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virtual currencies

Top Virtual Currencies 2016


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.


Facts about Peercoin


Guest Post by Sureswipe – https://sureswipe.co.za/

The main features of Peercoin are the low power consumption, different mining than Litecoin and Bitcoin and a .1 Peercoin transaction on each transaction. Here are some facts about Peercoin.


Peercoin Using Different Mining System that Wastes Less Power

A massive shortcoming of Bitcoin is that millions of dollars are wasted mining it. Mining in this regard means verifying new transactions whilst creating new Bitcoins.

Bitcoin works on a proof of work scheme where mining computers solve problems using a lot of computing power. Bitcoin is network safe, but more power is wasted.

Right now Peercoin uses proof of work, but this will be phased out as mining difficulty increases and rewards decrease. Most new Peercoin will then be generated as interest, 1% per year on existing Peercoin using proof of stake that is less demanding on resource.

Every Transaction has a .1 Peercoin Transaction Fee

It costs money to send Peercoin and this is at about $0.06 but this could be a lot higher in the future. The creator of Peercoin, Sunny King has said that the cryptocurrency movement needs a backbone currency that is able to maintain a high degree of decentralization, a high level of security, but not necessarily providing a high volume of transactions. This has made some believe that a single Peercoin is worth over $1000.

Peercoin is the Official Money at a Star Trek Convention, Trek Con

Peercoin is being accepted for merchandise, tickets and anything else at the convention.

Lawrence Blankenship, the creator of the conference has said that Peercoin takes us closer to what Gene Roddenberry had envisioned where there was no centrally controlled currency and its open source.

Peercoin can be Traded for USD on BTC-E

PPC is available on the market that can be traded for USD. This means that the price can rise freely against Bitcoin.

The Creator of Peercoin also Made Primecoin

Peercoin could save million in terms of power, but Primecoin also takes and interesting approach. Mining Primecoin means verifying transactions and searching for Cunningham Chains.


The Basics of Litecoin


Litecoin is a peer to peer crypto currency that is open source software that was released under the MIT/X11 license. Litecoin is created and is transferred on an open source, which means that is not managed by any central authority.

There are three key differences between Litecoin and Bitcoin.

The first is that the Litecoin network aims to process a block every 2.5 minutes which beats Bitcoins 10 minutes. This then according to the developers allows for faster transaction confirmation. However, the downside to this is that there is an increased blockchain size and increase in the number of orphaned blocks. The advantages though include a greater resistance to a double spending attack over the same period at Bitcoin, but this will only work if both of the networks have the same hash rate.


Litecoin in its proof of work algorithm uses a scrypt, which is a sequential memory hard function that requires asymptotically more memory than an algorithm that is not memory hard.

The Litecoin network will also be able to produce 84 million litecoins. This is then four times the currency units that the Bitcoin network will produce.

The transactions on Litecoin are handled by a peer to peer network as well as the balances and issuance through scrypt which is the proof of work scheme. A geometric series is formed through the issuing rate and the rate will then half every 840 000 blocks every four years or so which then reaches the final total of 84 million LTC.

Litecoins are traded as a flat currency as well as for other cryptocurrencies for online exchanges. Credit card reverses are not used by litecoins as the transactions with Litecoins are irreversible.

In the Litecoin network, payments are made to addresses. These are Base 58 encoded hashes of the user’s public keys.

The Litecoin blockchain records the Litecoin transactions. Every 2.5 minutes a new block is added. A transaction is generally counted as complete after every six blocks or 15 minutes.

virtual currencies

The Virtual Currencies


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


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


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.


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 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 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 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.