Most people around the world are not aware of cryptocurrencies. You will be surprised to know that most of them do not even know that it is real money. Cryptocurrency is real but in digital format. You can buy anything from cryptocurrencies and in many countries you can find crypto credit cards. They are safe to use as they are all encrypted in such a tough design that no one can hack them. Due to this, crypto trading is increasing day by day if you are planning to trade in the cryptocurrency market then you must understand different types of cryptocurrencies. Let us discuss them in detail.
- Bitcoin: It is the first created cryptocurrency and the most known one too. The short form used for bitcoin is BTC. Bitcoin uses blockchain technology. The transaction is very transparent every person can see the transaction but the owner of the bitcoin can understand it. As the transaction is in an encrypted format and only the owner will have the key to decrypt it and see the transaction.
- Litecoin: It is the cryptocurrency that was created after bitcoin as an alternate for it. Like other cryptocurrencies this also there is no middle man. The litecoin transactions are much faster compared to the bitcoin. The value of the litecoin is much higher than the bitcoin. Litecoin is also termed LTC.
- Ethereum: Ethereum is a sort of virtual currency that was created with more capabilities. Ethereum not only monitors cryptocurrency transfer ownership, But the blockchain technology also emphasizes executing the algorithms of any decentralized application.
- Bitcoin cash: It is similar to bitcoin but has more advanced features than the original bitcoin. It increases the cash block due to which the transactions are done much faster.
- Ethereum classic: It is another version of the ethereum blockchain; it has the ability to of smart contracts. Smart contracts are like programs that can be run without any disturbance, downtime, or any third-party interference.
- Zcash: Zcash is different than other cryptocurrencies even though it was built on the same code of bitcoin. The main feature which differentiates it from other cryptocurrencies is privacy. The individual can send or receive the cryptocurrency without revealing the sender, receiver, and the total amount of the transaction.
Hope this information has helped you to understand about different types of cryptocurrencies. Choose the one which is best for you and start trading.