Bitcoin prices have risen by more than one ounce this year. There are also new cryptocoins on the market, which makes it worth the more than a hundred billion worth of cryptocoins. On the other hand, the long-term cryptocurrency-perspective is somewhat confusing. What makes it attractive as a long-term investment and a payment system is the lack of growth among major developers.
Still the most popular, Bitcoin is the cryptocurrency that started it all. It currently has a market capitalization of around $ 41 billion and has been around for the past eight years. Around the world, Bitcoin is widely used and it is not easy to take advantage of the weakness in the way it works so far. 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 foundation on which Bitcoin is based. To understand what cryptocurrencies are, you need to understand the concept of blockchain.
To put it simply, blockchain is a database distribution that stores every network transaction as a blockchain. Every user has a copy of the blockchain so everyone on the network knows when Alice sends 1 Bitcoin to Mark.
An alternative to Bitcoin, Litecoin tries to solve many issues that devalue Bitcoin. The value is not as strong as Ethereum, which is usually adopted by strong users. It should be noted that Charlie Lee ran the former Google Litecoin. He is also practicing transparency in what Litecoin is doing and is very active on Twitter.
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Litecoin has been Bitcoin’s second stock for some time, but things started to change in early 2017. First, Litecoin was approved by Coinbase with Ethereum and Bitcoin. Litecoin then fixed the Bitcoin issue using Segregated Witness technology. This gave him the ability to lower his transaction fees and work harder. Importantly, however, Charlie Lee decided to focus solely on Litecoin and even left Coinbase for Litecoin when he was the engineering director. As a result, the price of Litecoin has increased over the past two months, the strongest reason being that it could be a real alternative to Bitcoin.
Vitalik Butterin was thinking of Ethereum, who could do whatever Bitcoin could do. However, the goal is primarily to be a platform for decentralized applications. The difference between the two is that the blockchains lie. Basically, the Bitcoin blockchain registers a type of contract, one of which is whether the funds have been transferred from one digital address to another. However, there is a significant expansion with Ethereum because it has a more advanced language script and a more complex, wider range of applications.
As developers began to realize its best features, projects began to grow at the top of Ethereum. At Token Public Sales, some have raised millions of dollars and this is a trend that continues to this day. Being able to build amazing things on the Ethereum platform makes it look like the Internet. This has led to an increase in prices so if you buy Ethereum worth $ 100 earlier this year it will not be worth $ 3,000.
Monero aims to resolve anonymous transactions. Although this currency is known to be a fraudulent currency, Monero intends to change this. Basically, the difference between Monero and Bitcoin is that Bitcoin makes every blockchain public and registered with each transaction. With Bitcoin, anyone can see how and where the money was taken. However, there is a degree of imperfection in Bitcoin. In contrast, Monero has something vague rather than an ambiguous marketing strategy. No one sells this method but some people like privacy for any purpose and Monero is here to stay.
Unlike Monero, Zcash also aims to resolve issues with Bitcoin. Instead of being completely clear, Monroe is partially public in his blockchain style. Zcash also aims to solve the problem of anonymous transactions. After all, not everyone likes to show off how much money they spend on Star Wars. So, the conclusion is that this type of cryptocurrency is really popular and interesting, although it is difficult to know which cryptocurrency will focus on privacy.
Also known as “Smart Token”, Bancor is a new generation of cryptocurrency, with more than one token on standby. Basically, Bancor tries to make it easier to trade, manage, and create tokens by increasing their liquidity level and giving them an automated market value. Currently, Bangkok is at the forefront of products that include wallets and smart tokens. There are also features in the community such as statistics, profiles and conversations. In short, the Bancore protocol allows you to get the built-in value as well as the creative backup method for smart contract tokens. With Smart Contract, you can immediately delete or purchase any tokens in the Bancore Reserve. You can easily create a new cryptocurrency in Bancor. Who doesn’t want it now?
Ethereum’s other competitor, EOS, has promised to solve Ethereum’s expansion problem by offering a more robust set of tools to run and create apps on the platform.
As an alternative to Ethereum, Tezos can be upgraded without much effort. This new blockchain is decentralized, with the establishment of a self-sufficient digital real-world resource. It facilitates the so-called standard verification technique and has a number of features that increase the security of the smart contract, which is highly financially balanced. Definitely a big investment in the coming months.
It is surprisingly difficult to predict which Bitcoin will be the next best on the list. However, user adoption is always a key factor in the success of cryptocurrencies. Both Ethereum and Bitcoin have this, and despite the overwhelming support of each of the early cryptocurrency users on the list, some have yet to prove their worth. However, these are investments that are expected in the coming months.