A couple of years ago Bitcoin made a grand entrance in the mainstream news. The unprecedented rise in value has captured the attention of many. The world observed the highs and lows of Bitcoin.
The story of Bitcoin benefited other cryptos as well. It brought light to a market not taken seriously for the better part of its existence.
Today these electronic currencies are considered the money of the future; thus, almost everyone who owns a company either knows or learns how to create a Bitcoin wallet app. But what are the other cryptos dominating the market?
The worth of this currency exceeds $50 billion. It was introduced in 2014, sold for Bitcoin. Its mining technique adds a scripting language to the Bitcoin blockchain. This addition extends the code’s capability and enables the writing of smaller contrasts.
Ethereum is known as the “ICO (Initial Coin Offering) platform” in the market. Companies and handlers rely on this currency to buy shares of companies in initial coin offerings.
The only weakness of this currency is its pace. Etheterum handles transactions at a slow tempo of 15 transactions per seconds. The ideal number would be around 45.000 transactions, as much as VISA processes.
The value of Ripple lays on around $25 billion. These cryptos are not mined like Bitcoin, Etheterum, and other currencies. Ripple Labs of San Francisco, the manufacturer of this crypto, distribute the currency.
Around 1 billion Ripples are distributed each month. They are delivered from escrow accounts. This organized distribution is supposed to make this crypto more stable than the competition. However, the value of Ripple saw highs and lows, which could challenge the claims of its stability.
Bitcoin Cash is the hard fork version of the Bitcoin blockchain technology. A fork is a change in the program on which users disagree. Each group gets one version, the one they prefer.
After a slow start, Bitcoin Cash followed the growth of its “predecessor”. The current market value exceeds $10 billion.
Bitcoin Cash and Bitcoin rely on the same mining process. However, this incarnation has an advantage over the old technology: speed. Bitcoin Cash handles transaction much faster than BItcoin, which is the reason why so many prefer this crypto.
The Future of Money
Cryptos are here, and they show no intention of leaving. The idea of decentralized currencies always appealed to businesspersons, and now this idea might become more than mere fantasy. Bitcoins opened the door for other cryptos.
Ethereum is the second most widespread and valuable cryptocurrency. Ripple is unique because handlers don’t obtain it by mining, but the manufacturer distributes the currency. Bitcoin Cash is the hard fork version of Bitcoin. It rises in value like the older brother, but it handles transactions faster.