Everyone has heard of Bitcoin, but not many people realise just how many digital currencies there are 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 by borders 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 gold This currency is worth a lot less than Bitcoin at $3
87 USD for each Litecoin as of the 30th January 2017 Compared to Bitcoin which is worth $92048 USD for each Bitcoin You kind of have to laugh at the price difference It's insane! A perk of Litecoin is its speed of transactions of 2
5 minutes compared to Bitcoin's 10 minute transaction time 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 demand Number two, Dogecoin Yes, someone has created the cryptocurrency of Doge Some people have way too much time on their hands
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 480331 Dogecoins Sounds a little like the online version of Indonesia's Rupiah 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 161427 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
Steemitcom looks a lot like Reddit with a huge range of content from news to memes, each time someone writes a story they receive Steem coins 1 Steem coin is worth just over $016 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 Hey guys, thanks for watching! If you liked this video, give it a thumbs up – don't forget to share it with your friends, remember sharing is caring 😉 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! 🙂
Hey hey hey. It's Ville and welcome to my blog. I am a tech enthusiast and always looking for ways to generate new income streams. At the moment Bitcoin cloud mining is one of the most promising ones and that's why I created this website. Hope you like your stay. If you want a quick start guide about making passive income with cloud mining check out this guide.
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