While Bitcoin still dominates the world of cryptocurrencies, it’s far from alone. The market is crowded with other options that have a lot of potential. Here are four of the biggest names in the cryptocurrency space, plus an overview of what each one is best at, so you can decide which one (or many) you want to invest in.
Cryptocurrency is a super-complicated topic but these basic things are good to know when you’re getting started.
Cryptocurrency is a super-complicated topic, but these basic things are good to know when you’re getting started.
Cryptocurrency is the digital version of cash that exists only online. It’s not backed by any government or central bank, so its value is determined entirely by supply and demand. Cryptocurrencies aren’t accepted at most businesses yet (though that could change soon), but it’s actually pretty easy to get started using cryptocurrency if you want to try it out for yourself.
Bitcoin is the original cryptocurrency, and it’s still the most valuable one today. It’s decentralized, which means that no government controls or regulates it. It can be used to buy things online or in person—and many people do just that! Some merchants accept Bitcoin rather than physical money for payment because of its security features (you’ll learn more about these later).
Tron is a blockchain platform that aims to build a free, decentralized internet. It’s the tenth largest cryptocurrency by market cap and is one of many competitors in the blockchain space.
Tron competes with Ethereum, EOS, Cardano and NEO as well as other projects with similar features. However, Tron has some unique features that set it apart from its competition including:
- A high degree of decentralization compared with other blockchains like Ethereum or EOS since every transaction on Tron requires validation by nodes instead of just one node like Ethereum or EOS
- High throughput due to lack of mining which means transactions are confirmed faster than they would be on Bitcoin or Litecoin
Litecoin is a cryptocurrency that is based on the Bitcoin protocol, but is more efficient and faster.
Litecoin is also faster to confirm transactions, meaning it is more suitable for smaller transactions.
Litecoin is also more suited to be used as a payment method for goods and services because of its lower transaction fees.
If you’ve been watching the market, you know that Monero (XMR) has had a huge year so far. In fact, it’s currently sitting at an all-time high of $199 USD per coin. This makes it one of the most popular privacy coins and a great bet for long term investors who are looking to make money in a market that’s traditionally volatile.
Monero is unique because it’s both decentralized and fungible—meaning no one can tell if you have XMR or not unless they know your address or transaction history. That property makes it ideal for digital payments where someone might want to keep their financial information private from the seller or buyer—like buying something online without having to reveal your credit card number or bank account details!
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk. The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation; for more information see https://www.ethereumfoundation.org/.
There’s a lot to know about cryptocurrencies, but it’s worth understanding them because they’re the future. I would recommend doing some research before you get started investing in any of these coins.
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