Who to follow on Crypto?
Bitcoin set the trend for all the cryptocurrencies to come. With thousands of currencies available in the market, it has become difficult to choose which coin you should keep track of. Especially when the market is so visibly wild. But before delving deep into this topic, let us talk about what cryptocurrency is.
What is cryptocurrency?
A cryptocurrency is an emerging form of digital currency that takes the form of a token or a coin. Most of these digital coins are intangible in forms, but some of them have taken the form of credit cards and other payment options.
The term crypto in the word cryptocurrency signifies the complicated cryptography that initiates the inception of these decentralized digital currencies. These digital currencies are also free from any kind of control and manipulation of the government. There are coins that are modelled according to the design of bitcoins, and some of them also claim that they are better versions of the Bitcoin; these coins are collectively termed as altcoins or shitcoins. There is no doubt that these altcoins have some distinctive features; nevertheless, they have not been able to match the level of security that Bitcoins provide.
More about Cryptocurrencies
You need to know that there are already more than 4000 cryptocurrencies available and some of them are highly famed, whereas many others are little or no following at all. But the positive point is that the cryptocurrency market is constantly expanding. Bitcoin may be considered as the pioneer of all the digital currencies, but there are also other crypto coins that have the potential to reach a greater height or beat the record of Bitcoin. Let’s look at some of them in detail:
Ethereum (ETH)
Ethereum can be considered a bitcoin alternative. It is a decentralized staging where decentralized applications can be built without any kind of interference, fraud, downtime and external manipulation. These applications run on either a platform-specific and cryptographic token. It was launched in 2015, and is currently the second-largest valued digital coin.
Litecoin (LTC)
Litecoin was invented by Charlie Lee, who is also an MIT graduate and former Google employee. It is currently the sixth-largest valued digital coin. It is developed on an open-source global payment network, and it is not controlled by any authority. It uses Scrypt as a proof of its work. There are many similarities between Bitcoin and Litecoin, but Litecoin offers faster transaction time and block generation rates.
Cardano (ADA)
A research-based cryptocurrency made by engineers, mathematicians and cryptography specialists. It was co-founded by Charles Hoskinson, one of the founders of Ethereum. Because of its higher capabilities, it is also known as the ethereum killer.
Polkadot (DOT)
Polkadot is created to merge permissioned and permission-less blockchains in a one-stop location. It offers parallel security so that all the systems can work together under one roof. Polkadot was also created by one of the cofounders of Ethereum named Gavin Wood.
Many crypto coins can underperform or outperform anytime, and keeping track of all of them is very difficult. Extensive study is needed to understand how these trends work and who to follow.
