Before we start talking about the different types of cryptocurrency that you can invest in, you will have to understand what they are.
Well, cryptocurrencies are the same as bitcoins; they are mined using similar technology. The source code of bitcoin is out in public; literally, anyone with coding knowledge can copy them and start mining cryptocurrencies. The cryptocurrencies are made using the technology known as cryptography and are encrypted so that no one can hack into them.
These currencies, as the fiat currencies, have their value and can be traded. The cost of this currency is not dependent on general factors like the financial market’s high and lows. Instead, the benefits depend on mining, demand, and scarcity of the cryptocurrency. For instance, bitcoin has the highest value as these factors for bitcoin is quite high. As many people are using it, the demand is quite high, and over the years, over 2 million bitcoins were lost. Hence the scarcity factor is high as well.
If you want to start trading cryptocurrencies, you can get the bitcoin up, and this software will help you find the best options for you. As you will be getting many options, you can choose wisely after you complete your research.
On a personal note, you should be willing to experiment with your investment behavior. This will help you gain experience that will help you make wise choices. But tips are for another time; now, let’s look into the ten cryptocurrencies that are not bitcoins.
List of 10 Cryptocurrencies
1. ETH- Ethereum- The second cryptocurrency after bitcoin, Ether, allows you to implement smart contracts and access decentralized applications or DApps. The dapps can be structured and run, not including downtime, it also ensures no third party interference and controls fraud.
2. LTC- Litecoin- It is one of the first cryptocurrencies that sprung right after bitcoin. It has also been referred to as bitcoin gold’s silver. Litecoin can generate blocks faster; therefore, offering a quicker confirmation time for transactions. It had a value of $3.0 billion in the market shortly.
3. XRP- Ripple- The banks will be able to settle overseas payments, virtually offering end to end clarity and lower costs- Ripple helps enable this service after it launched in 2012. XRP is not mined; hence, these pre-mined currencies help establish a network of settlements that can be used for certain, quick, and international low-cost payments.
4. USDT- Tether- It defines itself as a platform i.e., powered by blockchain developed to ease the utility of nation currency digitally. It is one of the first stable coins that aim to smooth the value curve. This helps in ignoring the volatility of the market.
5. LIBRA- Libra- The social media Facebook was rumored to launch its cryptocurrencies. However, they wanted to sort through the regulatory boundaries before the launch. But, when launched, Libra will undoubtedly pull a vast amount of attention from both outside and inside the crypto society.
6. EOS-ESO- Other than Libra, ESO is a new release of 2018. ESO was inspired by ethereum, hence provides you with decentralized app building and other such activities. But it offers far more than just that, with ESO you will get a proof-of-stake technology that they claim delivers scalability beyond any other crypto in the market.
7. XMR- Monero- This is a private, untraceable, and secure currency. Monero’s development depends on donations and community-powered ventures. It was built keeping in mind the scalability and decentralization. On the plus side, it also offers you a ‘ring signature’ offering you complete privacy.
8. BNB- Binance Coin– This platform can trade several cryptocurrencies, while the BNB is used to ease the fees on transactions on the exchange. These coins can also be used to purchase services and goods.
9. BCH- Bitcoin Cash- One of the first hard fork of bitcoin and a very important altcoin of history. BCH expands the size of the blocks to help in speedy transactions and a low rate of confirmation time.
10. BSV- Bitcoin SV– SV here stands for Satoshi Vision, and it is one of the hard forks of bitcoin cash. This technology restores Satoshi’s original protocol but also allows new development for scalability. They emphasize on the fast transaction processing time and security.