This year, the value of Bitcoin has risen even if it exceeds an ounce of gold. There are even more surprising new cryptocurrencies on the market, bringing the value of cryptocurrencies to more than a hundred billion. On the other hand, the longer-term cryptocurrency outlook is a bit dark. Among the key developers, there is a lack of progress that makes it less attractive as a long-term investment and payment system.
Bitcoin, which is still the most popular, is the cryptocurrency that started it all. It currently has the largest market value of $ 41 billion and is available in the last 8 years. Bitcoin is widespread around the world, and it is not easy to exploit the vulnerability in the method that has worked so far. Bitcoin, both as a payment system and as a stored value, allows users to easily receive and send bitcoin. The blockchain concept is based on Bitcoin. To understand what cryptocurrencies are related to, it is necessary to understand the concept of a blockchain.
Simply put, a blockchain is a database distribution that stores each network operation as a collection of data called a “block.” Each user has blockchain copies, so everyone on the network knows when you send 1 bitcoin to Alice Mark.
Litecoin, an alternative to Bitcoin, seeks to address many of the issues that have deterred Bitcoin. It’s not as solid as Ethereum in terms of the value it gets from the acquisition of mostly solid users. It should be noted that Litecoin is headed by Charlie Lee, a former Google. It also applies transparency to what it does with Litecoin and is quite active on Twitter.
Litecoin has been the second performer of Bitcoin for some time, but things started to change in early 2017. Initially, Litecoin, along with Ethereum and Bitcoin, was adopted by Coinbase. Litecoin then fixed the Bitcoin problem by using Separate Witness technology. This allowed us to reduce operating costs and do more. However, the decisive factor was Charlie Lee’s decision to focus solely on Litecoin and even leave Coinbase, where he was the engineering director for Litecoin. Therefore, the price of Litecoin has risen in the last two months, the strongest factor being that it could be a real alternative to Bitcoin.
Vitalik Buterin, a superstar programmer, thought of Ethereum, which can do everything Bitcoin can. However, the goal is primarily to be a platform for creating decentralized applications. Blockchains are where the differences between the two are. Basically, the Bitcoin blockchain refers to a type of contract that indicates whether funds have been transferred from one digital address to another. However, there is a significant expansion with Ethereum because it has a wider language script and a more complex, wider field of application.
Projects began to sprout on Ethereum as developers began to see its better qualities. Some have made millions of dollars with engagement crowd sales, a trend that continues to this day. Making amazing things on the Ethereum platform makes it almost like the internet itself. This has pushed up the price, so if you had bought Ethereum for a hundred dollars earlier this year, it wouldn’t have been worth almost $ 3,000.
Monero aims to address the issue of anonymous transactions. While this currency is perceived as a method of money laundering, Monero aims to change it. Basically, the difference between Monero and Bitcoin is that Bitcoin has a transparent blockchain that is recorded and recorded in every transaction. With Bitcoin, anyone can see where and how money is transferred. However, Bitcoin has a somewhat imperfect anonymity. In contrast, Monero is more opaque than a transparent operating method. No one is sold enough with this method, but Monero is willing to stay here because some people love privacy for any purpose.
Unlike Monero, Zcash also aims to solve Bitcoin’s problems. The difference is that Monero is only partially transparent in blockchain style, rather than completely transparent. Zcash also aims to solve the problem of anonymous transactions. After all, no one likes to be shown how much money Star Wars actually spend on souvenirs. So the bottom line is that this type of cryptocurrency really has an audience and demand, although it’s hard to say which cryptocurrency will pay the most for privacy.
Also known as a “smart token”, Bancor is a new generation cryptocurrency standard that can store multiple tokens in reserve. Basically, Bancor seeks to make it easier to trade, manage and generate tokens by increasing liquidity and gaining an automated market value. At the moment, there is a product on the front of the Bancor that involves creating a wallet and a smart token. There are also features in the community such as statistics, profiles and discussions. In short, the Bancor protocol allows you to find a liquidity mechanism for smart contract signs through a price and an innovative reserve mechanism. With a smart contract, you can immediately cancel or remove any mirror in the Bancor reserve. With Bancor you can easily create new cryptocurrencies. Who doesn’t want that now?
EOS, another competitor to Ethereum, promises to solve Ethereum’s scaling problem by offering a more powerful set of tools to build and build applications on the platform.
Tezos, an alternative to Ethereum, can be upgraded without much effort. This new blockchain has been decentralized in the sense of self-governance through the establishment of a true digital union. Formal verification simplifies the so-called mathematical technique and has the features that increase the security of the most financially heavy, sensitive intelligent contract. Definitely a big investment in the coming months.
It is very difficult to predict which Bitcoin will be the next superstar on the list. However, when it comes to cryptocurrencies, user adoption has always been one of the key success factors. Both Ethereum and Bitcoin have it, and although there is more support than any of the early cryptocurrency implementers on the list, some have yet to prove their mettle. However, these are the ones to invest in and look to in the coming months.