way of hiding the information of the receiver, sender and the amount involved.
It is known to be most secretive as it keeps all transactions untraceable. The developer Evan Duffield launched this Dark coin cryptocurrency in 2014.
It was launched in 2012. The main advantage of having ripple is
- Transactions can be settled in real-time
- It involves end-to-end transparency and interference of banks to settle transactions.
This was launched in 2014 and has the following features
- It is community-driven and completely works on donations.
- It uses “ring signatures” a special technique of enhancing privacy and security.
This cryptocurrency was formed in 2017 to overcome the differences of opinion between miners and developers more often related to scalability. It can scale up to 8MBs of block as compared to the 1MB block in Bitcoin. Secondly, it allows for faster transaction time.
Considering the market capital and overall per token value, Bitcoin seems to be way ahead of all cryptocurrency. It is popular, stable, has a wider userbase as compared to Ethereum and Ripple that are more often used by enterprises.