Everyone has heard of Bitcoin, but not many
people realise just how many digital currencies
Across the world-wide-web there are over 710
digital currencies that we know of.
That’s just under four times the 180 traditional
currencies there are in the world.
That’s a lot!
You maybe asking yourself why we need so many
digital currencies when one would do the job
just fine as these currencies are not restricted
Well, in this video we’re going to dive into
some of the other popular cryptocurrencies
to help answer that question.
Number One, Litecoin
Litecoin sees itself as silver and Bitcoin
This currency is worth a lot less than Bitcoin
at $3.87 USD for each Litecoin as of the 30th
Compared to Bitcoin which is worth $920.48
USD for each Bitcoin.
You kind of have to laugh at the price difference.
A perk of Litecoin is its speed of transactions
of 2.5 minutes compared to Bitcoin’s 10 minute
Which is quite significant.
Litecoin also has a limit of 84 million coins,
which is 4 times the amount of Bitcoins and
would be a reason for the decreased value
per Litecoin due to large supply and less
Number two, Dogecoin
Yes, someone has created the cryptocurrency
Some people have way too much time on their
An interesting fact about Dogecoin is that
there is no limit to how many can be produced.
This means they deal with a large number of
coins but this also means the coin is worth
less individually which as a consequence is
better for carrying out smaller transactions
and the barrier for entry of Dogecoin is extremely
small and as of the 30th of January 2017,
$1 USD will get you 4803.31 Dogecoins.
Sounds a little like the online version of
Number three, Dash
Dash was formally known as Darkcoin and Xcoin.
It has gained a lot of traction due to its
ability to be untraceable.
With Bitcoin every transaction is recorded
within the Blockchain.
Dash chose to use a different technique to
become completely untraceable and not record
data, which to some probably shady people
would make it the obvious preferred choice.
However, there are potentially some security
risks that come with this luxury.
As of the 30th of January 2017, 1 Dash is
worth $15.89 USD.
Number four, Sexcoin
Sexcoin was created in 2013 and is a currency
specifically created for customers of adult
content to have a fast, stable and safe method
of transactions that also protects their privacy.
As of the 30th of January 2017, you can purchase
1614.27 Sexcoins with $1 USD.
Number five, Steem
Some currencies in exchange for people providing
value by contributing to a community will
pay in Steem coins to have them create content
for their website.
Steemit.com looks a lot like Reddit with a
huge range of content from news to memes,
each time someone writes a story they receive
1 Steem coin is worth just over $0.16 USD
as of the 30th January 2017.
Another reason there are so many cryptocurrencies
is a lot of them use various mining techniques,
parameters and algorithms to transfer funds.
Some of these techniques create a much faster
processing time and other benefits which as
a byproduct is another reason these currencies
are created, which help promote innovation
in this field.
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We’re going to keep looking into digital currencies
as a way to create a passive income stream
so be sure to stay up to date by subscribing!