cryptocurrency

What is a cryptocurrency?

Cryptocurrency, also known as digital currency is an invention of the internet aimed at eliminating the geographical limitation of physical money. And out of this invention, the world now has more than 3000 cryptocurrencies doing rounds in the market.

It is not easy to advise someone where to invest, since it is not clear what will happen to these cryptocurrencies. However, there are still many possibilities and new ICOs and Tokens that are appearing and that can generate great benefits in the medium and long term.

Bitcoin – the cryptocurrency

It is the cryptocurrency that started the wave of cryptos, and it is still the most popular, despite it having problems. It is valued at around $41 billion, which is the biggest market cap. Bitcoin has been on the market for eight years, is widely used and no one has been able to find an easily exploitable weakness in the way it is utilized in the market.

Unknown history of its maker; created by a person or group called Satoshi Nakamoto which made a disappearance in 2009 two years after launching the project. Bitcoin is based on blockchain, a technological invention on which all other cryptocurrencies are based on.

Ethereum

An invention of Vitalik Buterin, a wunderkind programmer, this crypto can do many things that the bitcoin can do. However, it’s primary purpose was a platform for building on decentralized applications.

The difference between Ethereum and bitcoin is in their blockchains. While you can run simple applications on top of the bitcoin technology, the Ethereum expanded this significantly. It has a more advanced scripting language and can build more complex applications with a wider variety of uses.

Developers took notice of the project and its attractiveness has grown over time. People have raised millions of dollars via ICOs, which are digital token crowd sales. The trend is still going strong. This has made Ethereum a little bit like the internet itself as it offers a platform on which you can build a lot of wonderful things. As a consequence, prices of Ethereum have skyrocketed over time. Someone who bout $1000 worth of ether six months back now has more than $2500.

It is the most promising of all currencies but its future is unclear because of a couple of reasons. To start with, it survives on the value of the apps built on it. If they are not performing as well, it suffers too. The scalability of its network in the long-term is not very clear too. Ether, its currency is also not widely used as a mode of payment, and is in no way projected to replace the bitcoin. Also, Ethereum just like bitcoin, is very volatile.

Litecoin

It is aimed at replacing Bitcoin, as it addresses some of the issues that are perceived to be holding the pioneer cryptocurrency down. For the longest time, it played second fiddle to Bit coin until May 2017 when it was adopted by CoinBase, and after it adopted the SegWit Technology. SegWit adds capacity to the network and lowers transaction fees.

KMD

Going by the full names Komodo, this crypto platform has a focus on providing end to end blockchain solutions for developers of any industry at any level. Simple, yet powerful, the platform offers customized blockchain solutions that are easily deployable. Developers are not limited by the KMD parent chain and hence are able to activate the Komodo technologies that they want to use.

Steemit

The ideas of Steemit began as a whitepaper, not intended for a general audience that carried a very powerful message. It argued that user-generated content on social media platforms only creates billions of dollars for the owners of these social media platforms, but content creators who fuel the platforms get nothing.

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