Cryptocurrencies Of A Different Kind: The Rise Of Bitcoin Alternatives
The most popular decentralised digital currency in the world is Bitcoin. It works on an anonymous peer to peer network which works perfectly for people looking to transfer money without disclosing any personal information.
Since Bitcoin was invented, over 900 cryptocurrencies have been released and newer ones are being invented all the time. These alternatives to Bitcoins are known as altcoins. Altcoins might be easier to mine, but they have the drawback of lower liquidity and lower merchant acceptance rates. They are also a risky investment since they have an uncertain value retention. Among the most popular altcoins are Ethereum, Dash, Litecoin, Ripple, and Bitcoin Cash.
One of the first altcoins to be created was Litecoin (LTC). The altcoin was founded by Charles Lee and released in 2011 and offers quicker transaction confirmation times compared to Bitcoin and an increasing number of merchants currently accept it, including some 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. You should also read the latest blogs on the same subject to get the best investment advice and news on altcoins to avoid any risky investment decisions.
You should always use a reputable exchange when you’re thinking about buying or selling altcoins or bitcoin. The best exchanges allow you to fund your account via PayPal, credit card, bank transfer, and a wide variety 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.
Bitcoin (BTC) is the most popular cryptocurrency as previously stated and probably the safest investment around. It was the first digital decentralized currency, having been released in 2009. Since then, it has revolutionised anonymous online payments. Nonetheless, other virtual currencies like those mentioned in this article are increasingly becoming more popular. Currently, the market trends signal that cryptocurrencies will be around for a very long time but since the digital currency niche is very competitive, it’s hard to tell which ones will actually become the industry leaders.