The value of Bitcoin has soared this year, even more than an ounce of gold. There is also a new cryptocurrency on the market, and even more surprising is that it brings crypto coins worth more than $250 billion. On the other hand, the prospects Lack of progress between core developers makes it less attractive as a long-term investment and payment system.
Bitcoin is still the most popular, it is the cryptocurrency that starts all of this. It is currently the largest market capitalization, about $41 billion, and has been around for the past eight years. Bitcoin has been widely used around the world, and so far, there are no easy-to-use weaknesses in its working methods. As a payment system and stored value, Bitcoin enables users to easily receive and send Bitcoin. The concept of a blockchain is the basis of bitcoin. It is necessary to understand the blockchain concept to understand the full content of the cryptocurrency.
In short, a blockchain is a database distribution that stores each network transaction as a block of data called a “block.” Each user has a blockchain copy, so when Alice sends 1 bitcoin to Mark, everyone on the network knows it.
As an alternative to Bitcoin, Litecoin tried to solve many of the problems that caused Bitcoin to fail. It is not like a tenant like Ethereum, and its value is mainly derived from the adoption of solid users. It should be noted that former Googler’s Charlie Lee led Litecoin. He is still using Litecoin for transparency and is very active on Twitter.
Litecoin is Bitcoin’s second violin for quite some time, but things started to change in early 2017. First, Coinbase uses Litecoin and Ethereum and Bitcoin. Next, Litecoin fixed the Bitcoin problem by using isolated vision technology. This saves the ability to reduce transaction costs and do more. However, the decisive factor was that Charlie Lee decided to focus his only focus on Litecoin and even left Coinbase, where he served as engineering director, only Litecoin. As a result, the price of Litecoin has risen in the past few months, the most powerful of which is that it may be a true replacement for Bitcoin.
Superstar programmer Vitalik Buterin thought of Ethereum, which can do everything Bitcoin can do. However, its main purpose is to become a platform for building distributed applications. The blockchain is the difference between the two. Basically, Bitcoin’s blockchain records a type of contract, wherever money moves from one digital address to another. However, Ethereum has significant expansion because it has more advanced language scripts and has a more complex and broader range of applications.
When developers began to notice better quality, the project began to sprout on Ethereum. Through symbolic crowd sales, some people even raised millions of dollars, which is still a continuing trend until today. You can build great content on the Ethereum platform, which makes it almost like the Internet itself. This causes the price to skyrocket, so if you buy a hundred dollars. The value of Ethereum earlier this year will not exceed $3,000.
Monero aims to solve the problem of anonymous trading. Even if this currency is considered a way of money laundering, Monero intends to change this. Basically, the difference between Monero and Bitcoin is that Bitcoin has a transparent blockchain, and each transaction is public and recorded. With Bitcoin, anyone can see how and where money moves. However, Bitcoin has some imperfect anonymity. In contrast, Monero has an opaque and not transparent transaction method. No one sells in this way, but since some people like privacy for whatever purpose, Monero will stay.
Unlike Monero, Zcash also aims to solve the problem of bitcoin. The difference is that Monero is only partially public in the blockchain style, not completely transparent. Zcash is also designed to address the issue of anonymous transactions. After all, not everyone likes to use Star Wars to show how much they spend on souvenirs. Therefore, the conclusion is that this type of crypto coin does not have an audience and needs, although it is difficult to point out which cryptocurrencies that focus on privacy will eventually appear in the most important position.
Ehereum’s other competitor, EOS, promises to solve the Ethereum extension problem by providing a more powerful set of tools that can run and create applications on the platform.
It’s hard to predict which coin in the list will be the next superstar. However, in terms of cryptocurrency, user adoption has been a key factor in success. Both Ethereum and Bitcoin have this, and even though there are many early adopters who support each of the cryptocurrencies in the list, some have yet to prove their endurance.