A Brief Overview of 5 Important Types of Cryptocurrency (That Aren’t Bitcoin)

If you’ve ever talked to a friend or family member about cryptocurrency, you’ve probably heard the same thing a dozen times: ‘Oh, is that that bitcoin thing?’

But the world of cryptocurrency is so much bigger than just Bitcoin! In fact, according to CoinMarketCap, there are over 1,600 forms of cryptocurrency.

Read on to learn about five types of cryptocurrency that have nothing to do with the crypto elephant in the room.

Ethereum

Though they’re separate currencies, the histories of Ethereum and bitcoin are intertwined. In fact, Ethereum was created by Vitalik Buterin, a 19-year-old entrepreneur who was an editor at a cryptocurrency-based magazine.

Not content to write about cryptocurrencies, he created the schematics for his own currency.

The trading process is a bit more complicated than bitcoin, but it’s worth your time. Ethereum is one of the top-ranking cryptocurrencies right now, so there’s no better time to learn about it.

DogeCoin

We’re a little stunned about this one ourselves, but there was a point in time where DogeCoin almost usurped bitcoin’s throne.

Based on the adorable and wholly ridiculous doge memes, DogeCoin immediately drew public attention. In fact, DogeCoin grew so popular overnight that it sponsored a NASCAR racer, whose vehicle was decked out in a DogeCoin wrap.

Ripple

The founders of Ripple (also stylized as XRP) have high hopes for this newer form of cryptocurrency. Indeed, they’re aiming to have as much of an impact on how we complete transactions as they are coin value.

With their bold claim transactions will take between three to five seconds in the future, we’re fascinated to see where their technology goes.

Litecoin

If you’re brand new to the world of cryptocurrency, you’re looking for a low-cost, way to get your feet wet. Well, Litecoin may be the best cryptocurrency for your buck.

Think of Litecoin as an easier, more accessible younger brother to bitcoin. Transactions are, faster, less taxing, and benefit from bitcoin’s technology (it’s technically an offshoot).

Zcash

Like Ethereum and Ripple, Zcash is looking to disrupt the world of blockchain technology with a more secure ledger. And while you may not know its name, Zcash has been in the works since the 1980s, when a student decided to focus his graduate efforts on blockchain productions.

His work led him to develop a semi-anonymous system, which we now know as Zcash. Earlier this year, Zcash mining even became four times more profitable than bitcoin mining.

That said, Zcash is a bit more taxing than most other cryptocurrencies on this list, so make sure your machine is capable of mining.

Final Thoughts on These Important Types Of Cryptocurrency

If you’re interested in the world of cryptocurrency, you should be sure to check out these five types of cryptocurrency. Most, especially Ethereum and Ripple, are looking to give bitcoin a run for its proverbial money, so invest now as they continue to grow.

Ready to get started? Check out our guide on how to buy bitcoin so you can start making money right away.

Ledger Nano S - The secure hardware wallet

Be the first to comment

Leave a Reply

Your email address will not be published.


*