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This year, the value of bitcoin has risen, even exceeding one gold ounce. New cryptocurrencies are also appearing on the market, which is even more surprising: the value of cryptocurrencies is over one hundred billion. On the other hand, the long-term prospects of cryptocurrencies are somewhat blurred. Among its major developers are quarrels over lack of progress, making it less attractive both as a long-term investment and as a payment system.
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bitcoin

Still the most popular, bitcoin is the cryptocurrency with which it all began. It currently has the largest market capitalization – about $ 41 billion and has existed for the past 8 years. Bitcoin is widely used around the world, and so far it has not been easy to use the weakness of the method it works. Both as a payment system and as a stored value, bitcoin allows users to easily receive and send bitcoin. The blockchain concept is the foundation on which Bitcoin is based. You need to understand the concept of a blockchain to understand what cryptocurrencies are.
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Simply put, a blockchain is a database distribution that stores each network transaction as a block of data called a “block.” Every user has copies of the blockchain, so when Alice sends 1 bitcoin to Mark, everyone on the network knows it.
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Lightcoin

One of the alternatives to bitcoin, Litecoin is trying to solve many of the problems that are holding back bitcoin. It is not as sustainable as Ethereum, its value is mainly due to the acceptance of solid users. It should be noted that Charlie Lee, a former Google employee, leads Litecoin. He also practices transparency of what he does with Litecoin, and is quite active on Twitter.
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Litecoin has been Bitcoin’s second violin for quite some time, but things started to change in early 2017. First, Litecoin was adopted by Coinbase along with Ethereum and Bitcoin. Litecoin further fixed the problem with bitcoins by adopting Segregated Witness technology. This gave him the opportunity to lower the transaction fee and do more. The deciding factor, however, was that Charlie Lee decided to focus exclusively on Litecoin and even left Coinbase, where he was the engineering director, only for Litecoin. Because of this, the price of Litecoin has risen over the last couple of months, with the strongest factor being that it could become a true alternative to Bitcoin.

Etherium

Vitalik Buterin, a superstar programmer, came up with Ethereum, which can do everything Bitcoin can do. However, its goal is primarily to be a platform for building decentralized applications. In blockchains there are differences between them. Basically, the Bitcoin blockchain records the type of contract that states whether funds have been transferred from one digital address to another. However, Ethereum has a significant extension as it has a more advanced language script and has a more complex and broad scope.

Projects began to sprout on top of Ethereum when developers began to notice its best qualities. With the help of crowd tokens some have even raised millions of dollars and this is still maintained to this day. The fact that you can create great things on the Ethereum platform makes it almost like the Internet itself. This has led to a rapid rise in prices, so if you purchased Ethereum for $ 100 earlier this year, it won’t be priced at nearly $ 3,000.

Money

Monero is committed to solving the problem of anonymous transactions. Even though this currency was perceived as a way of money laundering, Monero is trying to change that. In essence, the difference between Monero and Bitcoin is that Bitcoin has a transparent blockchain in which every transaction is open and recorded. With Bitcoin, everyone can see how and where money moved. However, there is some imperfect anonymity in bitcoins. In contrast, Monero has an opaque transaction method rather than a transparent one. No one sells this method, but since some people love privacy for any purpose, Monero is here to stay.

Zcash

Unlike Monero, Zcash also aims to solve the problems that exist in Bitcoin. The difference is that Monero is not completely transparent, but only partially public in its blockchain style. Zcash also aims to address the issue of anonymous transactions. After all, not everyone likes to show how much money they actually spent on memorabilia under Star Wars. Thus, it can be concluded that this type of cryptocurrency does have an audience and demand, although it is difficult to say which cryptocurrency that focuses on privacy will end up in the first place.

Bancor

Also known as the “smart token”, Bancor is a standard new generation cryptocurrency that can store more than one token in reserve. Basically, Bancor is trying to make it easier to trade, manage and create tokens by increasing their liquidity and allowing them an automated market value. At the moment, Bancor has a product on the interface that includes a wallet and a smart token creation. The community also has features such as statistics, profiles and discussions. In a nutshell, the Bancor protocol allows you to detect embedded account as well as liquidity mechanism for smart contract tokens through the innovation reserve mechanism. With a smart contract you can instantly eliminate or purchase any of the tokens in the Bancor reserve. With Bancor you can easily create new cryptocurrencies. Now who wouldn’t want that?

EOS

Another Ethereum competitor, EOS, promises to solve the problem of scaling Ethereum by providing a set of tools that are more reliable for running and building applications on the platform.

Theses

An alternative to Ethereum, Tezos can be upgraded by consent without much effort. This new blockchain is decentralized in the sense that it is self-governing through the creation of a digital true community. It facilitates a mathematical technique called formal verification, and has the features of enhancing the security of the most financially sound, sensitive smart contract. Definitely a great investment in the coming months.

Verdict

It is incredibly difficult to predict which bitcoin will be the next superstar on the list. However, user acceptance has always been one of the key success factors when it comes to cryptocurrencies. Both Ethereum and Bitcoin have this, and even though there is great support from the first users of each cryptocurrency on the list, some have yet to prove their resilience. However, these are the ones that need to be invested in and monitored in the coming months.

The advent of cryptocurrency is already part of our daily transactions. Cryptocurrency is a digital asset that exists in the crypto world, and many call it “digital gold”. But what is cryptocurrency really? You are probably interested.

It is a digital asset designed for use as a medium of exchange. Obviously, this is a close substitute for money. However, it uses strong cryptography to secure financial transactions, to verify asset transfers and to control the creation of additional blocks. All cryptocurrency is a virtual currency, a digital currency or an alternative currency. It should be noted that all cryptocurrencies use a decentralized control system as opposed to the centralized systems of banks and other financial institutions. These decentralized systems operate through distributed book technology that serves a public financial database. A blockchain is commonly used.

What is a blockchain?

This is an ever-growing list of records that are linked and protected by cryptography. This list is called blocks. The Chain of Blocks is an open distributed book that can be used to record transactions between two parties in a way that can be checked and constantly. In order for the block to be used as a distributed book, it is managed by a peer-to-peer network that together follows a protocol to test new blocks. Once the data is recorded in any book, it cannot be changed without changing all the other blocks. Thus, blockchains are secure in their design and also serve as an example of a distributed computing system.

History of cryptography

David Chaum, an American cryptographer, discovered anonymous cryptographic electronic money called ecash. It happened in 1983. In 1995, David implemented this through Digicash. Digicash was an early form of cryptographic electronic payments that required custom software to withdraw banknotes. It also allowed you to specify certain encrypted keys before sending to the recipient. This feature allowed the digital currency not to be tracked by governments, issuing banks or any third party.

After intensifying efforts in the following years in 2009 Bitcoin was created. It was the first decentralized cryptocurrency created by Satoshi Nakamoto, a developer under a pseudonym. Bitcoin used SHA-256 (proof of work scheme) as a cryptographic hash function. The following cryptocurrencies were also issued from the issue of bitcoin.

1. Namecoin (April 2011)

2. Litecoin (October 2011)

3. Peercoin

These three coins and many others are called altcoins. The term is used to refer to alternatives to bitcoin or just other cryptocurrencies.

It should also be noted that the exchange of cryptocurrencies is carried out via the Internet. This means that their use occurs primarily outside banking systems and other government agencies. Cryptocurrency exchanges involve exchanging cryptocurrencies with other assets or other digital currencies. Ordinary fiat money is an example of an asset that can be traded using cryptocurrency.

Atomic swaps

They refer to the proposed mechanism under which one cryptocurrency can be exchanged directly with another cryptocurrency. This means that nuclear swaps do not require the participation of a third party in the exchange.

Cryptocurrency is a type of digital currency that can be used to purchase goods and services. For secured transactions cryptocurrencies depend on an extremely complex online book. Millions of people around the world are investing in these unregulated currencies to make a profit. Of all these popular cryptocurrencies, bitcoin ranks first on the list. In this article, we will delve into cryptocurrency. Read on to find out more.

1. What is a cryptocurrency?

Basically, you can pay through cryptocurrency to purchase goods or services online. Today, several companies have released their own cryptocurrency. Known as tokens, they can be traded for goods and services. You can treat them as casino chips or arcade tokens. You can use your real currency to purchase cryptocurrency to make these transactions.

Cryptocurrencies use a modern system known as a blockchain to verify transactions. This decentralized technology is controlled by a large number of computers that are programmed to manage and record transactions. Security is the best thing about this technology.

2. What is a cryptocurrency?

Today, there are more than 10,000 types of cryptocurrency. And they are traded worldwide, according to CoinMarketCap. Today, the value of all cryptocurrencies is more than $ 1.3 trillion.

At the top of the list is Bitcoin. The value of all bitcoins is $ 599.6 billion.

3. Why are they so popular?

Cryptocurrencies are very attractive for a number of reasons. Here are some of the most common:

Some people think that cryptocurrency is the currency of the future. Therefore, many of them invest their hard-earned money in the hope that the cryptocurrency will rise in value in a few years.

Some people think that this currency will be free from central bank regulations because these institutions reduce the value of money through inflation

Some fans prefer a technology that manages cryptocurrencies, namely blockchain. In essence, it is a decentralized recording and processing system that can offer a higher level of security than conventional payment systems.

Some speculators go for cryptocurrency just because it is rising in value.

4. Is it a good investment?

According to most experts, the value of cryptocurrency will continue to rise over time. However, some experts believe that this is just speculation. Just like real currency, this type of currency has no cash flow. So if you want to make a profit, someone has to pay more money to buy the currency.

Unlike a well-run business, the value of which grows over time, cryptocurrency has no assets. But if the cryptocurrency remains stable over a long period of time, it will definitely help you earn big profits.

In short, it was a major introduction to cryptocurrency. Hopefully this article will help you familiarize yourself with this new type of currency.