Types of cryptocurrencies you can choose from for trading
Types of cryptocurrencies you can choose from for trading: Most people around the world do not know about cryptocurrencies. You will be surprised to know that most of them don’t even know that it is real money. Cryptocurrency is real but in digital format. You can buy anything with cryptocurrency and you can find crypto credit cards in many countries. They are safe to use as they are all encrypted in such a tough design that no one can hack them. This is why crypto trading is increasing day by day. If you are planning to trade in the cryptocurrency market then you need to understand the different types of cryptocurrencies. Let us discuss them in detail.
- Bitcoin: It is the first cryptocurrency created and also the most well known. The short form used for Bitcoin is BTC. Bitcoin uses blockchain technology. The transaction is very transparent everyone can see the transaction but the bitcoin owner can understand it. Since the transaction is in encrypted format and only the owner will have the key to decrypt it and view the transaction.
- Litecoin: It is a crypto currency that was created as an alternative to Bitcoin. There is no middle man like other cryptocurrencies. Litecoin transactions are faster than Bitcoin. The value of Litecoin is much higher than Bitcoin. Litecoin is also known as LTC.
- Ethereum: Ethereum is a type of virtual currency that was created with more capabilities. Not only does Ethereum monitor the ownership of cryptocurrency transfers, but blockchain technology also emphasizes the algorithmic implementation of any decentralized application.
- Bitcoin Cash: It is similar to Bitcoin but has more advanced features than the original Bitcoin. It increases the cache block due to which the transaction is very fast.
- Ethereum Classic: This is another version of the Ethereum blockchain; It has smart contract capability. Smart contracts are like programs that can be executed without any interruptions, downtime or interference from any third party.
- Zcash: Zcash is different from other cryptocurrencies, even though it is built on the same code as Bitcoin. The main feature that distinguishes it from other cryptocurrencies is privacy. Individuals can send or receive cryptocurrency without disclosing the sender, receiver and total amount of the transaction.