Investing in the cryptocurrency market space is often complex, especially for traditional investors. This is because investing directly in cryptocurrency requires the use of new technologies, tools and the adoption of some new concepts.

If you decide to dip your toes into the CryptoCurrency world, you need to have a clear picture of what to do and what to expect.

Be it Bitcoin, Litecoin, Ethereum or any of the 1300 tokens, buying and selling cryptocurrencies requires you to select an exchange that where to sell litecoin in nigeria trades the products you want.

As the most well-known decentralized cryptocurrency, bitcoin leads the crypto space so dominantly that the terms crypto and bitcoin are sometimes used interchangeably. However, the fact of the matter is that there are other cryptocurrencies to rely on for crypto investing.

Litecoin

Litecoin, also referred to as “silver to bitcoin’s gold”, is an open-source decentralized payment network that works without the involvement of an intermediary.

How is Litecoin different from Bitcoin? Well, both are similar in many ways, but Litecoin’s block generation is much faster than Bitcoin’s. This makes investors around the world open to accept Litecoin.

Charlie Lee, a former engineer at Google, founded Litecoin in 2011. Although Litecoin does not have Bitcoin’s anonymity technology, recent reports have shown that Litecoin is preferred over Bitcoin due to its durability. Another factor favoring Litecoin is Bitcoin SegWit technology, which means secure peer-to-peer trading of currencies without involvement in an exchange.

Ether

Launched in 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to function without third-party interference. The currency is the Ether, which is like an accelerator within the Ethereum platform. In the leading cryptocurrency space Ethereum. is the second most preferred choice after bitcoin.

Zcash

Zcash gained attention in late 2016 and focuses on solving the problem of anonymous transactions. To understand currency, let’s take it as “if Bitcoin is like HTTP for money, Zcash is HTTPS”.

The currency offers the choice of shielded transaction to maintain transparency, privacy and security of transactions. This means that investors can transmit data in the form of an encrypted code.

Hyphen

Originally known as Darkcoin, Dash is a more selective version of Bitcoin. It was launched in January 2014 by Evan Duffield under the name Xcoin. It is also known as Decentralized Autonomous Organization or simply DAO. The coin was intended to remove all of Bitcoin’s prevailing limitations. Currently, Bitcoin has gained a significant position in the cryptocurrency space.

The alternative to virtual currency that promises secure and anonymous transactions through peer-to-peer networks is cryptocurrency. The key to making big bucks is making the right investment at the right moment . Compared to everyday money-making, cryptocurrency models work without intermediaries as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, continuous activity is issued, managed, and acknowledged by the community peer network. The cryptocurrency is known for its fast transactions over any other mode like digital wallets and other mediums.

Besides those discussed above, other top cryptocurrencies include Monero (XMR) and Bitcoin Cash (BCH). EOS and Ripple (XRP).

Although bitcoin is the trendsetter and leading the race, other currencies have also conquered their prominent position and are gaining importance every day. Considering the trend, the other cryptos will still have a long way to go and could soon give Bitcoin a really tough time to maintain its position.

Bitcoin remains a volatile option for investors

It may come as a surprise to those who haven’t followed the Crypto Currency, Bitcoin and Litecoin saga that currencies with no intrinsic value remain a volatile commodity for investors. For those who have kept up with digital currency conversion rates, it is clear that the very volatility that has defined the pseudo-currency is attracting investor interest in the space. Recent changes in the value of this currency, as well as the bankruptcy of one of the largest platforms in the world that exchanges bitcoins, have put the future of this digital money in question. However, experts assure those looking to use crypto currency, litecoin, and bitcoin that the “fad” that has led to digital money is likely to continue.

A Brief History of Bitcoin, Litecoin and Cryptocurrency

Bitcoin and other forms of pseudo-currency are used as payment for transaction fees, products and services. Bitcoins or Litecoins can be exchanged for “real” currency at a certain rate. Experts feared that bitcoins and other digital currencies could be used for illegal activities as they are much easier to exchange and “launder” than other forms of money. For example, bitcoin use was implicated in an illegal drug website, and there may be other examples of illegal use that have not yet been reported.

The value of these currencies has also been a subject of debate. Bitcoin values surged 90x in 2013, creating a “Bitcoin bubble” that quickly deflated in 2014. The sudden drop in value of around 50 percent has led to speculation that the pseudo-currency field is dying and will soon follow the path of the bitcoin dodo.

However, is it too early to declare Bitcoin and Litecoin failed? Experts disagree on this topic, but some claim that there is a place for digital currencies in tomorrow’s financial market.

Bitcoin problems and solutions

The recent bankruptcy of Mt. Gox, the Tokyo-based Bitcoin exchange and the world’s largest Bitcoin exchange platform, caught most investors by surprise. Even more puzzling was the news that $400 million worth of coins had disappeared.

But even the disappearance of six percent of all bitcoins in the world does not seem to have slowed down the giant currency. how to sell litecoin on trust wallet Bitcoin continues to struggle against certain companies like Apple over the possibility that the currency may not be legal, but a growing number of apps and programs accept Bitcoin without issue.

Some experts see Mt. Gox’s bankruptcy as a step forward for Bitcoin. The underlying software is unchanged and many vendors are eager to get into the business of buying and selling the digital currency. Additionally, these vendors claim that Mt. Gox was the problem and that most of the illegal activity related to bitcoin originated from this organization, not legitimate vendors and customers.

Check your values

No matter what happens to Bitcoin, Litecoin, and other digital currencies in the future, one thing will not change: the need to find an instant answer to the question, “How much is my money worth?”

To learn this important fact, customers must have access to a reliable platform that updates the value of bitcoins, litecoins and other forms of cryptocurrencies in real-time.