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Bitcoin and other cryptocurrencies

Oct 17, 2017 Posted /  8534 Views

Bitcoin and other cryptocurrencies

Bitcoin, a digital currency that has changed the way people look up to currencies, has not only made a mark of being the most valuable digital currency but has left people intrigued about its origination and surging values. But, after Bitcoin, many other cryptocurrencies have come in the market. Digital currencies other than Bitcoins are called altcoins. These altcoins may not have surpassed the high values like bitcoin, but are leaving no stone unturned to charm the people. Let say, for example, Ethereum. Ethereum is just a few years old in the cryptocurrency market, but it is a revolutionizing digital currency. Ethereum is also a decentralized blockchain app platform, and ether is the name of the mode of payment made by the clients to perform operations on the Ethereum platform. It is a platform that enables the function of automated contracts which are called smart contracts. Its ability to bring a transformation in the world has caught the attention of many big platforms. Recently, Microsoft has shown great attention to Ethereum, such that it is embracing an Ethereum based framework called Coco.

Other cryptocurrencies:

  • Ripple: It is successful in drawing attention from the people in venture capital, which includes Google Ventures. Unlike Bitcoin, there is no mining of Ripples. It is also set up as a payment network, not only for Ripple, but for other currencies as well, and also as an automated system for currency trades.

  • Litecoin: It is widely famous as the “Silver to Bitcoin’s gold”, which has the specialty to perform transactions with a great speed than bitcoins, as well as the method by which it’s mined also discards some of the benefits for miners with specialized computer hardware.

  • Bitcoin Cash: It is the first hard-forked cryptocurrency of Bitcoin, and you can also refer it as the brother coin of Bitcoin, which was launched on 1st August 2017, this currency was born as a consequence of a civil war amongst the Bitcoin community.

  • Neo: It was formerly called Antshares, is a smart-economy software platform similar to Ethereum which supports Smart Contracts. In contrast to Ethereum which only supports Solidity for writing programs on its platform, NEO, which is also known as ‘Chinese Ethereum’, supports many other popular languages. Also, it supports an identity protocol dissimilar to other smart contract based coins.

Many times people invest into altcoins as a way to hedge against Bitcoin, might be that they think it may have some future utilization that is better than Bitcoin as well as allowing the altcoin to overtake Bitcoin. Even if any flaw is found in Bitcoin, it would get quickly patched in order to conceal its vulnerabilities and issues. An interesting question is that what if the vulnerability is caught much later, which is very likely, this will result in a huge drop in prices, not just of Bitcoin but simply on every other altcoin out there as the confidence that cryptocurrencies,in general, can be trusted would be hugely shaken. Most of the altcoins have few technical differences compared to Bitcoin and that is often the rationale given for why people invest in them. It’s feasible for an altcoin to take over Bitcoin, but it would have to show more utility first and be capable to grow itself to be competitive with the Bitcoin’s network before the Bitcoin ecosystem has a chance to add the same feature.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: bitcoin Ethereum NEO Ripple Litecoin Analysis

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