A cryptocurrency represents a digital unit of exchange, which utilizes encryption in order to secure all the relevant processes that are involved in generation of units as well as transactions. All cryptocurrencies value in the market has already reached up to $100 billion point. Right now, it is already obvious that cryptocurrencies do not simply represent IT geeks hobby and a doubtful payment method used for Internet goods that marked as illegal. Probably after some period of time cryptocurrencies can already transform into a very efficient alternative to paper money across all spheres of human life. Cryptocurrencies have already managed to change the finance world and the entire world as well. There are lots of attractive possibilities available in cryptocurrencies and some of them are not fully studied yet. At last, humanity across the entire globe will receive an ability to transfer any amount of their funds within few seconds, while maintaining their safety.
International transactions generally require up to one week in order to be processed. Ability to send the required money amount to any part of the world within just a few seconds represents a very profitable option both for businesses and individuals too. Fraud becomes nearly impossible in case of cryptocurrencies. The blockchain technology is applied in all cryptocurrencies and its design provides the necessary security. Reduced fraud will cause the finance world to turn into a safer and better place to be and trade at. Cryptocurrencies have already accomplished what the rest of the world hasn’t achieved within centuriesвЂ¦ With this type of currency you may forget about banks, for money transfers purposes at least. Banks usually tend to take long to process payments and also charge the fees for that. As cryptocurrencies gain popularity, that kind of problems will totally disappear.
Bitcoin has first seen the world back in 2009. It has become the first cryptocurrency that was publicly traded and, hereby, started the new era in the global financial system development. Bitcoin contributes approximately to 45% of the entire cryptocurrency market capitalization. At the moment it is the most expensive cryptocurrency in the market. The bitcoins amount is hardware-limited only to 21 million and as of today, it is the most trustworthy cryptocurrency among peers. Satoshi Nakamoto is deemed as the creator of Bitcoin, however nobody has ever seen him until today.
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Dash was previously known under such names as Darkcoin and XCoin. It was first launched on 18th of January 2014. Dash offers all the capabilities available in Bitcoin and in addition provides the option of instant transactions (aka InstantSend), as well as decentralized governance (aka DGBB) and also private transactions (aka PrivateSend). With Dash it becomes possible to almost instantly send money while maintaining absolute anonymity via application of a Tor-like technology. A two-tier system is being used in Dash. Miners, who direct the transaction to the blockchain, represent the first tier. Master-nodes, which enable all the advanced features (i.e. Dash add-ons), represent the second tier.
Ethereum represents the 2nd most popular cryptocurrency after main leader Bitcoin. That is a huge success taking in consideration the pioneering status of BTC. It’s worth exceeds the 50% of all bitcoins available in today’s world. Ethereum has the main distinctive feature of smart contract functionality. It assists in provision of additional security and reduces the costs related to transactions. Smart contracts are stored in the Ethereum blockchain and represent the exchange mechanisms, which are able to perform direct transactions of value among untrusted agents. This technology is one of the main contributors to success of Ethereum. Ethereum is famous for spikes of volatility. Likewise, on 24th of June 2017, Ethereum’s currency went down from $319 up to 10 cents and bounced back on the same day. All additional information about Ethereum can be found here: How to Trade using Ethereum: “Buy and Hold” vs CFD Trading.
IOTA basically represents a new cryptocurrency. It is advertised as a new generation of blockchain. It is fully optimized for the Internet-of-Things. Comparing to heavy and complicated blockchains, IOTA has been developed with the main idea to make it as lightweight as it can be. Blockchains get replaced with tangles in IOTA system. Tangles are basically based on the Directed Acyclic Graph (DAG). DAG represents a technology, which doesn’t differentiate between normal users and validators approving all the transactions. Hereby, in order to perform a transaction, the user is initially required to confirm other two transactions. That is the major difference of a decentralized system of IOTA.
Litecoin is another alternative of cryptocurrencies. It was founded right after the first Bitcoin triumph. Litecoin can be basically deemed as Bitcoin on steroids. The key difference between Bitcoin and Litecoin is the ability of Litecoin to confirm transactions way faster. Litecoin is not under control of any centralized authority and it has almost zero cost for payment as well as performs transactions at a speed four times higher than Bitcoin.
Ripple represents a company, specializing in provision of global financial solutions. The company has eventually decided to launch their own cryptocurrency. Creators of Ripple consider it to be the fastest and most scalable digital asset in the world. It is able to execute almost immediate transactions. Besides that, Ripple can process up to 1000 deals per second (which is 66 times higher than Ethereum) while maintaining an exclusive stability. As of today, Ripple represents the third largest cryptocurrency in the world in terms of market cap.
Bitcoin: Circulating Supply – 16,447,212 BTC. Market Cap – $38,685,158,401 Growth last 6 months – 288%
Dash: Circulating Supply – 7,425,286 DASH. Market Cap – $1,257,442,516 Growth last 6 months – 1408%
Ethereum: Circulating Supply – 93,272,220 ETH. Market Cap – $19,039,378,362 Growth last 6 months – 2067%
IOTA: Circulating Supply – 2,779,530,283 MIOTA. Market Cap – $558,857,918 Growth last 6 months – -61%
Litecoin: Circulating Supply – 51,983,932 LTC. Market Cap – $2,382,226,082 Growth last 6 months – 1148%
Ripple: Circulating Supply – 38,291,387,790 XRP. Market Cap – $7,493,969,213 Growth last 6 months – 2787%
Bitcoin is deemed as legal in the territories and states listed below: Croatia, the EU, Germany, Czech Republic, Romania, Poland, Slovenia, Slovakia, Denmark, Switzerland, Finland, Estonia, Lithuania, Iceland, Russia, Norway, Bosnia, Herzegovina, Sweden, Bulgaria, Italy, Greece, Portugal, Malta, Turkey, Spain, France, Belgium, Ireland, Netherlands, Luxembourg, Australia, United Kingdom, Nigeria, New Zealand, Zimbabwe, South Africa, the United States of America, Canada, Argentina, Nicaragua, Chile, Brazil, Cyprus, Colombia, Jordan, Israel, India, Lebanon, China, Pakistan, Japan, Hong Kong, Taiwan, South Korea, Malaysia, Indonesia, Singapore, Philippines, Vietnam, Thailand. Bitcoin and/or cryptocurrencies are banned from use in the following countries: Bangladesh, Kyrgyzstan, Ecuador, Bolivia.