If you are new to the world of cryptocurrency, you could be forgiven for thinking it starts and ends with Bitcoin. The digital landscape for currency is so vast and complex that it’s easy to become overwhelmed. You have to understand that cryptocurrency and Bitcoin symbolise the future of the online world. But, there are many other cryptocurrencies out there that are wholly unrelated to Bitcoin.
It’s important to get a feel for the whole market and to understand the influence of cryptocurrencies. And, the best way of doing that is to make sure you understand all the different types of cryptocurrency available. That means looking closely at some of the others out there.
Litecoin is a fun and accessible alternative to Bitcoin. In fact, the company even refers to itself as the silver to Bitcoin’s gold. Created in 2011, Litecoin is a cool cryptocurrency with a brilliant process time. It was the first cryptocurrency to use Scrypt as an algorithm. Litecoin is a great choice if you are new to the cryptocurrency world and you want to invest, but don’t yet have the financial clout for Bitcoin.
Ethereum is a cryptocurrency you may well have heard of. It’s one of those that is a blockchain distributing company as well as a cryptocurrency. Ethereum was launched in 2013 by Vitalik Buterin, a former Bitcoin programmer. It is a cryptocurrency that is increasing in usage and proving a popular choice for a lot of people. Though it doesn’t quite have the level of popularity Bitcoin does, it is vastly developing as a cryptocurrency.
Another cryptocurrency created in 2013 was Primecoin. The way this one works is that miners use their computers to find Cunningham chains. Using these chains, they can mine for Primecoins. The great thing about these coins is that they are a lot less expensive than the likes of Bitcoin. And you can actually buy one Primecoin for around $0.04. That makes these a great investment for the future when the cryptocurrency market is bound to explode and become much more mainstream.