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