About Crypto Coin

BITCOIN

Bitcoin is the original cryptocurrency, and was released as open-source software in 2009. Using a new distributed ledger known as the blockchain, the Bitcoin protocol allows for users to make peer-to-peer transactions using digital currency while avoiding the “double spending” problem. No central authority or server verifies transactions, and instead the legitimacy of a payment is determined by the decentralized network itself.

Bitcoin is the original cryptocurrency with the most liquidity and significant network effects. It also has brand name recognition around the world, with an eight-year track record.

LITECOIN

Litecoin was launched in 2011 as an early alternative to Bitcoin. Former Google engineer Charles Lee created this altcoin in an effort to improve upon Bitcoin. Namely, the speed to generate a new block is improved dramatically. Transactions are much faster. By the same token, however, this speed makes Litecoin’s Blockchain larger and more prone to producing orphaned blocks.

ETHEREUM

Is probably the third most important coin [here in 2018, I’d argue that it is the second most important after Bitcoin]. Ethereum doesn’t have the longevity at the top like Litecoin, but it has some unique features and a market cap that make it a real contender. Most ICOs (Initial Coin Offerings) use Ethereum. It has a less intimidating cost that Bitcoin and has the second highest market cap. On that note, Ethereum classic is also notable. Ethereum is a spin-off (aka “hard fork”) from what isn’t today called Ethereum classic (like how our next up coin, Bitcoin cash, is a spin-off of Bitcoin.)

DASH

Dash, a combination of the words “digital” and “cash,” is the Internet’s cash-in-hand. Dash previously known as XCoin, has unique functionality. XCoin was developed by Evan Duffield who wanted to improve on Bitcoin but didn’t have the pull to do so. Thus, he developed his own coin. It takes less power to mine Dash than most coins. Using less energy to mine is important is quick. Its transactions are instant. “Your time is valuable. InstantSend payments confirm in less than a second,” Dash claims. By comparison, Bitcoin’s transactions can take up to an hour to process. GPU/CPU mining is no longer cost effective. In order to mine, you’ll need specific hardware, computers known as ASICs to complete Dash’s proof-of-work puzzles.

RIPPLE

Ripple is considerably different from Bitcoin. That’s because Ripple is essentially a global settlement network for other currencies such as USD, Bitcoin, EUR, GBP, or any other units of value (i.e. frequent flier miles, commodities).To make any such a settlement, however, a tiny fee must be paid in XRP (Ripple’s native tokens) – and these are what trade on cryptocurrency markets.

BITCOIN CASH / BITCOIN GOLD

BitcoinCash is a spin-off of bitcoin, meant to have faster transactions, voted on and implemented by the Bitcoin community. Bitcoin Gold is also a spin-off, the goal of that coin is to have a coin that can be mined with a GPU (graphics processor, like the ones AMD and NVIDIA make). It is too early to be sure, but these coins have a high market cap and could shape up to be top players over the long run. Keep your eye on them, but don’t expect them to be guaranteed the staying power of Bitcoin. They are interesting altcoins, but it’s unlikely either will ever truly challenge Bitcoin for the top spot. The concept here is that Bitcoin is so relevant that it is important to keep an eye on its forks.

ETHEREUM CLASSIC

In 2016, the Ethereum community faced a difficult decision: The DAO, a venture capital firm built on top of the Ethereum platform, had $50 million in ether stolen from it through a security vulnerability.

The majority of the Ethereum community decided to help The DAO by “hard forking” the currency, and then changing the blockchain to return the stolen proceeds back to The DAO. The minority thought this idea violated the key foundation of immutability that the blockchain was designed around, and kept the original Ethereum blockchain the way it was. Hence, the “Classic” label.

TETHER

Tether is meant to reflect the price of the US dollar. There are some criticisms to consider. But if you want a stable coin for temporary use, Tether tends to be a good choice. It isn’t an investment; it is a place to park your value in crypto when you are in-between coins.

IOTA

IOTA is a popular coin with a large supply (meaning there are many MIOTAs out there). It has one of the highest market caps today due to the tech behind it being embraced by some big-name companies like Cisco Systems Inc, Volkswagen AG, and Samsung Group.

Source: cryptocurrencyfacts,cointelegraph,visualcapitalist

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