The bitcoin is not just one of the most popular forms of cryptocurrency, but it is quickly becoming synonymous with the term. There are a variety of currencies that have been inspired by the bitcoin – collectively known as altcoins. These improvisations of bitcoins consider themselves to be a better and more polished version of the bitcoin. There are more than 700 different types of cryptocurrencies, while the world is still stuck on the bitcoin and its different variants. While the best time to invest in cryptocurrency is the most debated topic, here are three types that can help you get a better idea of cryptocurrency.
The Litecoin was one of the cryptocurrencies that was associated closely with the bitcoin and was also known as the sliver to bitcoin’s gold. This cryptocurrency was launched in 2011 by an MIT graduate and former Google engineer. The Litecoin might have serious similarities to the bitcoin but it has a faster block generation rate, which offers a quicker confirmation of the transaction. It is based on an open source global payment network and is not under the control of any central authority. Furthermore, it uses “scrypt” as a proof of work that allows decoding with the help of a consumer grade CPU.
- Ripple (XRP)
Ripple offers instant as well as low-cost international payments. It works in real-time and provides a global settlement network. Ripple currency was release in 2012 and now has a market capitalization value of $1.26 billion. Ripple’s method of conformation, the consensus ledger, does not require mining. This is a feature that does not relate to the features of a bitcoin and altcoins. This feature is ideal as it reduces the network latency and does not require the use of computer power. This type of cryptocurrency believes that ‘distributing value is a powerful way to incentivize behaviors.’ Hence, they are planning to primarily distribute XRPs.
Dash was originally known as a dark coin as it is probably one of the most secretive versions of the bitcoin. The noticeable feature of this cryptocurrency is that it works on a decentralized master code that allows it make a transaction that is almost untraceable. It was launched at one of the best times to invest in cryptocurrency – 2014. Thus, it gained popularity at an extremely high pace. This cryptocurrency was developed by Evan Duffield and uses the common process of mining. It can be mined with the help of a CPU or a GPU. In 2015, this cryptocurrency got its new name, Dash, which actually means digital cash.