Cryptocurrency is a digital currency which is not governed by a person, group or entity. Cryptocurrency utilizes the principles of cryptography in order to ensure the privacy and security of data. India has turned into a hub of cryptocurrency in the past few years, with lots of cryptocurrency exchanges offering their services to customers. Customers tend to get confused when so many options are presented to them. Hence, some of the cryptocurrencies being bought and sold in India are:
Bitcoin– the most popular cryptocurrency out there. It was started in 2009 by Satoshi Nakamoto and is considered to be the gateway to cryptocurrency for people new to the world of cryptocurrency. Bitcoin is volatile in nature and can result in huge profits and huge losses as well for investors. Bitcoin has penetrated mainstream culture, to the point that there are Bitcoin ATMs installed all over the world. Bitcoins get created as rewards for a process called mining.
Ripple– This cryptocurrency is known more for its digital payment gateway rather than the cryptocurrency itself. Ripple helps one trade amounts of different currencies, for example, Dogecoin to LTC. Each “gateway” acts as its own middleman in order to complete the transaction. Ripple is the third largest coin right now, as per market segregation.
TRON– TRX is a cryptocurrency that does not possess its own blockchain but has shown significant growth over time. TRON has also formed partnerships in the gaming industry by way of BitGuild. TRON is also one of the only cryptocurrencies to be widely-available at all cryptocurrency ATMs, having done a partnership with CoinFlip. TRON is also different from other cryptocurrencies due to its policy of content management in a decentralized way.
Bitcoin Cash– A fork of Bitcoin, Bitcoin cash enjoys an advantage over Bitcoin as it has a block size of 8 MB as opposed to 1 MB for traditional Bitcoin. Bitcoin Cash also functions without SegWit or Segregated Witness, a proposed adjustment of code. One problem it does have has to do with greater computing power being required to process the larger block sizes that Bitcoin Cash seems to have. It also causes the fear of the creation of a monopoly, where people/entities possessing better mining equipment would fare better than others, which also goes against the fundamental concept of Bitcoin, that is decentralization.
Litecoin – Created by a former Google employee Charlie Lee, Litecoin was widely thought of as the silver to the gold that is Bitcoin. Litecoin is made to be four times as accessible as Bitcoin, creating 84 million coins to Bitcoin’s 21 million. The mining speed of a Litecoin block is a lot less than Bitcoin. That is one advantage Litecoin has over Bitcoin, where payments seem to get stuck at times. While Litecoin is careful of its privacy and has implemented SegWit, its price dropped by 90% once, making it extremely volatile.
Ethereum – Widely regarded as the second-most famous cryptocurrency in the world, Ethereum is a cryptocurrency which gets generated using the platform that is called Ethereum. The currency being transferred from one bank account to another is called Ether. Soon, it was split into two separate cryptocurrencies.
Request network – A network built on Ethereum which enables one to make the payment instantly. Request network can really help in invoicing, auditing and accounting, transparency and Internet of Things (IoT) among others. It aims at being independent, not relying on one entering their bank details in order to process the payment. It also claims to be implementing features such as Escrow, which is a third-party which holds cryptocurrency while the transaction takes place and only releases the funds to the other party when the first party gives the confirmation.
Stellar – One of the best-performing cryptocurrencies of 2017, Stellar’s price nearly shot up by 42000 percent in the last year! Stella also utilizes the principle of the blockchain, where a record of all transactions is kept in the public eye for everyone to see. The founder of Stellar is also the co-founder of Ripple, another cryptocurrency.
OmiseGO – Built using Ethereum, OmiseGO wishes to disrupt the art of cryptocurrency and digital payments by introducing a system that is, in their own words, “currency agnostic”. What it means is that when we trade between cryptocurrencies, say from BTC to LTC, we look for an exchange that deals in both and then use a fiat currency such as USD to complete the transaction. The transaction fee that gets charged during this process is astronomically high, and OmiseGO has introduced their “currency agnostic” system which has a single transaction fee for all currencies.
In short, there are a lot of cryptocurrencies that are being bought and sold around the world and one should invest carefully. Flitpay is a Bitcoin Exchange platform which always works for your satisfaction and developing customer intimacy like never before.