The bitcoin is not just one of the most popular forms of cryptocurrency, but it is quickly becoming synonymous with the term. There are a variety of currencies that have been inspired by the bitcoin collectively known as altcoins. These improvisations of bitcoins consider themselves to be a better and more polished version of the bitcoin. There are more than 700 different types of cryptocurrencies, while the world is still stuck on the bitcoin and its different variants. While the best time to invest in cryptocurrency is the most debated topic, here are three types that can help you get a better idea of cryptocurrency. Litecoin The Litecoin was one of the cryptocurrencies that was associated closely with the bitcoin and was also known as the sliver to bitcoin’s gold. This cryptocurrency was launched in 2011 by an MIT graduate and former Google engineer. The Litecoin might have serious similarities to the bitcoin but it has a faster block generation rate, which offers a quicker confirmation of the transaction. It is based on an open source global payment network and is not under the control of any central authority. Furthermore, it uses “scrypt” as a proof of work that allows decoding with the help of a consumer grade CPU.