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January 14, 2014

How to buy Bitcoin on the cheap

The famous cryptocurrency’s up and coming rivals.

By Cbr Rolling Blog

Bitcoin is wowing investors around the world with its (admittedly jagged) rise in value.

It started 2013 worth a miniscule $13 but ended the year at around $840 after huge fluctuations as the wider world started to take notice of the digital currency.

With its price tipped to rocket in 2014, how do you get in on the phenomenon without breaking the bank to buy one, or on buying enough computer hardware to mine some yourself?

The answer is: you don’t. Unless you want to purchase part of a bitcoin, of course, as it can be broken down into smaller denominations just like any currency.

Instead, take a look at the rivals tipped to overtake Bitcoin in the future. Ignore copycat currencies like CoinyeCoin, but rather pay attention to cryptocurrencies that actually bring a new technology into the market.

The best one CBR has seen is Litecoin. Currently worth a comparatively miniscule $24.70, many experts have predicted that when digital currency becomes widely used, it’s Litecoin that has the best chance of success.

That’s because while mining bitcoins now requires vast computing power due to the difficulty of the equations your computer must solve to generate new coins, far fewer people are able to take part, meaning large groups and corporations will come to dominate it.

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Far less power is required to mine Litecoin, however, meaning everyone from your gran to your teenage son will have the computer power to generate their own.

Bitcoin’s the leader of the pack for now, but Litecoin has the legs to reach the finish line first.

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