This year the value of Bitcoin has risen, surpassing even an ounce of gold. There are also new cryptocurrencies on the market, which is even more surprising when the value of cryptocurrencies reaches more than a hundred billion. On the other hand, the long-term view of cryptocurrency is blurred. There is no debate among its major developers about progress, which makes it less 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 at around $ 41 billion and has been around for the past 8 years. All over the world, Bitcoin has been widely used and so far there is no weakness in the method that works to exploit it easily. Both as a payment system and as a stored value, Bitcoin allows users to easily receive and send bitcoins. The concept of the blockchain is the basis on which Bitcoin is based. The concept of the blockchain must be understood in order to know what cryptocurrencies are.
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In a nutshell, a blockchain is a distribution of a database that stores all transactions in a network as a piece of data called a “blockchain”. Each user has blockchain copies, so when Alice sends 1 bitcoin to Mark, everyone on the network knows.
As an alternative to Bitcoin, Litecoin tries to solve many of the problems that Bitcoin holds. It’s not as resilient as Ethereum, especially since it’s a value derived from taking on strong users. It’s tempting to think of Charlie Lee, the former head of Google as Litecoin. He is also working on transparency with what he does 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 Coinbase along with Ethereum and Bitcoin. Then Litecoin solved the Bitcoin problem by adopting Segregated Witness technology. This gave him the ability to lower transaction rates and do more. The decisive factor, however, was when Charlie Lee decided to focus on Litecoin and left Coinbase, where he was the Director of Engineering, only for Litecoin. Therefore, the price of Litecoin has risen in the last two months, and the strongest factor may be the real alternative to Bitcoin.
Vitaly Buterin, a superstar programmer, thought Ethereum could do everything Bitcoin could do. However, its main purpose is to be a platform for building decentralized applications. There are differences between the two chains of blocks. Basically, the Bitcoin blockchain registers a type of contract that indicates whether funds have changed from one digital address to another. However, there is a large expansion with Ethereum because 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 sales of tokens, some have made millions of dollars and to this day it is still a constant trend. You can build wonderful things on the Ethereum platform almost like the Internet itself. This increased the price tremendously, so if you buy Ethereum worth a hundred dollars earlier this year, it wouldn’t be worth nearly $ 3000.
Monero aims to solve the problem of anonymous transactions. Although this currency has been identified as a method of money laundering, Monero aims to change that. Basically, the difference between Monero and Bitcoin is that Bitcoin has a transparent blockchain with all public and recorded transactions. With Bitcoin, anyone can see how and where money has moved. Bitcoin’s anonymity is somewhat perfect, however. In contrast, Monero has an opaque rather than transparent transaction method. No one is quite sold with this method, but since some people like whatever privacy they have, Monero is here to stay.
Unlike Monero, Zcash aims to solve the problems that Bitcoin has. The difference, instead of being completely transparent, is that Monero is partially public in its blockchain style. Zcash also wants to solve the problem of anonymous transactions. After all, no one loves to show how much money Star Wars has spent on memorabilia. The conclusion is, therefore, that this type of cryptocurrency has an audience and demand, although it is difficult to determine which privacy-based cryptocurrency will eventually emerge.
Also known as a “smart token” for Bancon, Bancor is the standard for new generations of cryptocurrencies and can store more than one token. Basically, Bancor seeks to facilitate the trading, 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 smart wallet and token. There are also some characteristics in the community, such as statistics, profiles, and discussions. In summary, Bancor’s protocol allows for the integration of an integrated pricing and liquidity mechanism for smart contract tokens through an innovative booking mechanism. With a smart contract, you can immediately settle or purchase tokens in Banco’s reserve. With Bancor, you can easily create new cryptocurrencies. Now who wouldn’t want that?
Another competitor to Ethereum promises that EOS will solve the Ethereum scale problem by providing more robust tools for running and creating applications on the platform.
An alternative to Ethereum, Tezos can be upgraded by consensus without much effort. This new blockchain is decentralized, establishing a true digital commonwealth in the sense of self-government. It facilitates a mathematical technique called formal verification and is characterized by a sensitively sensitive smart contract that is economically burdensome. Definitely a great 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 in cryptocurrencies. Both Ethereum and Bitcoin have this and while there is a lot of support from the first contributors to each cryptocurrency on the list, some have yet to prove their resilience. However, these are the ones that need to be invested and cared for in the coming months.