Virtual Currencies – Not Just Bitcoin And Ethereum – Here Are Some Other Notable Names

Virtual Currencies – Not Just Bitcoin And Ethereum – Here Are Some Other Notable Names
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The world of Virtual currencies continues to grow. Although Bitcoin takes the lion’s share of public attention, there are quite a few other contenders out there for your investment and consumer consideration. In fact, there are over 700 virtual currencies striving to be the next great thing and we can expect that number to grow as long as the prices continue to stay apace or just not cater. The word “currency” is not truly accurate, but it works to describe these transaction systems as a general term of something with exchangeable value. Some are usable as money; others are more specific, to be used as currency for exchanging specific items of value like computer resources or storage space.  Others would object to terming any virtual currencies as a true “currency” but that topic is beyond the scope of this article- when we use the phrase of Virtual currencies list we are not taking one side or the other just using the common verbiage.

So we all know Bitcoin but what about some other ones for our virtual currencies List?

Here is a short virtual currencies List presented in alphabetical order:

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Dash: used to be known as Darkcoin, offers untraceable transactions. Mining can be done on a standard CPU with a graphics card.

Dogecoin: it’s like Bitcoin with a sense of humor. It features the meme-famous Shiba Inu dog, but operates as an actual cryptocurrency. It is often used to tip commenters in forums, and as a fundraising medium.

Ethereum: the currency is actually called Ether. Ethereum is a smart contract program that uses Ether for “fuel,” meaning that programmers use it to help run their programs on the Ethereum platform. However, it is emerging as a currency in its own right and is a strong contender to steal the crown from Bitcoin. It has enjoyed a sharp increase in value of late, along with some severe temporary dips. Not to be confused with Ethereum Classic (see below)

Ethereum Classic: a second Ethereum currency born out of an ideological split between groups of Ethereum programmers after a contentious disagreement regarding the reinstatement of lost funds to an investors group called DAO. They remain at a value far lower than Ethereum.

Lisk: uses a system that allows Javascript programmers to create their own decentralized apps (DAPPs).

LiteCoin: another serious competitor to Bitcoin, it uses a faster block generation rate and can be mined by individual regular computers rather than a pool. It also offers faster processing and approval times than Bitcoin.

MaidSafe Coin: a security-focused data platform that allows members to exchange space in their computers for coins. It represents an interesting new economy in which Safecoins become an incentive for providing computer resources such as storage space, CPU, bandwidth, and online time. The transaction (providing resources and receiving safecoin) is called ‘Farming’.

Monero: community funded, encrypted, and untraceable. Uses a process called “ring signatures” in which a participant’s real cryptographic signature is hidden inside a ring of others.

Ripple (XRP): the key differences between Ripple and Bitcoin is that Ripple offers low-cost international payments without the need for mining. This speeds up processing without using massive computing power. As real-time gross settlement system, currency exchange and remittance network, it has great potential for international commerce and supply chain.

Storj: allows users to use tokens to purchase storage on the Storj cloud.

This is FAR from a full Virtual currencies List – there are many other brands of virtual currencies in existence, including Augur, a fascinating Ethereum-based prediction system that uses the wisdom of crowds to predict the outcome of events, rewarding those who guess accurately and punishing those whose guess misses the mark.

Now You Have Your Virtual currencies List, But Do Your Research!

It is essential to do your homework before investing in any virtual currency, since many scams and Ponzi schemes exist, often trading on similar-sounding brand names. It becomes quickly evident, through reading a selection of online investment and coinage forums, whether a brand is genuine or fraudulent.

For those that prove legitimate, consider reviewing the Virtual currencies List for market capitalization and daily trading volume. Market cap is determined as the total value of coins in circulation. If this is an active and legitimate currency, it will have a high degree of day trading relative to its market cap.

Virtual currencies List – What Can You Buy With your “stuff”?

Many virtual currencies are still in development stage or operate within a small community of developers and computer people. Very few retail-level businesses accept these types of currencies, and if they do it will likely be Bitcoin. Specific communities will use a common currency, like Dogecoin for forums and Storj for storage.

Where Will You Store It?

Most of the time, you will need a currency-specific wallet downloaded to your smartphone. But this, too, must be tracked and guarded, since there is always a possibility, even with Bitcoin that a company or bank that co-manages your wallet with you, might become a security liability. So, choose your preferred currency not only in accordance with its potential for retaining and gaining value, but how you will keep it safe.

These are early days for the virtual currency business. Bitcoin continues to lead the way in terms of making mainstream news and building a user base. As high-profile companies and organizations start to accept virtual currencies, they will hit a tipping point in which more and more people will feel comfortable exchanging them, but this will not happen until their extreme levels of volatility are replaced by a consistency on par with fiat money.

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