It’s crypto-confusing

Litecoin trumps bitcoin. What? I hear ya – digital currencies are a head-scratcher.

We’re talking virtual currency here. Bitcoin (BTC) is a peer-to-peer, digital-only, alternative currency (crypto-currency). But you still have to mine it, which can mean buying expensive software to do so.

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“Litecoin is the silver to Bitcoin’s gold.”

Litecoin (LTC), top competitor to Bitcoin, still has to be mined, but it’s easier to do due to free, open-source ware and faster transactions. There is also more of it, roughly 84 million to Bitcoin’s 21 million. According to ZDnet, for the average user getting into crypto-currency mining, Litecoin is the better option.

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Crypto-competitors

While Bitcoin was the first media darling, more than 13 crypto-currency competitors have cropped up. Heavy.com outlines a comparison of the top five and their value.

A few words of warning before considering these currencies as assets: Crypto-currency is a highly volatile investment. It uses cryptography to control the creation and transfer of money – which means it can be decrypted. It’s open-sourced and decentralized, and resides outside of the boundaries and control of a government. Regulators dissuade its use – which may or not not be a good thing.

Are you crypto-clear now?

Image: wired.co.uk

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