Bitcoin and other major Crypto-currencies to watch out for

The new form of digital currency, Crypto currency (bitcoin) was created by an anonymous identity named ‘Satoshi Nakamoto’(no one knows) in the year 2009. The first crypto currency invention Bitcoin runs on a pure to pure network which means one can buy and sell items without going through a middleman, everything is done digitally. The use of modern algorithms and blockchain technology will make a huge disruption to the banking industry. It can be very beneficial for small businesses that are looking to cut out the transaction cost and essentially, bitcoin opened a venue for global commerce.

The value of cryptocurrencies essentially lies in what people are willing to pay and how many are accepting it as a form of currency

The value of cryptocurrencies/ bitcoin essentially lies in what people are willing to pay and how many are accepting it as a form of currency.

Bitcoin is limited, once we’ve reached the 21million mark, there can’t be any more transactions made so bitcoin then forks into other currencies such bitcoin dash and bitcoin gold. So are there other major cryptocurrencies other than bitcoin? Yes. According to the market cap and price, there are few other major crypto currencies after bitcoin nowadays.

Ethereum

  • Current price per coin 660 – 690 USD
  • Marketing Cap $64,943,480,302 USD

Similar to Bitcoin, ethereum run on the blockchain network system as well. It was launched in 2015 with a goal to further decentralize bitcoin.

Ether allows developers to build and deploy decentralized applications

Ether allows developers to build and deploy decentralized applications. Miners work here to earn ether, unlike bitcoin where miners are rewards with cryptocurrencies.

The first crypto currency invention Bitcoin runs on a pure to pure network which means one can buy and sell items without going through a middleman, everything is done digitally

People don’t just earn tokens for donating their processing power to the blockchain; they can earn it through collecting fees from developers who plug into the blockchain.

Ethereum was later divided into ethereum (ETC) and Ethereum (ETC). The market capitalization of ether is $41.4 billion after bitcoin number 1.

Ripple (XRP)

  • Current price .40 – .55 USD
  • Marketing cap $17, 773,171004 USD

Ripple considered to be a successor of bitcoin, was launched by previous bitcoin developers back in 2012. Most banks around the world already accept this form of currency as a payment option. Unlike bitcoin, a ripple is not only a currency but also a mean through which any currency can be traded.

Unlike bitcoin, a ripple is not only a currency but also a mean through which any currency can be traded

Ripple does need mining which reduces the usage of computing power that minimizes network latency.

Dash (DASH) 

  • Current price 878 – 888 USD
  • Marketing cap $7,019,154,142 USD

In January 2014, initially, Dash was launched as Xcoin.  It is one of the largest peer to peer networks with its master nodes of over 4100.

Zcash offers transparency of transactions and also offers privacy where details of the transactions are kept private on the blockchain network

Master nodes represent a new layer of the network for the security of clusters known as qourms . Here, miners are rewarded for securing the blockchain, and serving it to other users on the network.

Zcash(ZEC)

  • Current price 398 – 998 USD
  • Marketing cap $1,153,174,384 USD

Zcash also runs through a decentralized network. It was launched in the year 2016,

One of the largest peer to peer networks with its master nodes of over 4100

Zcash defines itself as “If bitcoin is like HTTP for money, Zcash is https”. Unlike Bitcoin, Zcash offers transparency of transactions and also offers privacy where details of the transactions are kept private on the blockchain network. Zcash provides users with greater fungibility. Some users will reject the certain transaction if the Users private key is given there, that is where Zcash comes in.

There are countless other cryptocurrencies nowadays, although bitcoin will always be seen as the industry leader. The higher the bitcoin goes, the higher other cryptocurrencies go and vice-versa. Since most of the cryptocurrencies are new, there is a huge opportunity to make a lot of money from them by being early adaptors.

Regarding the future of cryptocurrency, I predict it’s becoming one of the main ways that people do commerce, just like credit cards and internet banking has become normal. I also see Banks in the future trying to adopt the blockchain technology but it kind of defeats the pure to pure aspect of it, so I don’t really think it is going to be enough to keep banks in power for the long term. The future of cryptocurrencies seems very interesting.

Banks in the future trying to adopt the blockchain technology but it kind of defeats the pure to pure aspect of it, so I don’t really think it is going to be enough to keep banks in power for the long term

 

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