
The Wild West Crypto Show continues
This is a common question: How do you choose which cryptocurrency to invest in? Aren’t they all alike?
It is clear that Bitcoin is the most popular crypto currency (CC), and this is due in large part to its FAME. This phenomenon is similar to what’s happening in national politics around world. A candidate wins the majority of votes based solely on FAME and not any demonstrated abilities or qualifications to lead a country. Bitcoin continues to be the leader in this market and is frequently the subject of media attention. However, this FAME does not necessarily mean it is perfect for its job. It is well-known that Bitcoin has limitations that must be addressed. There is also disagreement within the Bitcoin community about how to solve these problems. There is an opportunity for developers to create new coins that address specific situations and stand out from the roughly 1300 coins on the https://www.cryptovoyage.net/ Let’s take a look at two Bitcoin competitors and see how they differ from Bitcoin and each other.
Ethereum – ETHER is the name of the Ethereum coin. Ethereum uses smart contracts, which are account-holding objects on the Ethereum blockchain. This is what makes it different from Bitcoin. Smart Contracts can be created by their creators. They can interact with other contracts and make decisions, store data and send ETHER to other parties. The Ethereum network provides the execution and services for these smart contracts. This is far beyond the capabilities of the Bitcoin network or any other blockchain network. Smart Contracts are your autonomous agent and can follow your rules and instructions for spending currency or initiating transactions on the Ethereum blockchain.
Ripple – The Ripple network and this coin have many unique features that make them more than just digital currencies like Bitcoin. Ripple developed the Ripple Transaction Protocol (RTXP), a financial tool that allows Ripple exchanges to quickly and efficiently transfer funds. The idea behind the Ripple Transaction Protocol (RTXP) is to deposit money in “gateways”, where only those with the password can access the funds. This opens up a world of possibilities for financial institutions, because it simplifies cross-border transactions, lowers costs, provides transparency, security, and reduces risk. All this is possible through the creative and intelligent use blockchain technology.
Although the mainstream media covers this market almost daily with breaking news stories, they rarely provide any depth to their stories. They are mostly headlines.
The Wild West Show continues…
Since December 11, 2017, the 5 crypto/blockchain stocks have seen an average of 109%. With daily swings, the wild swings keep going. Yesterday, South Korea and China were the latest to attempt to stop the cryptocurrency boom.
Park Sang-ki (South Korea’s justice minister) caused bitcoin prices to plummet and virtual coin markets to erupted when he claimed that regulators were preparing legislation for cryptocurrency trading bans. The South Korea Ministry of Strategy and Finance, which is one of the key member agencies of South Korea’s cryptocurrency regulation taskforce, made a statement later that day. It stated that they did not agree to the Ministry of Justice’s premature announcement about a possible ban on cryptocurrency trading.
Although the South Korean government claims that cryptocurrency trading is gambling, they worry that it will lead to a decline in tax revenue. This concern is shared by every government.
China has become one of the largest sources of cryptocurrency mining. However, the government is now rumoured be investigating how to regulate the electricity used by the mining machines. China is responsible for more than 80% of all the electricity used to mine Bitcoin. The government could make it more difficult for Bitcoin users verify transactions by shutting down miners. China will be a popular destination for mining operations due to its low land and electricity costs. China’s threat to withdraw its mining capacity will cause a temporary decrease in Bitcoin users. This would lead to longer transaction verification times and higher transaction costs.
The wild ride will continue and, much like the internet boom we will see big winners and then some big losers. Similar to the internet boom or the uranium explosion, those who invest early will be the ones who prosper. The mass investors, however, always end up buying in at top prices.