The success of Bitcoin has led to many competitors coming into the market. There are a variety of choices available based on the types of digital currency that is preferred. The common term being used for digital currency is alt coins or crytpocurrencies. One aspect about this type of currency is it will not be under the control of any central bank. Yet in wil play a role in everyday online banking transactions. The currency is processed using peer to peer transactions and is how it will be maintained.
Users will need to have software that will generate cryptographic keys that are used to store, receive, and send currency. Review the different types of digital currency that is available at cryptosource.net or see our brief summary below:
One of the popular options today is Bitcoin. The value of this currency has increased over the past year and has been in use since 2009. Consumers may use the currency to send money to family and friends or make purchases online. The Bitcoin genesis began back in 2009 and by the middle of 2013 it was estimated that the value of bitcoins in existence was 400 Million USD. The exchange rate of the Bitcoin fluctuates and has seen huge extremes. This makes it a good or bad investment for some people. If you purchased Bitcoin early you will have likely seen a huge return on your initial investment. Today altcoins are mined and even given away for free see easyfreebitcoins.com for more information.
This type of digital currency uses that same electronic features as Bitcoin. However, the confirmations for transactions will typically occur much faster. The average time for confirmation is about three minutes, but the value fluctuates often and is not particularly stable.
The most popular aspect of this digital currency is being efficient and safe. Proof is needed to confirm that a consumer is the rightful owner of the currency. This is referred to as proof-of-stake.
This type of digital currency is poised to become a currency exchange platform and an option to use as an international payment system. Transactions using Ripple are instant and not delayed. Ripple XRP is typically used as an option for peer to peer banking. One aspect of XRP is it is owned by Ripple. This means a consumer can easily use this as an option to exchange USD to EUR through a simple online transaction.
This digital currency is unique as it is combined with an Internet domain name. There was a technical failure that occurred in 2013 in which the value depreciated. However, it has now gained back value. The currency has been in use since 2011. Namecoin uses modified Bitcoin software, and like Bitcoin there is a limit of 21 million Namecoins.
One of the most well-established digital currencies is Devcoin. This currency has built a dedicated user base which is loyal and will support open-source projects.
While regulators scramble to deal with bitcoin as a currency the altcoins march on. They don’t realize that the advent of bitcoin was not the launch of one digital currency or even ten.