Dec 03, · Similar to any speculative investment, buying bitcoin carries some well-known risks: The price could drop precipitously and a single online hacking or . Oct 27, · Most Bitcoin exchanges allow you to buy the coin you want with a dollar threshold as low as $1. Whenever you buy Bitcoin through an exchange platform you can specify the amount of USD you’d like to spend on Bitcoin or you can specify how much Bitcoin you’d like to own, and the exchange will calculate the other half of the transaction. Dec 20, · From a trader’s perspective, here’s what that means: If bitcoin keeps rising relative to, say, ethereum and litecoin, it creates an arbitrage in which investors sell bitcoin and reinvest their profits in much-cheaper but otherwise similar – and therefore equally attractive as a store of value – coins. So bitcoin’s price falls (or at.
Coins similar to bitcoinIs Bitcoin a Good Investment? • Pros & Cons in • Benzinga
The world of virtual currencies is getting very crowded with so-called altcoins. Meanwhile, companies are betting that blockchain , the underlying technology of bitcoin, could fundamentally change the economy, leading to a surge in blockchain projects. The following is a list of some of the most prominent altcoins around. You should definitely do your research if you intend to buy. As with all investments, but especially ones in the crypto space, avoid investing money that you are not comfortable losing given the volatility of the space.
Prices and market capitalization of altcoins are based on data from CoinMarketCap. Transactions are recorded on a blockchain, but details of sender, recipient and amount stay private.
Similar to bitcoin, Zcash has the ability for users to send public or private payments. Of all the non-bitcoin cryptocurrencies out there, ether as the currency is called or Ethereum the name for the network is the one most likely to ring a bell.
Companies are particularly enamored with this system because of its so-called smart contract features. Rather than a central entity making decisions, the community of miners vote on things like how to improve the system. In , there was a disagreement within the community over how to address scaling issues. That disagreement led to a fork and the creation of Bitcoin Cash.
Cardano says it is setting itself apart by balancing privacy with regulation with the goal of promoting financial inclusion. Like Bitcoin Cash, Litecoin was also created as a fork from bitcoin. Its main claim to fame is its quicker settlement goal: Litecoin aims to settle transactions in two-and-a-half minutes, compared with 10 minutes for bitcoin.
Litecoin can also be purchased and sold on mainstream exchanges like Coinbase. With the exception of Bitcoin Cash and Ethereum, buying alt coins usually starts with buying bitcoin or Ethereum on an exchange like Coinbase and then going to another exchange. NEM is another blockchain project that is looking to help companies and industries improve things like payments and logistics.
Its trying to differentiate itself by making its blockchain highly customizable. Stellar is eyeing the way people, banks and payment networks move money. Its co-founder Jed McCaleb, a veteran in a still nascent industry. He built and sold Mt. Gox, the first bitcoin exchange and then went on to co-found Ripple.
IOTA, which stands for Internet of Things Application, is betting on the future of connected devices , as its name implies. The idea is that as the number of devices connected to the Internet grows—everything from iPhones to smart cars—so will the number of micropayments. That payments ecosystem will need a system to enable that quickly.
IOTA also claims it can deliver this without fees. Of all the altcoins on this list, Dash is one the few that is intended to be used by people to buy goods and services. In this sense, it is a lot like bitcoin, although the founders are trying to learn from the mistakes made in building bitcoin. Dash, which is a portmanteau of digital and cash, is supposed to be faster and cheaper than bitcoin. While it provides pretty good privacy for its users, Monero aims to be totally opaque.
That feature has made it particularly popular on the dark web, where bitcoin has become decidedly passe. Looking to get into investing? How We Make Money. Editorial disclosure. Launched in April , this peer-to-peer currency is designed to provide anonymous and untraceable transactions.
Through the use of several privacy-focused technologies, Monero allows holders to send and receive funds without the origin, amount or destination of a transaction visible to anyone else. This means that while individual bitcoins can be tainted through their association with previous transactions, for example, if they were stolen from an exchange, each XMR is essentially the same as the next.
How to buy Monero Learn more about Monero. Another privacy-focused coin, Zcash uses zero-knowledge cryptography to allow anonymous transactions. Initially released in October , Zcash can trace its origins back to a project called ZeroCoin, which was actually originally designed to improve anonymity for bitcoin users. If you choose the shielded option, the sender, amount and recipient of a transaction are all hidden.
Just like bitcoin, Zcash has a maximum supply of 21 million coins. How to buy Zcash Learn more about Zcash. Another currency created from a fork of bitcoin, Dash is short for Digital Cash. As you might expect with a name like that, this coin is designed to offer fast and reliable digital payments.
Dash also offers the optional PrivateSend feature, which allows you to keep your transaction history and balance hidden from prying eyes. Dash is also self-funded and self-governed, with anyone able to propose new features and changes to the network, and each proposal voted on by Dash masternodes. How to buy Dash Learn more about Dash. Launched in , Nano aims to offer real-time, zero-fee transactions without requiring the same astronomical power consumption as bitcoin.
To achieve this, it uses a combination of blockchain used by bitcoin and the majority of other cryptocurrencies and directed acyclic graph technology DAG, known to be used by IOTA.
As far as practicality for everyday use, Nano offers a number of advantages over bitcoin. However, whether or not it can ever achieve the same level of widespread acceptance and support that bitcoin does remains uncertain.
How to buy Nano Learn more about Nano. Based on the CryptoNote protocol, Bytecoin is a peer-to-peer currency that offers anonymous transactions by obfuscating the senders and recipients of transactions.
Interestingly, Monero which is also featured in this list was a fork of Bytecoin. Its price also remained relatively stagnant for several years until , when the growth of cryptocurrencies and an increasing demand for privacy coins resulted in substantial price fluctuations. Learn more about Bytecoin. Like Bitcoin Cash, Bitcoin Gold was created as the result of a bitcoin hard fork.
With the vast majority of bitcoin mining concentrated among a select number of mining companies with significant financial resources, the team behind Bitcoin Gold argue that this goes against one of the key principles of cryptocurrency: decentralization.
To overcome this problem and create a network where users can mine using only basic hardware, they changed to the ASIC mining-resistant Equihash algorithm. There are also plans to introduce BTG private transactions in Launched in July , Ethereum is a decentralized platform where developers can create and deploy smart contracts and decentralized applications dapps.
Its native currency, ether ETH , is used to pay transaction fees and power applications on the Ethereum platform. How to buy Ethereum Learn more about Ethereum. This is just a small selection of the currencies with similar features and strengths to bitcoin.
In fact, there are hundreds of other altcoins that are competitors for bitcoin, so check out our altcoins guide for more details on what each of those currencies has to offer. Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas.
These sites can help you research cryptocurrency prices, market capitalization, trading volume and more. A comprehensive review of Uphold, the cloud-based financial services platform where you can hold, move, convert and transact in fiat currency, cryptocurrency and even commodities. What are the pros, cons and headlining features of the Gate. Find out in this comprehensive review. Looking for cryptocurrency alternatives to Ripple XRP?
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What is the blockchain? Bitcoin mining. IO Coinbase A-Z list of exchanges. Tim Falk. Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
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