The value of Bitcoin has risen this year, even beyond an ounce of gold. There are also new cryptocurrencies on the market, and this is even more astonishing, which is worth more than a hundred billion cryptocurrencies. On the other hand, the longer-term cryptocurrency approach is somewhat blurred. Among the major developers are the disputes over the lack of progress, which does not make it more attractive as a long-term investment and as a payment system.
Still the most popular, Bitcoin is the cryptocurrency that started it all. It is currently the largest market cap at around $ 41 billion and has been around for the past 8 years. Around the world, Bitcoin has been widely used and so far it is not easy to exploit the weakness in the method in which it works. Both as a payment system and as a stored value, Bitcoin allows users to easily receive and send bitcoin. The concept of blockchain is the basis of Bitcoin. It is necessary to understand the concept of blockchain to know what cryptocurrencies are.
It is simply a database distribution that stores all transactions in the blockchain network as a piece of data called a “blockchain”. Each user has blockchain copies, so when Alice sends 1 bitcoin to Mark, every person on the network knows it.
An alternative to Bitcoin, Litecoin tries to solve many of the problems that hold Bitcoin. It’s not as rugged as Ethereum, especially with the value of taking on strong users. It should be noted that Charlie Lee, a former Google driver, drives Litecoin. He is also working on transparency with what he is doing with Litecoin and is quite active on Twitter.
Litecoin was Bitcoin’s second fiddle for a long time, but things started to change in early 2017. First, Litecoin was taken over by Coinbas along with Ethereum and Bitcoin. Then Litecoin solved the Bitcoin problem by taking Segregated Witness technology. This gave him the ability to lower the transaction fees and do more. Decisively, however, Charlie Lee decided to focus on Litecoin and also left Coinbase, where he was the Director of Engineering, for Litecoin only. As a result, the price of Litecoin has risen in recent months, with one of its strongest factors being that it could be a real alternative to Bitcoin.
Vitaly Buterin, a superstar programmer, thought of Ethereum, which could do everything Bitcoin could do. However, its main goal is to be a platform for building decentralized applications. Blockchains are the differences between the two. Basically, the Bitcoin block registers a type of contract that indicates whether the funds have been moved from one digital address to another. However, there is a great deal of expansion with Ethereum, as it has a more advanced language script and a more complex and extensive application framework.
Projects began to emerge on Ethereum when developers began to notice their better features. Through crowdfunding token sales, some have even raised millions of dollars and this is still a constant trend today. It’s almost like the internet itself that you can build wonderful things on the Ethereum platform. This led to a price increase, so buying Ethereum for a hundred dollars this year would not be worth nearly $ 3000.
Monero aims to solve the problem of anonymous transactions. Although he perceives that this currency was a method of money laundering, Monero aims to change that. Basically, the difference between Monero and Bitcoin is that Bitcoin has a transparent blockchain that is public and registered in all transactions. With Bitcoin, anyone can see how and where the money moved. However, there is the imperfect anonymity of Bitcoin. In contrast, Monero has a more opaque than transparent transaction method. No one is completely sold with this method, but since some people love privacy for any purpose, Monero is here.
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Unlike Monero, Zcash also aims to solve the problems of Bitcoin. The difference is that instead of being completely transparent, Monero is partially public in its blockchain style. Zcash also aims to solve the problem of anonymous transactions. After all, not everyone likes to show how much money they spend on Star Wars memorabilia. The conclusion is that this type of cryptocurrency really has an audience and demand, although it is difficult to say which privacy-focused cryptocurrency will eventually come out on top of the stack.
Also known as “smart tokens”, Bancor is a new generation of cryptocurrency that can hold more than one token in its reserves. Essentially, Bancor seeks to facilitate the creation, management and creation of tokens by increasing the level of liquidity and automating the market price. At the moment, Bancor has a product on its front end, including the creation of a wallet and a smart token. There are also features in the community, such as statistics, profiles, and discussions. In short, Bancor’s protocol allows us to find an internal price and a liquidity mechanism for smart contract tokens through an innovative reservation. With a smart contract, you can instantly settle or purchase one of the Bank’s booking tokens. With Bancor, you can easily create new cryptocurrencies. Now who wouldn’t want that?
Another competitor to Ethereum, EOS promises to solve the Ethereum scaling problem with a set of more robust tools for running and creating applications on the platform.
An alternative to Ethereum, Tezos can be upgraded by consensus without too much effort. This new blockchain is decentralized in the sense that it is self-governing through the implementation of a true digital commonwealth. It facilitates a mathematical technique called formal verification and has the characteristics of increasing the security of the most conscious and financially intelligent contract. It will certainly be a big investment in the coming months.
It’s incredibly difficult to predict which Bitcoin will become the next superstar on the list. However, user adoption has always been a key success factor when it comes to cryptocurrencies. Both Ethereum and Bitcoin have this and while there is a lot of support from the beginning users of all the cryptocurrencies on the list, some have yet to prove their resilience. However, these are just some of the goal setting shareware that you can use in the coming months.