There are some new buzz words roaming the internet – cryptocurrency – bitcoin – ethereum. Don’t know what they are? What do they mean? You are not alone. I’m going to try to simplify this for you. So continue reading and learn more about this new technology.
Cryptocurrency is a form of digital money designed to be secure and, in many cases, anonymous. It is a currency that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers.
Bitcoin is a distributed peer-to-peer digital currency that can be transferred instantly and securely between any two people in the world. It’s like electronic cash that you can use to pay friends or merchants.
TYPES OF CRYPTOCURRENCY
Bitcoin has become the standard for cryptocurrencies. Do your research in order to make a fully informed decision. Here are six cryptocurrencies out of the hundreds available, that could be worth your time to research.
Litecoin is based on an open-source global payment network that is not controlled by any central authority and uses “script” as a proof of work. Litecoin has a faster block generation rate and hence offers a faster transaction confirmation.
Ethereum, a decentralized software platform, enables Smart Contracts and Distributed Applications (ĐApps). The applications run on its platform-specific cryptographic token, ether. There isn’t any downtime, fraud, control or interference from a third party. Ethereum (ETH) has a market capitalization of $4.46 billion which is second after Bitcoin among all cryptocurrencies.
Zcash, a decentralized and open-source cryptocurrency launched in the latter part of 2016, looks promising. “If Bitcoin is like http for money, Zcash is https,” is how Zcash defines itself. As a result, Zcash offers privacy and selective transparency of transactions.
Three additional Cryptocurrencies for your review
Dash (originally known as Darkcoin) is a more secretive version of Bitcoin. Dash offers more anonymity as it works on a decentralized master code network that makes transactions almost untraceable. Darkcoin rebranded to Dash (Digital Cash) in March 2015.
Ripple is a real-time global settlement network. It offers instant, certain and low-cost international payments. In particular, Ripple “enables banks to settle cross-border payments in real-time. Ripple’s consensus ledger — its method of confirmation — doesn’t need mining, a feature that deviates from bitcoin and altcoins. Ripple believes that ‘distributing value is a powerful way to incentivize certain behaviors’.
Monero, a secure, private and untraceable currency enables complete privacy by using a special technique called ‘ring signatures.’ With this technique, there appears a group of cryptographic signatures including at least one real participant – but since they all appear valid, the real one cannot be isolated.
Finally,
Bitcoin continues to lead the pack of cryptocurrencies, in terms of market capitalization, user base, and popularity. With this in mind, cryptocurrencies are here to stay. Time will reveal how many of these will emerge as leaders.
Bitcoin Wiki is also another good source of information to learn more about these trends.
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