Bitcoin Vs Bitcoin Cash Vs Ethereum- Where To Put Your Savings
Nov 24, 2017 Posted / 3370 Views
This year value of Bitcoin soars to $8,000, even more, worth than one gold ounce. The concept of cryptography today has come a long way to transform cryptocurrencies as a made of payment at top merchants and a popular investment option.
The most advantageous thing about digital money is, that it is powered by the secure and robust Blockchain technology. It is a distributed, public ledger, which stores the record of every virtual currency transaction, and fool-proof against hacking. The Blockchain ledger has no single point of failure, no centralization, here every computer in the network hold the data. So, a hacker, who wish to make inroads into the data recorded onto the ledger, need to attack every computer in the chain (which probably going to be in thousands). Otherwise, the attack will be nullified and data could be retrieved from another system maintaining the data. Moreover, the data once made onto this ledger cannot be deleted or modified by any member of the chain, and even outside the network fraudster.
The year 2017 has been an absolutely phenomenal for the Bitcoin currency, which saw a massive surge of around 1,000% from December 2016 till now. A few days Bitcoin broke another record by surpassing the $8000 mark to create mayhem of enthusiasm in the ecosystem of digital currency.
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The present scenario is such Bitcoin has an enormous foothold in the global cryptocurrency market, 60% of people and investors dealing with cryptocurrency investments. Bitcoin was unleashed in the year 2009 by an anonymous group or a Japanese man the truth is still to be unveiled. At the time, it is first of a kind digital currency which breathed life into the ever-long idea of decentralization. It is a model where the government or any federal agency has no interference of any sort in the supply of this currency and it's demonetization.
It all started on 30th Oct 2008, when a white research paper was unleashed by a group known as the Satoshi Nakatomo explaining the idea of a peer-to-peer network. From that time, Bitcoin is a top of hot discussion on prime time shows of popular media houses, most were against the process of decentralization in the global economy. But, with the boom of the Bitcoin, many have to bow down to the trend of cryptocurrency.
At the end, not just a virtual currency, this first cryptocurrency is a brand ambassador for the perfect implementation of the decentralization currency idea
Bitcoin Cash was unearthed after the hard forking of world's largest digital currency Bitcoin, this occurred on August the 1st this year. Previously, in the month of July, the Bitcoin community conducted a survey with 97% was backing the proposal of Bitcoin improvement proposal 91, which agreed on the forking of the Bitcoin currency to give birth to a new digital currency known as the Bitcoin Cash.
Since the rule of thumb of cryptocurrencies goes, the lesser the supply and greater the demand, the price soars, the same size goes for Bitcoin Cash worth. At the time of the unveiling of the Bitcoin Cash, it is 30% more profitable to mine on the original network, which is the Bitcoin chain. However, with time things changed, in the favor of Bitcoin Cash, even though the algorithm of this cryptocurrency made it quite daunting for miners to solve, therefore prompted them to switch between both the currencies. As per the recent report, August 2017, Bitcoin Cash had 1500 more miners than the Bitcoin original chain.
Launched by Vitalik Buterin, a renowned worldwide cryptography researcher and programmer on July the 30th, 2015, Ethereum is not just a cryptocurrency like the Bitcoin, it is an open-source platform that allows coders to develop decentralized applications. The feature which supports it to stay cut-above other cryptocurrencies in the market is smart contracts. A smart contract is a mutual deal two parties, where one agrees to pay off the fees if the particular condition is satisfied. Like, a freelance content writer, who promise to provide content within in 24 hours, and if he or she then the money wouldn't be credited to his or her bank account. Ethereum here will act as a mediator to check the eligibility criteria set mutually by both the parties, and if it is satisfied, the transactions will be initiated and verified.
Ethereum is quite popular as an ICO token, here ICO stands for Initial Coin Offering. It is a way of inviting crowdfunding for any campaign or startup idea. The Etherueum currency is also funded by crowdfunding from different parts of the world.
Wrapping up, weigh all the pros and shortcomings of each currency to make the decision of where to invest your money, also can talk to your friends or relatives interested in the cryptocurrency investments.
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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