The Internet, after several decades of its existence, has its currency. We mean Bitcoin, which, despite its unimpressed beginning, is now incredibly valuable virtual money. It has been called the gold of the Internet. Have other Internet bullion been created in the same way as Internet gold?
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There is another cryptocurrency based on a blockchain with open source code. Its authors decided to ensure a fast transfer of funds with a low transaction fee. The English word lite in the name of the cryptocurrency means lightness and affordability.
Litecoin as one of the oldest cryptocurrencies for some time was in second place in the ranking. Like Bitcoin, it is decentralized, although it does not provide anonymity.
Who is behind writing Litecoin?
This is Charlie Lee,a Google employee who was involved in the development of software such as Chrome OS or the mobile version of YouTube. October 2011 can be considered the beginning of Litecoin,because then the source code of the new cryptocurrency was made public.
It was immediately clear that Litecoin could not compete with Bitcoin. It can only be a light and cheap alternative option. Currently, the development of the cryptocurrency is supervised by Litecoin Foudation, headed by Charlie Lee.
Litecoin vs. Bitcoin.
The construction of Litecoin is similar to Bitcoin, but in favor of the former falls a faster time to execute confirmations. It operates in a P2P network, being a decentralized and unattended virtual money. The license terms allow you to copy, modify and distribute Litecoin even in a modified version.
The distinguishing features of Litecoin are:
- block processing every 2.5 minutes,
- maximum supply of 84 million units,
- based on the Scrypt cryptographic algorithm.
Where does the price of Litecoin come from?
- Regulations introduced by financial authorities.
- Limited number of Litecoin units and the speed of its mining.
- Media reports influencing investor enthusiasm.
- Adaptation in the financial market.
Unlike other cryptocurrencies, Ethereum uses blockchain technology. Its data is not stored on external servers, in computers scattered around the world. Is it possible to take over this cryptocurrency in any way? Theoretically, yes, but you would have to control more than half of the computers on Earth.
Compared to Bitcoin, this Ethereum offers slightly more possibilities by providing an open platform with dappsapplications.
Father of Ethereum.
The creator of Ethereum is considered to be the Russian-born programmer Vitalik Buterin. He currently resides in Canada. The project he created – Ethereum, saw the light of day in 2015.
How to mine Ethereum?
Ethereum in strict terms is an open source platform that allows developers to create decentralized applications. The cryptocurrency used in the platform is Ether, a unit of account issued on the blockchain. It takes part in the transfer of funds. Ether is therefore a cryptocurrency and Ethereum is a platform,but currently these concepts have mixed together and are used interchangeably.
To "mine" Ether, you need to stock up on special software. As with other cryptocurrencies, virtual money is received in exchange for solving complex mathematical calculations. Mining Ether is possible with the help of a processor or graphics card.
Forecasts for Ethereum.
Its prices are still increasing. The following months will most likely bring further increases. The cryptocurrency market continues to grow, despite its relative youth. It is also characterized by enormous volatility and unpredictability.
Among a large group of investors, there is a belief in the high potential of Ethereum. Some go so far as to say that in the long run it may move to the leading positions in the rankings. People claiming that Ethereum can be a successful investment may be quite right.
According to some, Ethereum is more extensive than online gold – Bitcoin. This can be both a disadvantage and an advantage. Investors expecting simplicity will avoid Ethereum with a wide arc. Cryptocurrency enthusiasts believe that Ethereum is currently very undervalued, and thus an increase in its price should be expected.
This is the name of an Open Source platform that allows you to make cheap and instant transactions. The cryptocurrency supported by this organization is XRP. As a currency exchange network company, RippleNet has set itself the goal of connecting banks, payment processors and cryptocurrency exchanges with secure and fast transactions.
Where did XRP come from?
Ripple was started by Ryan Fugger, whohas been involved in the project of a decentralized monetary system for years. Ripple, unlike Bitcoin, is a much faster solution. This type of payment is mainly aimed at banks that can transfer money in 4 seconds.
Ripple cannot be "mined", which distinguishes it from other cryptocurrencies. There is a fixed amount of cryptocurrency on the network and it is controlled by Ripple. This is a very controversial move, because other cryptocurrencies are not controlled by any financial authorities.
The future of Ripple.
Forecasts about this cryptocurrency are very uncertain. A huge amount of available cryptocurrencies works against it. This means a lot of competition for Ripple. Another issue is the controversy related to it. Media reports speak of a violation of the law on the issue of securities by Ripple.
Among the many alternative cryptocurrencies is a playful mascot. We are talking about DogeCoin,which is a "funny" cryptocurrency created in the form of fun, and currently worth real money. The symbol of cryptocurrency has become a cheerful dog of the "Shiba Inu" breed, which can be found in the witty work of Internet memes creators.
Unsustainably funny cryptocurrency has attracted a large, online community. Like other cryptocurrencies, DogeCoin allows you to easily transfer money over the Internet without the participation of intermediaries and with the use of the blockchain.
A game that continues to this day.
The history of DogeCoin began in 2013 with a mocking tweet that was "picked up" by the community. As a consequence, the DogeCoin domain was bought and software was written, which gave rise to a new cryptocurrency. After the cryptocurrency hit the market, it is still there today.
You probably won't be surprised to know that DogeCoin mining involves checking blockchain transactions using complex mathematical calculations. Cryptocurrency mining can be done with the help of home computers, thanks to the Scryptalgorithm.
Each mined block allows you to receive 10,000 DOGE rewards. It would seem that this is a lot, but at the current market price, the value of DOGE is quite low. Unfortunately, DogeCoin does not have a predetermined number of mined units, that is, over time it will be subject to the process of inflation.
Where to buy DogeCoin, what are the forecasts?
DogeCoin is also offered by cryptocurrency exchanges. Although cryptocurrency is endowed with a funny overtone, it is very popular. Perhaps it is, thanks to her humorous amusement.
Famous personalities such as Elon Musk have significantly contributed to the popularization of this cryptocurrency.
They are called cryptocurrencies that are an extremely bad way to invest capital. These can be coins that have absolutely no use or with extremely low market capitalization and low liquidity. They can easily be used for illegal market practices. What's more, if the liquidity of a given asset drops to zero, the investor cannot sell his shitcoins, being left with a package of worthless cryptocurrency units.
If you look at the charts and market reports, cryptocurrencies are developing at a dizzying pace.
As a result, there are also new projects, but not all of them are doomed to success. In that case, it seems logical to exercise the necessary caution not to invest your hard-earned funds in shitcoin. Looking from the other side, each cryptocurrency starts from a low level, overcoming the path from an insignificant shitcoin to a significant digital currency.
Hence, before investing in a new project, check its foundations, delve into information about its creation and author.
Who knows, maybe in the long term an insignificant cryptocurrency will allow you to achieve a large return on an inconspicuous-looking investment.
Different opinions about cryptocurrencies.
All cryptocurrencies arouse great emotions, and thus accumulate a lot of opinions and comments on the web. To date, they are written by both supporters and opponents of these modern means of payment. Real happiness can be talked about by those investors who bought virtual currencies at the right time. Now that their value has increased, they have become the owners of a considerable amount of money. They praise Bitcoin and other cryptocurrencies for their high rate of return and considerable profit. This was not possible if it had not been for some investment risk. The final effect surprised everyone, even the most ardent supporters.
Reading positive reviews about cryptocurrencies, many people decide to join virtual money investors. Some prefer to invest in a proven virtual currency, which is Bitcoin. Other investors, especially those who agree to higher risk, invest in altcoins, claiming that buying a large amount of alternative currency will allow them to make a much greater profit than in the case of Bitcoin.
Many opponents repeat the same sentence over and over again. "Cryptocurrencies are a big and growing speculative bubble!" In their opinion, future cryptocurrency prices will go down, and then interest in them will quickly end. In the worst situation will be those who invested real money in cryptocurrency and wanted to multiply it or protect it from rampant inflation.
Other people are afraid that in a crisis situation, cryptocurrency holders will get rid of their funds. This, too, would cause prices to fall, which would collapse the market. In such a situation, many investors would lose their funds.
What should the average person think about investing in cryptocurrencies? First of all, that it is currently a very interesting opportunity to invest money,the loss of which you are able to afford. It is true that you can take care of mining cryptocurrencies, but ask yourself how much money you want to spend on computers and graphics cards? Maybe you will leave cryptocurrency mines to professionals who know how to start organizing mining? Remember that there are other forms of investing in cryptocurrencies that are also noteworthy.
Currently, according to reviews from blogs and forums, cryptocurrencies are worth a lot of money. Despite this, our editorial team does not undertake to make an unequivocal opinion. We are aware that virtual money is currently of considerable value, but we also share the opinion of skeptics who claim that investing money in cryptocurrencies involves incurring risks.
Our editorial team encourages every reader to familiarize themselves with the opinions, forecasts and articles available on the web. Thanks to getting acquainted with them, you will be able to form your own opinion and choose your own position on cryptocurrencies.