Deciphering between all of the different digital currencies can be tricky. Here’s a breakdown of a few cryptocurrency coins
Bitcoin: The first decentralized digital currency, created to nix the middleman. With only 21 million coins in existence, many consider bitcoin a new payment system and a store of value. It’s often referred to as “digital gold.”
Bitcoin Cash: Started out of worry for Bitcoin’s ability to handle transaction volume. Developers increased “block” size to decrease transaction time and reduce network strain. Bitcoin Cash now has its own roadmap and set of ideals.
Ethereum: Both a cryptocurrency and a blockchain-based platform. Whereas Bitcoin decentralizes financial transactions, Ethereum decentralizes full computer programs. One can make unique transactions that occur only under certain conditions, and without a middleman. These smart contracts are bits of code that represent an enforceable agreement.
Ethereum Classic: Started because of disagreement within the community about Ethereum’s future. Ethereum Classic is based on the original codebase, but has its own roadmap and goals. It seeks to be a smart contract platform where code is law, while ethereum wants to be a “universal world computer.”
Litecoin: If Bitcoin is referred to as “digital gold,” Litecoin is “digital silver.” It was one of the first to follow bitcoin, and is built on a very similar model. Like Ethereum and Bitcoin Cash, Litecoin was created to address some of Bitcoin’s shortcomings, and focuses mostly on transaction speed.
Monero makes recipient information and payment amounts private by default through a technology called “ring signatures,” which creates a set of decoys each time money is sent. Many believe that privacy is a basic right, and a monetary system should be private (just like paper cash).
By the The Draeke on The Daily Crypto
https://getthedailycrypto.wordpress.com
Source: Circle Invest
