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virtual currencies

Top Virtual Currencies 2016

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Top Virtual Currencies 2016

There are quite a few virtual currencies, but these are the top cryptocurrencies for 2016.

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Bitcoin

The original cryptocurrency is Bitcoin and even though it is not as valued as high as it once was, it is still the most valuable virtual currency. Bitcoin uses a proof of work verification system that is resistant to fraud, but it does use a lot of power.

BlackCoin

BlackCoin was created so that the reliability of proof of stake valuation could be proved. BlackCoin was launched strong with integration into some real world point of sales systems. However, recently the growth of BlackCoin has come to a stand still. This virtual currency is only accepted in a few businesses across the world, but these businesses are diverse and include shaving products, landscaping and yoga classes.

Dash

Evan Duffield and Kyle Hagan introduced Dash and this virtual currency uses some key innovations that are aimed at increasing anonymity and to improve how the system functions. The main function of Dash is to act like electronic cash whilst providing a high level of anonymity. Dash is not widely accepted by retailers but a good number of independent businesses accept it.

Dogecoin

Dogecoin has not been widely accepted like other cryptocurrencies, but there are a number of retailers that have accepted the currency. There are over 200 companies that accept Dogecoin as a form of payment. Holders of the currency have also engaged in several charity campaigns to establish the legitimacy of Dogecoin.

Litecoin

The main purpose of Litecoin was to improve the proof of work currencies through some powerful tweaks. Litecoin has maintained a good portion of its value and is accessible to first time investors. Litecoin is accepted by independent businesses that include gaming, electronics, apparel and advertising. However, Litecoin has struggled to gain widespread acceptance due to its innovation and its lack of first mover advantage.

virtual currencies

The Virtual Currencies

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Bitcoin is a decentralised currency system that is based on a peer to peer network that is mined through the use of computers by cracking difficult math based equations.

The success of Bitcoin has spurred the launch of other virtual currencies. Altcoins is the name given to the collective currencies. Get a Payday Loan and start mining

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These other virtual currencies are easier to mine but have a greater risk in terms of lesser liquidity, acceptance and value retention.

Litecoin

The second largest cryptocurrency is Litecoin and was launched in 2011. Litecoin is based on an open source global payment network which is not controlled by a central authority and uses scrypt for a proof of work. This can be decoded with the help of CPUs of consumer grades.

Litecoin has a faster block generation rate as well as more rewards per block when compared to Bitcoin.

Darkcoin

This is a more secretive version of Bitcoin. Bitcoin are anonymous to an extent as they still keep a record of all transactions carried out in a ledger which can reveal a lot of information.

Darkcoin offers more anonymity as it operates on a decentralised master code network that makes transactions almost untraceable.

Darkcoin launched at the beginning of 2014 and has had an increasing fan following in a short span of time. Darkcoins are mined through the use of CPU or GPU.

Peercoin

Peercoin was launched in 2012 and was the first digital currency to use a combination of proof of stake and proof of work.

The coins are mined through the commonly used proof or work hashing process but as the hashing difficulty increases over time, users are rewarded with coins by the proof of stake algorithm which requires little energy for generating blocks. Over time the network of Pee4rcoin will consume less energy.

As there is no fixed upper limit on the number of coins, Peercoins is an inflationary currency.

Dogecoin

Dogecoin uses scrypt technology as a proof of work scheme. Dogecoin has a block time of 60 seconds and the difficulty retarget time is four hours.

There is no limit to how many Dogecoin can be produced which means the supply of coins will remain uncapped.

Dogecoins deals with larger number of coins that are lesser in value individually which then makes the currency more accessible with a low entry barrier and are good for carrying out smaller transactions.

Primecoin

Primecoin works with a proof of work based on prime numbers which is different from the usual system of hash cash.

Primecoin finds special long chains of prime numbers and offers a greater security and mining ease to the network.