Bitcoin, Ethereum, Litecoin and Monero are all cryptocurrencies, let us have a look at the differences and advantages.
The cryptocurrency Bitcoin was created in 2009 by a programmer or group of programmers using the pseudonym Satoshi Nakamoto.
Each bitcoin can be broken into fractional units, with up to eight decimal places of precision.
For example, if one bitcoin is worth $1,000, and you need to pay for a $20 item, then you would send 0.02 bitcoins (abbreviated BTC).
All information is transparent and details of every financial transaction involving Bitcoin are available on a public “ledger” known as the blockchain, for everyone to see.
While personal information is not visible, you can see what amount was transferred, and what Bitcoin address it was sent to.
This makes it easy to verify transactions, and makes it impossible for Bitcoin to be manipulated by any person, organization, or government.
As all information is available to the public, there is a need to obfuscate the journey of your transactions by tumbling your coins.
Launched in 2015, Ethereum is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, ether.
Ethereum is not just a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications.
a) Etherium is an open-source computing platform and operating system.
b) Is also has its own associated cryptocurrency, ether.
c) One of the big projects around Ethereum is Microsoft’s partnership with ConsenSys.
The applications run on Ethereum are run on a platform-specific cryptographic token, ether.
During 2014, Ethereum had launched a pre-sale for ether which had received an overwhelming response.
Ether is like a vehicle for moving around on the Ethereum platform and is mostly sought by developers looking to develop and run applications inside Ethereum.
Ether is used broadly for two purposes: it is traded as a digital currency exchange like other cryptocurrencies, and it is used inside Ethereum to run applications and even to monetize work.
Litecoin advertises itself as a “cryptocurrency for payments based on blockchain technology.”
Its primary focus is to act as a medium for transacting payments without a bank or other third-party intermediary.
Litecoin uses a very similar technology to Bitcoin, but with the ability to conduct transactions faster than Bitcoin.
How much faster?
According to Litecoin, it takes two-and-a-half minutes to “process a block” compared to Bitcoin’s ten, making the currency four times faster than bitcoin. The tradeoff is that a transaction done in litecoins may not be as secure as a transaction done in bitcoins.
Same as Bitcoin, also Monero is a cryptocurrency.
In contrast to Bitcoin, Monero transactions are completely private due to the architecture of Monero.
With this, no one will be able to see how much Monero you own, to which addresses you send it to or from where you receive it.
This makes it very attractive for our users and the reason why we do recommend using Monero over Bitcoin on on our site.