Cryptocurrencies Of A Different Kind: The Rise Of Bitcoin Alternatives
Bitcoin is the most popular decentralised currency in the world today. It works on an anonymous peer to peer network which works perfectly for people looking to transfer money without disclosing any personal information.
From the time Bitcoin was invented, over 900 additional cryptocurrencies have emerged, and new ones are still being released all the time. These alternatives to Bitcoin are commonly referred to as altcoins. Although they’re comparatively easier to mine than Bitcoin, altcoins generally have a much lower liquidity and merchant acceptance rates. Additionally, they can be considerably riskier, since their value retention is quite uncertain. Among the most popular altcoins are Ethereum, Dash, Litecoin, Ripple, and Bitcoin Cash.
One of the first altcoins to be created was Litecoin (LTC). It was founded in 2011 by Charles Lee and offers very fast transaction confirmation times than Bitcoin and it’s increasingly being accepted by merchants as well as offline restaurants and stores.
Admittedly, investing in altcoins is not for the fainthearted, but there’s always the possibility of making huge returns if you choose wisely. A lot of research and good timing is the best way to count on returns reduce your losses. You can keep up with the latest cryptocurrency market news by visiting popular forums such as Bitcoin Talk that has more than a million members. Reading regularly updated cryptocurrency blogs run by insiders of the industry can be an excellent way to receive hot investment tips on altcoins.
It is always important to use a reputable exchange when it comes to selling and buying altcoins and Bitcoins. Some of the best exchanges allow you to fund your personal account through credit card, bank transfer, Paypal and numerous types of cryptocurrencies.
If you would like to make payments that are completely anonymous and untraceable with an online digital currency wallet, you should take extra steps for protecting your privacy like using Tor, VPN, or using encrypted communication systems.
As mentioned earlier, Bitcoin (BTC) is the world’s most popular cryptocurrency, and probably the safest investment today. It was the first digital decentralized currency, having been released in 2009. Since then, it has revolutionised anonymous online payments. However, other digital currencies including the ones featured here are steadily increasing in popularity. The current market trends suggest that digital currencies are likely to be around for the long-term, but only time can tell which altcoins will become the true market leaders in the increasingly competitive world of digital currencies.