5 Cryptocurrencies You Should Know About

Ethereum
Rather than competing with Bitcoin like many other cryptocurrencies, Ethereum complements it; while the Bitcoin blockchain network tracks ownership of its own currency, the Ethereum blockchain runs programming codes for its users’ applications. People use Ethereum to create custom (but trustworthy) crowdfunding platforms, autonomous online organizations and even their own cryptocurrencies. Because these applications are decentralized, they can only be built in the Ethereum network.

Though Ether, the network's money, wasn’t made to be used for everyday payments, anything of value can be traded for products and services; as a result, many developers use it to pay for each other’s help in building applications.

However, most online stores that accept cryptocurrency do not take Ether.

Litecoin
If Bitcoin were gold, Litecoin would be silver. Litecoin works just like its more popular counterpart, but it’s worth a little less -- there are 21 million total Bitcoin in existence and 84 million Litecoin. Litecoin are easier to mine and quicker to move from person to person due to its faster block generation. It is perhaps the least intimidating cryptocurrency for those who are new to exchanging money online: Litecoin’s wallet can be downloaded from the official Litecoin website, and it’s fully encrypted to prevent accidental spending and computer viruses. This is a super simple network for those who need to move smaller amounts of money fast.

Dash
Though Dash can be used for transactions between consumers, it was made for shopping. Think of Dash as a replacement for PayPal. Many merchants accept Dash just as they do USD, but the transaction is faster -- you don’t have to wait a day or two to see the payment charge to your account. Like any other cryptocurrency, you can buy Dash using government-regulated currency and keep it in a designated Dash wallet until you’re ready to spend it at a compatible merchant. You may even consider adding your own business to the merchant map!

Zcash
If you want to maximize your confidentiality, this cryptocurrency is for you. Zcash has been dubbed the first “zero-knowledge” cryptocurrency with its ability to “shield” the identities of all senders, recipients and values. Each transaction is fully encrypted, so users can enjoy the advantages of a public blockchain without offering up private information. Many view Zcash as a more confidential version of Bitcoin.

Monero
Monero is another excellent cryptocurrency option for those concerned about their privacy. This currency was designed to give individual users full control over their money; with Monero, you are your own bank. Transactions are “selectively transparent,” meaning you decide who can and can’t see where your money is going. Crises faced by banks and governments won’t affect your assets or compromise confidential information. Finally, like many cryptocurrencies, Monero is decentralized and community-built -- over thirty developers have directly contributed to Monero so far.