Types of cryptocurrencies you need to know about

The electronic currencies that sponsor digital exchange of finance are referred to as cryptocurrencies. Powered by Blockchain Technology, and the techniques of Cryptography, cryptocurrency is used to conduct transactions with utmost security. There are several different types of cryptocurrencies in the global cryptocurrency trade market.

Enlisted below are the most popular cryptocurrencies of the trade.

Bitcoin

Bitcoin is the first cryptocurrency launched in the year 2009 by Satoshi Nakamoto. Bitcoin can be purchased in parts because a single currency of Bitcoin costs a fortune of thousands of Dollars. The price of Bitcoin has skyrocketed to 750% of its original value taking investors for a richly successful joyride. This cryptocurrency is the investor’s favourite, and it is expected that the price of Bitcoin will only increase shortly.

Ethereum

Seconded to Bitcoin in the catalogue of popular cryptocurrencies, Ethereum too employs the powerfully secure Blockchain technology to conduct its transactions. Ethereum is unique amongst other cryptocurrencies for the fact that it runs on a platform that is decentralized and free of third-party intervention.  Ethereum thus is more protected against fraudulent and hacking as compared to the other currencies. With its name derived from the currency “Ether”, the price of Ethereum can be forecast before solid investment, thus keeping pace with the instantaneous value of Ethereum.

Ripple

Ripple does not target private stockholders and investors, unlike other cryptocurrencies. Ripple is a cryptocurrency meant for fund providers, for conducting transactions in digital assets and for banks. This cryptocurrency does not possess any price of its own. On the contrary, Ripple is a cryptocurrency coin that safeguards the RippleNet platform from malicious spams and attacks.

Litecoin

If Bitcoin is analogous to gold, then the cryptocurrency Litecoin is Silver. When it had become very challenging to mine Bitcoins, Litecoins came to the rescue and as such its price increased in the cryptocurrency trade market. Litecoin employs a de-centralized mode of payment, which does away with the necessity of expensive equipment needed to mine cryptocurrencies. Litecoin is similar to Bitcoin in several aspects and is considered as an alternative to the cryptocurrency Bitcoin.

Dash

Dash is a secret model of Bitcoin, introduced in 2014, which makes use of decentralized network code. The improved characteristics of Dash, among other cryptocurrencies,  has made the coin so popular and includes instantaneous transactions, de-centralized regulations, and strict confidentiality of transactions.

Zcash

Launched in 2016, the youngest cryptocurrency, Zcash is technologically advanced and extremely secure. The transactions are conducted at a rapid rate as compared to other cryptocurrencies. If Bitcoin is HTTP, then Zcash is HTTPS, as the founder of Zcash has claimed, in the light of its recent popularity and price rise.