Throughout the decades, sci-fi movies and shows would captivate us with the possibility of traveling to Mars.
Today, that idea is becoming a major reality.
As our technology and aspirations evolve, so does our currency. To fund our future off-planet endeavors, we need a reliable form of currency that’s easy to use, movable, and secure.
This has lead to the introduction of different cryptocurrency types. Dogecoin, Bitcoin, and Litecoin are a few of the most popular types, but have you heard of Marscoin?
Cryptocurrency is continuing to grow, which makes it hard for most people to stay up-to-date on the latest currencies. Here’s what you need to know about Marscoin and the different cryptocurrency types.
What Is Cryptocurrency?
Before we dive into the intricacies of cryptocurrency types, you need to understand what cryptocurrency is.
Cryptocurrency is a digital or virtual form of currency. Its purpose is to be more secure and safe than traditional forms of currency. Cryptocurrency uses a secure form of cryptography to make it impossible for people to counterfeit.
Cryptocurrency streamlines the online paying process while adding an extra level of security.
Many people see unlimited potential and advantages with cryptocurrency. It’s easier to transfer funds between two parties without the need for a third party to facilitate the process.
Others believe cryptocurrency is easier to manage, transport, and divide than physical forms of currency. Another potential benefit is it might be able to preserve its value against rising inflation.
To put it simply, cryptocurrency is a digital form of money in the form of tokens or digital coins. Their purpose is to be more secure and easier to use.
How Does Cryptocurrency Work?
People use and trade cryptocurrencies through the use of a blockchain. Since cryptocurrency is completely digital, it relies on the use of multiple computers and programs to function. A blockchain is a process where multiple computers can agree on a specific set of information.
Most cryptocurrency users use blockchains like a ledger. The blockchain documents the transactions and trades of the currency between multiple parties.
You can earn cryptocurrency in two ways. You can buy it or your can mine it.
Buying cryptocurrency is more expensive but often the fastest and easiest route.
Mining requires time, money, and patience. The process of mining for Bitcoin involves programming skills and a sophisticated computer capable of solving complicated math problems.
This computer will need a high-end GPU (graphics processing unit) or an ASIC (application-specific integrated circuit) to mine for Bitcoin.
Every time your complete a complex puzzle of computations first, you receive Bitcoin tokens as a reward. If two minors solve the puzzle at the same time, the minor with the most transactions will receive the bitcoin. The other miner will receive an
These puzzles verify the legitimacy of different Bitcoin transactions. This process helps prevent “double-spending” and keeps the cryptocurrency honest.
Double spending is a popular problem with cryptocurrency. It occurs when someone spends the same bitcoin use by using a copy of the bitcoin. This isn’t a problem with physical money as you give the money away during the transaction.
This article only touches the surface of what cryptocurrency is and how it works.
Popular Cryptocurrency Types
You’ve heard of cryptocurrency types such as Bitcoin, Dogecoin, and Litecoin. But what do these mean?
Bitcoin launched over a decade ago and continues to be the most widely used and accepted cryptocurrency. It’s the largest cryptocurrency with the most value on the market.
Since then, other cryptocurrency types began to pop up. Litecoin, the second-biggest cryptocurrency, is an example of an “altcoin.”
The goal of these alternative cryptocurrencies is to offer users additional benefits and features. A few of these features include:
- Proof of work or where the bitcoin came from
- Storage capacity
- Transaction ability
- Market capitalization or value
- Distribution and production
- Transaction speed
- Cryptographic algorithms making up the coin
You can use each type of cryptocurrency to make purchases, move money, or make trades. Each type of cryptocurrency has slight differences to set it apart from the rest. The most popular cryptocurrency types include:
- Ethereum (ETH)
- Cardano (ADA)
- Stellar (XLM)
- Bitcoin Cash
- Monero (XMR)
There isn’t a limit on the number of bitcoin variants and a new one can pop up as soon as tomorrow.
The newest alternative cryptocurrency taking the stage this year is Marscoin.
What Is Marscoin?
The latest addition to the growing cryptocurrency list has left people asking about what is marscoin and what does it do?
Marscoin derives from Litecoin and offers many of the same benefits and features as other cryptocurrency types. Marscoin is also a digital currency that’s secure, peer-to-peer, and open-sourced.
The difference is how we will use Marscoin.
The concept of Marscoin began this year in regards to Space exploration to Mars. Elon Musk, the innovative thinker and entrepreneur of Tesla and SpaceX, is planning to explore Mars as early as 2024.
The main goal of Marscoin is to be the primary form of circulation on Mars. It also encourages funding and research into space exploration.
Marscoin can help cover everything from running tests and funding materials. It will also help with the processes of inventory tracking, governance, trading, voting, and more.
Marscoin comes from the process of mining, like most cryptocurrency types. You can start investing and using Marscoin on everyday applications such as GooglePlay, MacOS, Windows, and Linux.
Is It Possible?
The original idea of Marscoin began as a jest. As the idea of space exploration becomes more of a reality, the idea of Marscoin could be possible.
A digital currency like Marscoin makes the most sense for a new colony on Mars. It doesn’t require physical transportation and is easy to store and reconcile digitally.
The other benefit of cryptocurrency is that transactions can happen between Mars and Earth. These transactions could take as little as 20 minutes to complete.
While the details need more development, Marscoin is the future of an off-planet economy.
Invest In Cryptocurrency
The futures of Earth and Mars will have one thing in common, the use of cryptocurrency. Understanding and investing in cryptocurrency types will be the way of the future. If you haven’t yet, it’s time to start investing in cryptocurrency.
Want to learn more about cryptocurrency? Check out our latest Cryptocurrency articles to learn how you can start investing in cryptocurrency today.