Trading cryptocurrencies like Bitcoin, Litecoin, and Ethereum have become all the rage in the past few years, but there are several different types of cryptocurrency that are still growing and reaching new heights.
Here’s a quick peek at five different altcoins that are reaching new peaks every day.
One of the main benefits touted by many cryptocurrencies is the ability to transfer money anonymously, but the way the blockchain works means these transactions are pseudo-anonymous at best. Monero addresses that problem by masking the amount of currency that is transacted between parties so no one can be sure exactly who sent what among a group of people.
Monero is gaining traction among cryptocurrency enthusiasts who emphasize the importance of privacy among transactions so that they remain confidential and untraceable.
One of the main arguments detractors of cryptocurrency use against the new technology fad is that you can’t create value from nothing. That’s where Aureus comes in. The Aureus cryptocurrency is backed by a Bitcoin reserve of 15,000 Bitcoins that pays out dividends to token holders.
This makes Aureus one of the most lucrative cryptocurrencies to hold during a short-term period since dividends are paid out on a monthly basis. Aureus is based on Bitcoin’s blockchain, but it operates independently of it with improved transaction speeds and lower fees compared to Bitcoin.
Verge is a different cryptocurrency in that it doesn’t use cryptography to keep the identity of its users anonymous. Instead, it uses the TOR browser platform and I2P networks to handle all transactions and reporting. The idea behind Verge is to give all users an open and transparent ledger that can be checked by anyone. It also includes atomic swaps, faster sync support, and a peer-to-peer messaging system that is not included in other cryptocurrency technologies.
The idea behind Dash is mixing coins between users to keep the transaction identities related to the coins anonymous. Bitcoin tumbling was a popular way to keep bought Bitcoins from being associated with dark web transactions, and Dash employs this concept with its own cryptocurrency. However, AML compliance has been implemented on this blockchain, making it less secure than others on this list.
PIVX is another privacy-focused cryptocurrency that uses the Zerocoin protocol to complete transactions. This offers better anonymity and privacy than the Bitcoin blockchain, while still using the proof-of-stake method of transaction verification.
One of the main benefits of using PIVX over any of the other cryptocurrencies is that transaction times are incredibly fast. Whereas Bitcoin transaction times may take upwards of 10 minutes to be verified, PIVX transactions are processed in a matter of seconds. The coin market cap for this new cryptocurrency is also pretty low compared to more established coins, so it has become a trading favorite among crypto enthusiasts.