The world of cryptocurrency is exciting, lucrative, and confusing as hell. If you’re interested in Bitcoin or other types of virtual currencies, this comparison can help you decide what cryptocurrency you should invest in. We compare well-known virtual currencies like Bitcoin and Litecoin, as well as lesser-known options like 42 Coin and Unobtanium.
Want even more info? Check out our article Bitcoin vs. Litecoin vs. Peercoin vs. Ripple vs. Namecoin, or check out our piece comparing Quarkcoin vs Megacoin vs Worldcoin vs Protoshares vs Feathercoin.
1. Bitcoin vs. Litecoin vs. Unobtanium vs. 42 Coin: Price & Value
Here are the prices for all four of these virtual currencies, as of April 4, 2014:
42 Coin: $36,561
The reason 42 Coin is worth so much more than these other currencies is simple: 42 Coin is a cryptocurrency structured around extreme scarcity. Only 42 coins will ever be released under the 42 Coin plan.
As a basis of comparison, Peercoin was valued at $1.83, while Dogecoin was valued at $0.00044.
You can get up-to-the-minute value info for these currencies and more at CoinMarketCap.com.
2. Bitcoin vs. Litecoin vs. Unobtanium vs. 42 Coin: Security
Bitcoin has been targeted by a wide array of thieves and hackers over the years. Bitcoin may be one of the most valuable cryptocurrencies, but that high value makes it a juicy target for unsavory types. Bitcoin has been attacked so frequently in recent months that some experts predict Bitcoin could collapse in 2014.
In our past look at Litecoin, we learned that LiteCoin is considered more secure than Bitcoin, at least under some conditions. Both currencies are vulnerable to attacks, however.
Today’s Crypto Coin writes the following about 42 Coin:
“Every 7 minutes, the difficulty for finding a block is adjusted to to match the block target. Recently a discussion has been going on about changing the block generation method to Proof-of-stake instead of the current Proof-of-work since this would make the coin more secure and also less vulnerable to multipool abusement as well as 51% attacks.”
Unobtainium’s official site includes the following message about security:
“We care about our products, and most importatly we care about delivering robust and secure services. Our online vault (currently in development) will feature 2-way verification, and added security layers to help protect our clients. For highest security and encryption however, we recommend using our desktop vault. Investors can rest assured that we apply a vigorous amount of our time developing added security measures and we are always looking to the future with regards to new innovations in cryptographic security technologies.”
3. Bitcoin vs. Litecoin vs. Unobtanium vs. 42 Coin: Ease of Use
Bitcoin is, by far, the easiest of these currencies to spend. Over 1,000 places accept Bitcoin, including sports teams, vacation rental agencies, and spas. In addition, it is easy to get more Bitcoin at the various Bitcoin ATMs around the world.
Litecoin is the next easiest currency to spend, and is actually accepted at some medical facilities as a legit form of payment.
42 Coin and Unobtanium are less widespread, and are consequently a bit harder to spend.
4. Bitcoin vs. Litecoin vs. Unobtanium vs. 42 Coin: Conclusion
42 Coin is ideal for people who want the thrill of collecting the most valuable virtual currency around. However, it should be noted that getting 42 Coin is extremely difficult, since the currency is so rare. This is an investment for those who are already quite wealthy.
Unobtanium has a cool name, and brands itself as the “cryptocurrency of serious traders.” Only 250,000 Unobtainium units will ever be made, which will limit inflation over time. However, like all virtual currencies, this one is subject to fluctuations.
Litecoin is one of the most familiar names in cryptocurrency, arguably right behind Bitcoin. As we’ve discussed in the past, Litecoin is faster, more secure, and there are more Litecoins available in the world than BitCoins, making this is a less scary investment for crypto newbies than Bitcoin.
Despite all of its issues, Bitcoin remains the most widely-known virtual currency. It’s prominence may make it a target for thieves, but there are precautions you can take to secure your Bitcoin wallet. Bitcoin is also easy to spend, and has name recognition that makes dealing with Bitcoin somewhat more worthwhile than dealing with other cryptocurrencies.
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