There are lots of Cryptocurrencies in the world. In this article, we are going deep inside the best blockchain cryptocurrency, Bitcoin. Bitcoin, a peer-to-peer electronic cash system, is the best store of value. We can call it King of All!
Bitcoin is a decentralized digital currency that doesn’t require a 3rd party mediator and is a type of cryptocurrency. Therefore, all bitcoin transactions are verified by a massive amount of computing power.
Bitcoin is not issued or backed by any banks or governments, nor is an individual Bitcoin valuable as a commodity.
It also benefits from the largest market cap and is among the most highly traded cryptocurrency, assuring liquidity to investors.
In a way, bitcoin is the king when it comes to retail and institutional adoption, leading all other cryptocurrencies in terms of acceptance as both a store of value and payment medium.
Satoshi Nakamoto launched Bitcoin, one of the best blockchain cryptocurrencies in 2009 and created, distributed, traded and stored Bitcoin with the use of a decentralized ledger system, known as the blockchain; So, the Bitcoin system is a collection of nodes that all run bitcoin’s code and store in blockchain.
In a way, all of the nodes running the blockchain have the same list of blocks and transactions, and can transparently see these new blocks being filled with new bitcoin transactions, and the main part is that no one can cheat the system.
Public and private keys are using for keeping Balances in the bitcoin network. Public key acts as the address published to the world and to which others may send bitcoin.
The private key is a guarded secret. Bitocoin network only uses private key to authorizing Bitcoin transmissions.
Bitcoin network uses private key to encrypting and decrypting the data and to sharing between the sender and receiver of the encrypted sensitive data and Private key cryptography is faster than public-key cryptography mechanisms.
Bitcoin network uses public key to encrypting and private key to decrypting and In this network, asymmetric cryptography is also alternative name of public key.
The following are some of the important differences between Private Key and Public Key. (Reference: Tutorialspoint)
| Sr. No. | Key | Private Key | Public Key |
| 1 | Algorithm | Private Key is used to both encrypt and decrypt the data and is shared between the sender and receiver of encrypted data. | The public key is only used to encrypt data and to decrypt the data, the private key is used and is shared. |
| 2 | Performance | The private key mechanism is faster. | The public key mechanism is slower. |
| 3 | Secret | The private key is kept secret and not public to anyone apart from the sender and receiver. | The public key is free to use and the private key is kept secret only. |
| 4 | Type | The private key mechanism is called symmetric being a single key between two parties. | The public key mechanism is called asymmetric being two keys for different purposes. |
| 5 | Sharing | The private key is to be shared between two parties. | The public key can be used by anyone but the private key is to be shared between two parties only. |
| 6 | Targets | Performance testing checks the reliability, scalability, and speed of the system. | Load testing checks the sustainability of the system. |
Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. Bitcoin and other cryptocurrencies operate differently from fiat currency and the decentralized systems set the release rate ahead of time and according to an algorithm.
Bitcoin mining is the process of creating new bitcoins by solving a computational problem. This process is necessary to maintain the ledger of transactions upon kind of bitcoin. Therefore, Bitcoin mining has two sides. One side is that computers solve these complex computational problems on the bitcoin network, and they produce new bitcoins. On the second side of this process, by solving these computational problems, miners make the bitcoin network secure by verifying transaction information.
There are all of bitcoin’s confirmed transactions in the bitcoin network. Also, computer algorithms use SHA-256 cryptography for ensuring integrity of the blockchain application.
Remember that all of the transactions must be signed with a private key or seed, that is going to prevent 3rd parties from tampering with it.
One of the main aspects of the best blockchain cryptocurrency, bitcoin, is that we can invest in it in different ways. Many supporters of this technology believe that cryptocurrency is the future. We know that bitcoin is one of the best cryptocurrencies to buy.
The future of that is already being shaped with companies opening to the idea of accepting Bitcoins for payment.
Bitcoin is the native coin of its blockchain and is mostly used as a store of value and currency. COVID-19 has proven BTC to be especially useful in times of crisis. Therefore, It could be a solution for the hundreds of millions of people who don’t have access to banks and those who are paid in rapidly inflating fiat currency.
According to the different resources, there are some cryptocurrencies that you can invest in and plan to hold in future. The top one of the all lists is bitcoin, the best blockchain cryptocurrency.
Experts expect Bitcoin’s popularity, demand, and adoption are growing manyfold in the coming years. So, Here we are going to review the other cryptocurrency that is standing in the second stage.
In our list, we have Litecoin as the second best blockchain cryptocurrency that is suitable for investing because of its market capital and liquidity value.
So, we must pay attention that Litecoin have a limitation to 84 million coins with a block reward of 12.5 LTC, higher than other cryptos.
Former Google and Coinbase engineer Charlie Lee created Litecoin (LTC) in 2011.
LiteCoin is an effort to introduce a cryptocurrency with increased accessibility and transaction throughput that would be better suited for payments to serve as a complement to Bitcoin’s more natural utility as a store of value.
This blockchain cryptocurrency is technically very similar to Bitcoin but has a few crucial differences. Specifically, Litecoin features:
With faster block times and higher transaction throughput, Litecoin was built to be a more practical and scalable medium of exchange, whereas Bitcoin has grown more into a store of value.
There are some similarities between bitcoin and Litecoin. For example, Both Bitcoin and Litecoin use Proof of Work (PoW), a popular consensus method to add blocks. And on the other side we have another similarity; Both the cryptocurrencies can be easily purchased or exchanged using the crypto trading platform. Litecoin is now one of the most recognized cryptocurrencies in the world and we can say that Litecoin is a complement to bitcoin, not a competitor.
The major reason why crypto investors choose Bitcoin and Litecoin over other cryptocurrencies is their easy transaction facilities.