ALTCOIN AND ITS TYPES
By now, we are all familiar about cryptocurrency market and the first ever cryptocurrency – Bitcoin. The market growth of cryptocurrency has grown exponentially leaving the value of Bitcoin increasing day by day. Past couple of years, cryptocurrency industry has grown rapidly with million users trading in the market. In order to analyze the price movements, market trends in cryptocurrency market, trading robots are designed. Find full report on trading bots that are available in market suitable to your investment.
Witnessing the success of Bitcoins led to the invention of other digital currencies called Altcoin. Altcoin consists of all cryptocurrencies and digital assets other than Bitcoins. At present, we have more than 1000 altcoins in the market. Since these coins are alternative to bitcoins, they are called “Altcoin”. Few alt coins are completely different from bitcoins. Here is a brief summary of some of the Alt coins popularly traded in cryptocurrency market:
- Ethereum: Released in the year 2015, this altcoin was created with the purpose to program binding agreements into Blockchain, technically called as smart contracts, thereby making it practically impossible to alter/change the transaction recorded to Blockchain. Ether is the cryptocurrency for the operation of Ethereum and they are listed under the code ETH. Their market capitalization as of mid March 2018 was USD 55.37 billion
- 2. Ripple: Released in the year 2012, Ripple was designed with an intention to enable secure, instant, global free transaction with no transaction cost. It uses its own cryptocurrency, ripple to record transactions in Blockchain ledger. Ripple enables transfer of money between countries. Ripple can be obtained in exchange even with fiat currency, cryptocurrency, commodity or any other unit of value. Ripple does not use mining in their Blockchain. They are listed under code XRP in the crypto market with the market capitalization of USD 39.134 billion as on February 2018.
- Litecoin: Released in the year 2011, this was created to improve Bitcoin. Going by its name “Lite”, it was designed with to make the transaction faster, lighter and smoother. Using Proof-of-work system, litecoin transactions are confirmed to be four times faster than Bitcoin. They are listed as “LTC” in the cryptocurrency market with market capitalization of USD 6.9 million as on March 2018.
- Nem: Released in the year 2015, Nem is a type of cryptocurrency that works on the peer-to-peer transaction. The feature that keeps Nem unique from all of the above cryptocurrency is its written code Java. Nem has introduced proof of importance algorithm in its Blockchain technology. There is a transaction fee in Nem. They are listed as XEM in the market.
In addition to above, altcoin such as Dash, Monero, Zcash, Decred etc are gaining popularity and selling at the decent price now. Looking at the amount of profitability, it is high time for every investor to utilise the opportunity and start investing in cryptocurrency market.